Sr. Quantitative Finance Analyst

Bank Of America Quantitative Finance AnalystAt 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.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!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 driversLeads the planning related to setting quantitative work priorities in line with the bank's overall strategy and prioritizationIdentifies 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/validationMaintains and provides oversight of model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetiteLeads 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 riskWorks closely with model stakeholders and senior management with regard to communication of submission and validation outcomesPerforms statistical analysis on large datasets and interprets results using both qualitative and quantitative approachesManagerial Responsibilities: This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.Opportunity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company Great Place to Work goals.Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.Global Risk Analytics (GRA) is a sub-line of business within Global Risk Management (GRM). GRA is responsible for developing a consistent and coherent set of models and analytical tools for effective Risk and Capital measurement, management and reporting across Bank of America. In addition to model development, GRA conducts model implementation, data management, model execution and analysis, forecast administration, and model performance monitoring. The team drives innovation, process improvement and automation across all of these activities.Overview of the Team – The Global Markets Risk Analytics (GMRA) team under GRA is responsible for developing, maintaining, and monitoring Counterparty Credit Risk (CCR), the Internal Model Method (IMM), Central Clearing Counterparties (CCP), and Value at Risk (VaR). GMRA also develops analytical tools to support regulatory, audit, and internal risk management needs for Global Markets.This role sits within Market Risk Quants (MRQ) team under GMRA. MRQ team's remit spans market risk models for internal risk management, market risk capital requirements for Internal Model Approach (IMA) approved Legal Entities within Basel 2.5 regulatory framework, and IMA and Standardized Approach (SA) for upcoming Fundamental Review of the Trading Book (FRTB) regulatory framework, stress testing such as CCAR, EST, ICAAP, Recovery and Resolution Planning, and Climate Risk.Overview of the Role - The position provides an excellent opportunity for a Market Risk Quant to be at heart of BoFA's model development for global trading activities. In this role the successful candidate will be responsible for critical regulatory deliverables involving complex market risk models. The role will require high degree of motivation and energy as well as high technical/analytical competencies to develop and enhance the firm's critical market risk models.Position Overview - As a senior quantitative finance analyst in MRQ team, you will be responsible for independently conducting quantitative analytics and complex modeling projects. Leads efforts in development of new models, analytic processes, or system approaches. Creates documentation for all activities and may work with technology staff in design of any system to run models developed. Incumbents possess excellent quantitative/analytic skills and are able to influence strategic direction, as well as develop tactical plans.Develop and enhance quantitative risk models, analytics, and applications in support of market risk assessment and regulatory capital calculation in current Basel 2.5 (e.g., VaR, Stressed VaR, Risks Not in VaR) and/or upcoming FRTB (e.g., Standard Approach, Expected Shortfall, Non-modellable risk factor, Risks Not in Model) regulatory frameworkDevelop and enhance quantitative risk models, analytics and applications for the firm's Stress Testing including CCARConduct analysis for implementation of market risk models in strategic model platform.Develop model performance monitoring metrics such as benchmarking, back-testing as part of continuous efforts to identify and remediate potential model weaknessClosely work with Global Markets Risk (GMR) and Front-Line Units (FLU) trading desks for internal risk management, Enterprise Capital Management (ECM) for market risk capital requirements, technology partners for model implementation, front-office pricing model quant developers, and Model Risk Management (MRM) for model risk oversightPerform quantitative analysis in preparation of exams, regular dialogues with supervisory regulators across the globe.Required Qualifications:PhD (preferred) or master's degree in quantitative fields such as financial engineering, mathematics, statistics, physics, computer science, or equivalentSolid 5+ years of work experience in developing FO pricing models or market risk modelsAdvanced programming skills in Python with 5+ years of experienceSolid understanding of derivatives pricingIn depth understanding of Value at Risk and statistical estimation methodsStrong communication (both written and verbal) and collaboration skills (this project involves communicating with various groups within the firm)Effective thinking skill to be able to independently and proactively identify/suggest/resolve issuesDesired Qualifications:Work experience in FRTBExperience in large scale model platform implementation in collaboration with other teamsStrong Operational Excellence mindsetEffective organizational skill.Skills:Critical ThinkingQuantitative DevelopmentRisk AnalyticsRisk ModelingTechnical DocumentationAdaptabilityCollaborationProblem SolvingRisk ManagementTest EngineeringData ModelingData and Trend AnalysisProcess Performance MeasurementResearchWritten CommunicationsMinimum Education Requirement: Master's degree in related field or equivalent work experienceShift: 1st shift (United States of America)Hours Per Week: 40Pay Transparency detailsUS - IL - Chicago - 540 W Madison St - Bank Of America Plaza (