Model Validation, Quantitative Finance Analyst
Posted on: 26 Feb 2021
Jersey City, New Jersey
Job Description
Job Description:
At Bank of America, models are used for a broad range of activities, including but not limited to valuation, risk management, capital and liquidity planning, stress testing, underwriting and other strategic or day-to-day decision-making purposes. Bank of America recognizes the risk and uncertainty associated with the use of its models and the need to effectively manage this risk both at an individual level and in the aggregate.
The Model Risk Management (MRM) Team provides oversight for model risk across Bank of America's model inventory. The MRM Team independently validates and challenges newly-developed and existing models; is responsible for model risk assessments, limits and monitoring; communicates issues identified through validations to relevant businesses and governance and control functions; and escalates model use breaches and remediation plans to relevant governance committees.
Enterprise Model Risk Management seeks a quantitative finance analyst to conduct independent testing and review of complex models. These are high profile modeling areas in the bank, with continual senior management and regulatory focus.
Responsible for a broad range of model validation activities, including:
* Review, critical assessment and challenge of models on conceptual soundness, assumptions and limitations, data, developmental evidence in support of modeling choices, performance, implementation and documentation;
* Development and implementation of testing plans and testing code in order to challenge models through empirical analyses and to verify model implementation;
* Review and critical assessment of ongoing model monitoring activities;
* Writing of technical reports for distribution and presentation to model developers, senior management, and audit and banking regulators.
Qualifications
* PhD in a quantitative field such as Mathematics, Physics, Finance, Engineering or Statistics; or Master's degree in the same field with a minimum of two or more years of experience in financial risk modeling or validation
* Experience with cross-sectional and time-series econometrics
* Knowledge of model performance measures
* Extensive programming experience using SAS, R and/or MATLAB
* Experience working with large datasets
* Knowledge of financial instruments and financial risk management principles
* Ability to communicate clearly and effectively
* Ability to produce high quality technical documentation
* Strong verbal and written communication required
Shift:
1st shift (United States of America)
Hours Per Week:
40
Bank of America
Charlotte, NC
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets. The Consumer Banking segment offers traditional and money market savings accounts, CDs and IRAs, noninterest- and interest-bearing checking accounts, and investment accounts and products; and credit and debit cards, residential mortgages, and home equity loans, as well as direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans.
This segment provides its products and services through approximately 4,300 financial centers; 16,300 ATMs; call centers; and digital banking platforms. The GWIM segment offers investment management, brokerage, banking, and trust and retirement products; and wealth management solutions targeted to high net worth and ultra high net worth clients, as well as customized solutions to meet clients’ wealth structuring, investment management, and trust and banking needs, including specialty asset management services.
The Global Banking segment provides lending products and services, including commercial loans, leases, commitment facilities, trade finance, and real estate and asset-based lending; treasury solutions, such as treasury management, foreign exchange, and short-term investing options; working capital management solutions; and debt and equity underwriting and distribution, and merger-related and other advisory services.
The Global Markets segment offers market-making, financing, securities clearing, settlement, and custody services, as well as risk management, foreign exchange, fixed-income, and mortgage-related products. Bank of America Corporation was founded in 1874 and is headquartered in Charlotte, North Carolina.
-
IndustryBanking/Financial Services
-
No. of Employees205,000
-
Website
-
Jobs Posted2694
