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Quantitative Finance Analyst

Charlotte, North Carolina

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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 modeling projects for specific business units or risk types. Key responsibilities include developing new models, analytic processes, or systems approaches, creating technical documentation for related activities, and working with Technology staff in the design of systems to run models developed. Job expectations include having a broad knowledge of financial markets and products.

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

+ Supports 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

+ Supports model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite

+ Supports the 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

Bank of America Merrill Lynch has an opportunity for a Quantitative Financial Analyst within our Global Risk Analytics (GRA) function. Global Risk Analytics (GRA) and Enterprise Independent Testing (EIT) are sub-lines of business within Global Risk Management (GRM). Collectively, they are responsible for developing a consistent and coherent set of models, analytical tools, and tests for effective risk and capital measurement, management and reporting across Bank of America. GRA and EIT partner with the Lines of Business and Enterprise functions to ensure the capabilities it builds address both internal and regulatory requirements, and are responsive to the changing nature of portfolios, economic conditions, and emerging risks. In executing its activities, GRA and EIT drive innovation, process improvement and automation.

Consumer Risk is primarily responsible for:

+ Oversight and delivery of key regulatory reviews such as the Current Expected Credit Losses (CECL) accounting standard and the Comprehensive Capital Analysis & Review (CCAR), as well as other strategic initiatives, including data and infrastructure development and maintenance

+ Planning and delivery of a coherent model risk management framework and infrastructure across Consumer. These efforts include the development of one universal platform for seamless model development and implementation, and improvements to the quality and consistency of the data sourced for all development and production purposes

+ Developing and maintaining risk and capital models and model systems across Consumer product lines. Models and model systems provide insight into various risk areas, including loan default, exposure at default (EAD), loss given default (LGD), delinquency, prepayment, balances, pricing, risk appetite, revenues and cash flows

+ Developing and implementing quantitative solutions on strategic Consumer Risk platforms. Outputs include GRA libraries that perform consumer risk model calculations, analytical tools, processes and documentation

+ Conducts research and analysis to improve understanding and assessment of loan portfolios, models used, and forecast results

+ Partners with Consumer lines of business, and front line Risk, Allowance, and Finance teams to ensure consistency and appropriateness of the team’s various processes

As a Quantitative Financial Analyst on the Consumer Risk team, your main responsibilities will include:

+ Managing a portfolio of data intensive operational processes that span multiple complex technologies and infrastructures

+ Building and running operational processes, across large complex multi-sourced data, often on a wide range of quantitative models using applications and coding based solutions

+ Managing and monitoring controls across model execution and / or the sourcing and provisioning of complex data for multiple end-users

+ Managing cycle-over-cycle executions and shaping the strategic direction of operations in a highly regulated environment

+ Interacting with multiple stakeholders to drive consistent on-time delivery of well-considered and thorough solutions, often with short delivery times

+ Leveraging technical skills to improve, enhance, and automate existing processes

+ Providing regular updates to various stakeholders and senior leaders

Required Skills

+ Masters’ degree in a quantitative discipline

+ 2+ years of experience in model development, model validation, statistical work, data analytics or quantitative research, or PhD

+ Ability to manage and deliver:

+ Cycle-over-cycle operational processes across data provisioning, model execution, and model performance monitoring

+ Close collaboration with change agents driving operational excellence through strategic change

+ Process execution while complying with various policies and regulations

+ Code development and programming with tools such as Python, PySpark, SQL, Hadoop, Hive

+ Additional experience with Unix/Linux, Shell Scripting, and SAS a plus

Strong operations management skills and techniques, including:

+ Proficiency in the management of the full project life cycle – from inception to full technical and process implementation

+ Proficiency in operating in a business and technical environment

+ Demonstrated personal qualities including:

+ Strong understanding of process controls and safeguards

+ Confident self-starter

+ Quick learner and intellectually curious

+ Strong communication skills, both oral and written

+ Strong team player, able to lead and follow

+ Strong influencing skills

Desired Skills

+ Experience working for a financial institution; knowledge of retail banking products, services, processes, and systems

+ Knowledge of model development / model implementation lifecycle

+ Experience with data analytics / software development lifecycle tools (i.e. Alteryx, Tableau, Horizon / JIRA, etc.)

+ Ability to deliver large scale projects involving changes to analytical processes, quantitative models, complex technology platforms, and analysis

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

**Minimum Education Requirement:** Master’s degree in related field or equivalent work experience

Shift:

1st shift (United States of America)

Hours Per Week:

40

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.

To view the "Know your Rights" poster, CLICK HERE (https://www.eeoc.gov/sites/default/files/2023-06/22-088\_EEOC\_KnowYourRights6.12.pdf) .

View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .

Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.

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. Should you be offered a role with Bank of America, your hiring manager will provide you with information on the in-office expectations associated with your role. These expectations are subject to change at any time and at the sole discretion of the Company. To the extent you have a disability or sincerely held religious belief for which you believe you need a reasonable accommodation from this requirement, you must seek an accommodation through the Bank’s required accommodation request process before your first day of work.

This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.