Senior Quantitative Financial Analyst

Company: Disability Solutions
Location: New York
Posted on: November 9, 2024

Job Description:

Job Description:At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We're devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!Job Description:This job is responsible for conducting quantitative analytics and complex modeling projects for specific business units or risk types. Key responsibilities include leading the development of new models, analytic processes, or system approaches, creating technical documentation for related activities, and working with Technology staff in the design of systems to run models developed. Job expectations may include the ability to influence strategic direction, as well as develop tactical plans.The Enterprise Model Risk Management (MRM) organization is responsible for providing oversight of model risk across Bank of America. MRM 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; escalates model use breaches and remediation plans to relevant governance committees; maintains a comprehensive inventory of models across all businesses and governance and control functions; and manages an attestation process to ensure compliance with the Enterprise Model Risk Policy. The MRM Market Risk team validates risk models for the Global Markets business, which includes models for FRTB, VaR, RNiV, IRC/CRM and stress testing. Responsibilities:

• Performs end-to-end market risk stress testing including scenario design, scenario implementation, results consolidation, internal and external reporting, and analyzes stress scenario results to better understand key drivers
• Leads the planning related to setting quantitative work priorities in line with the bank's overall strategy and prioritization
• Identifies continuous improvements through reviews of approval decisions on relevant model development or model validation tasks, critical feedback on technical documentation, and effective challenges on model development/validation
• Maintains and provides oversight of model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite
• Leads and provides methodological, analytical, and technical guidance to effectively challenge and influence the strategic direction and tactical approaches of development/validation projects and identify areas of potential risk
• Works closely with model stakeholders and senior management with regard to communication of submission and validation outcomes
• Performs statistical analysis on large datasets and interprets results using both qualitative and quantitative approaches
• Work in a team and collaborate with model developers and other validators to perform full scope and limited change validations.
• Review the developer's ongoing monitoring reports and their submissions to required action items.
• Perform annual model reviews.Minimum Education Requirement: Master's degree in related field or equivalent work experienceRequired Qualifications:
  • Advanced degree in a technical field such as mathematics, physics, statistics, financial mathematics, quantitative finance, computer science or engineering
  • Strong knowledge of financial, mathematical and statistical theories and practices
  • Strong programming skills, e.g., in Python
  • Strong written and oral communication
  • Experience with market risk models such as VaR, IRC/CRM or FRTB; knowledge of market risk regulations
  • Attention to detail, willingness to learn, strong work ethic, team playerSkills:
    • Critical Thinking
    • Quantitative Development
    • Risk Analytics
    • Risk Modeling
    • Technical Documentation
    • Adaptability
    • Collaboration
    • Problem Solving
    • Risk Management
    • Test Engineering
    • Data Modeling
    • Data and Trend Analysis
    • Process Performance Measurement
    • Research
    • Written CommunicationsShift:1st shift (United States of America)Hours Per Week: 40Pay Transparency detailsUS - NJ - Jersey City - 525 Washington Blvd (NJ2525), US - NY - New York - ONE BRYANT PARK - BANK OF AMERICA TOWER (NY1100)Pay and benefits informationPay range$125,000.00 - $210,000.00 annualized salary, offers to be determined based on experience, education and skill set.Discretionary incentive eligibleThis role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.BenefitsThis role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

Keywords: Disability Solutions, East Brunswick , Senior Quantitative Financial Analyst, Professions , New York, New Jersey