Sr. Quantitative Finance Analyst

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. We do this by driving Responsible Growth and delivering for our clients teammates communities and shareholders every day.

Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace attracting and developing exceptional talent supporting our teammates physical emotional and financial wellness recognizing and rewarding performance and how we make an impact in the communities we serve.

Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations.

At Bank of America you can build a successful career with opportunities to learn grow and make an impact. 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.

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 banks 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 enterprises 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

At Bank of America models are used for a broad range of activities including but not limited to financial crimes Anti-money laundering Economic Sanctions Fraud 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 and aggregate level. The Model Risk Management (MRM) Team provides oversight for model risk across Bank of Americas model inventory. The MRM Team independently validates and challenges newly developed and existing models including model risk assessments monitoring model performance communication of issues to relevant businesses and escalation of model use breaches and remediation plans to relevant governance committees.

Enterprise Model Risk Management is seeking a Senior Quantitative Finance Analyst to conduct independent model validation independent testing and review of complex models used to monitor and mitigate money laundering risk. The ideal candidate should be familiar with industry practices and have knowledge of up-to-date AML techniques. The candidate should also be able to provide both thought leadership and hands-on expertise in methodology techniques and processes in applying statistical and machine learning methods to manage the banks AML models and model systems.

The qualified candidate will be 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 effective testing plans and testing code to critically challenge models through empirical analyses and to verify model implementation.

• Performing model review activities including but not limited to independent model validation/challenge annual model review ongoing monitoring report review required action item review and peer review.

• Conducting governance activities such as model identification model approval and breach remediation reviews to manage model risk.

• Communicating and working directly with relevant modeling teams and their corresponding Front Line Units; and if needed communicating and interacting with the third line of defense (e.g. internal audit) as well as external regulators.

• Writing technical reports for distribution and presentation to model developers senior management audit and banking regulators

• Acts as a senior leader and subject matter expert on analytic/quantitative modeling techniques used for Anti-money laundering.

Minimum Education Requirement: Strong and diversified quantitative skills possess an advanced degree (PhD or Masters) in a quantitative field such as Mathematics Physics Finance Economics Engineering Computer Science Statistics or related fields.

Required Qualifications:

• 2 years of experience and knowledge in building and understanding of Anti-Money Laundering models and systems.

• 3-5 years prior experience in model development and/or model validation.

• Strong familiarity and up-to-date knowledge with industry practices in the field Anti-Money Laundering techniques and typologies.

• Domain knowledge and familiarity with regulatory landscape including but not limited to model risk management Anti-money laundering.

• Proficiency with Above-the Line and Below- the-Line (ATL/BTL) techniques Sampling methods AML Coverage Assessments is a plus.

• Advanced knowledge and working experience in statistical methods techniques and financial data.

• Proficient in Python SAS and SQL.

• Strong written and verbal communication skills and collaboration skills (this role involves communicating with various groups within the firm).

• Critical thinking and ability to independently and proactively identify/suggest/resolve issues.

• CAMS certification (preferred)

Skills:

• 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 Communications

Shift:

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