Sr Quantitative Financial 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. 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:At Bank of America, models are used for a broad range of activities, including but not limited to valuation, risk management, capital and liquidity planning, stress testing, underwriting 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 level and in the aggregate.Enterprise Model Risk Management (MRM) Team provides oversight for model risk across Bank of America's model inventory. The MRM Team 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; and escalates model use breaches and remediation plans to relevant governance committees.Qualified candidate will join MRM Consumer Banking team as a senior quantitative finance analyst to conduct independent testing and review of complex consumer predictive models owned by Retail, Preferred Banking and Small Business.Responsibilities:• For models in Consumer Banking supporting front line unit business strategies and credit risk management, review, critical assessment, and challenge of models on conceptual soundness, assumptions and limitations, data, developmental evidence in support of modelling choices, performance, and implementation.• Development and execution of effective independent testing plans to critically challenge models through empirical analyses and alternative approaches.• Review and critical assessment of ongoing model monitoring activities to proactively identify, evaluate, and mitigate emerging model risk themes.• Writing of technical reports for distribution and presentation to model developers, model stakeholders, senior management, audit, and banking regulators• Coaching of junior staff members while leading validation projectsRequired Qualifications:• PhD or Master's degree in quantitative fields such as Statistics, Economics, Mathematics, Finance, Engineering, Computer Science, or equivalent.• Background and experience with complex, loan-level predictive models and strong knowledge of financial instruments and financial risk management principles• Expertise in cross-sectional and time-series econometrics, analyzing large datasets using mathematical models, and statistical techniques such as Least Squares Regression, Logistics Regression, Hedonic Regressions, etc.• Deep understanding and knowledge of model performance measures• Strong coding ability in Python or R, knowledge of LaTeX document preparation and Git Bitbucket is a plus• Minimum of 5 years of experience with a PhD or 8 years of experience with a Master’s degree in financial risk modelling or validationDesired Qualifications:• Experience developing or validating models that rely on artificial intelligence and machine learning techniques.• Strong business acumen and familiarity with consumer retail products such as home loans and consumer vehicle lending• Familiarity with regulatory guidance on model risk management and consumer lending• Strong communication and technical writing skills, knowledge of LaTeX document preparation and Git Bitbucket is a plusSkills:• Critical Thinking• Quantitative Development• Risk Analytics• Risk Modeling• Technical Documentation• Adaptability• Collaboration• Problem Solving• Risk Management• Data Modeling• Data and Trend Analysis• Research• Written CommunicationsShift:1st shift (United States of America)Hours Per Week:40