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About the Role
This job is responsible for leading a team to develop or validate quantitative analytics and models for specific business units or risk types. Job expectations include supporting business units and acting as a subject matter expert on specified quantitative modeling techniques, as well as serving as the first or second line of defense overseeing model performance, model risk, and model governance on critical model portfolios.
Responsibilities
- Leads a quantitative team with model coverage of specified focus areas and oversees stakeholder engagement, including team effort in preparation for audit and regulatory exams
- Sets priorities related to quantitative modeling 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 outcome
- Provide domain expertise for Strategic Risk Initiatives, Risk Management, GRA , Regulators (MRA/MRIA), Audit , MRM, QSG and MRT/FO technology, providing requirements, system design and adoption testing support.
- Design of strategic systems for Full Revaluation Risk, Reference Data, Market Data and adoption of Firm wide strategic projects across the Market Risk and Counterparty Risk domains.
- Provide coherent, sustainable solutions to support Market Risk and Counterparty Risk, through updating and maintaining existing risk systems.
- Assist with new Regulatory requirements and build/improve processes to a point that they can be handed over to the appropriate team for on-going production (EST, Internal/External Reporting, GBS).
- Provide a “One Stop Shop” for Risk Managers, GRA, external teams for Market Risk model and systems support.
Requirements
- 5-10 years of experience in the Risk/Finance or related discipline.
- Degree in Statistics, Mathematics, Computer Science, Information Systems, Physics or a related quantitative field.
- Proven experience in a related quantitative occupation.
- Experience working with tools like Python, Excel, and SQL scripting.
- Strong documentation skills.
- Excellent analytical and problem-solving skills.
- Ability to work independently and as part of a team.
- Strong communication and interpersonal skills.
- Knowledge of financial markets and risk management concepts.
Skills
- Business Acumen
- Critical Thinking
- Regulatory Relations
- Talent Development
- Technical Documentation
- Policies, Procedures, and Guidelines Management
- Project Management
- Risk Analytics
- Risk Management
- Stakeholder Management
- Drives Engagement
- Inclusive Leadership
- Risk Modeling
- Strategic Thinking
- Written Communications
Location
- Jersey City, NJ
- New York, NY
Work Type
- Onsite
- Full-time
Experience Level
- 5-10 years
Education Level
- Master's degree
- PhD preferred
Salary/Compensations
- $160,000.00 - $226,500.00
Benefits
- Discretionary incentive eligible
- Eligible for annual discretionary award
- Benefits eligible
- Industry-leading benefits
- Access to paid time off
- Resources and support
About the Company
- 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 and providing a culture of caring is core to how we drive Responsible Growth.
- We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success.
- This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits.
- We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences.
- These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.
- Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development.
- Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.
- At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact.
- Join us!