Risk Analysis Specialist II

Bank of America•Newark, NJ

1d•Onsite

About The Position

This job is responsible for supporting data and technology requests, complex reporting and analysis, and modeling to manage risk and minimize credit and operating losses. Key responsibilities include reviewing and analyzing portfolio trends, supporting the development of more complex databases or queries to extract data, and supporting the production of data for internal and external reporting needs. Job expectations include working with Technology to implement changes necessary to support ongoing data needs. The position is part of the Wholesale Loss Forecasting (WLF) Administration and Analytics team. The WLF Administration and Analytics team is the face of Scenario and Enterprise Risk Analytics (SERA) with both our internal and external stakeholders. This team helps bridge the gap between a technical, quantitative model framework and non-technical business stakeholders looking to make sense of these model results. The team administers the bank’s commercial loss forecasts, that ultimately help support the bank’s Allowance and stress testing needs both domestically and internationally. Team serves as a central hub that brings together expertise on the wholesale portfolio, forecasting models (and their limitations), economics and emerging risks to drive insightful analysis and reporting to internal stakeholders and regulators. Team objective is to provide best-in-class model monitoring capabilities (OMR) while informing the redevelopment process, adding value to business stakeholders, and strengthening risk management. As a colleague within the team, the main responsibilities will involve: Analyzing and communicating model results to model stakeholders, including enterprise credit and credit risk, allowance, model development, model risk, senior management, and regulators Applying quantitative methods and business/economic expertise to develop model overlays that meet risk management, line of business, and regulatory requirements Monitoring current and emerging risks to wholesale clients (e.g. rising interest rates, persistent inflation, etc.) and considering impact on the wholesale portfolio and forecasts Demonstrated ability to clearly articulate to senior stakeholders model results and overlays at a level of detail commensurate with the given audience Role will interact with a wide variety of stakeholders including enterprise credit and credit risk, model developers, model risk management, allowance, finance, and capital. Forecast Administration and Analytics employees possess a broad set of skills necessary to evaluate financial risk, produce regulatory reporting and evaluate portfolio risk for emerging, systemic, concentration and idiosyncratic risks. They collaborate with business partners to identify risk mitigation strategies. They possess high levels of skill in portfolio analysis, financial analysis and data visualization. The team welcomes a diversity of thoughts and experiences grounded in a core set of competencies with the ability to connect data points from across the enterprise.

Requirements

Bachelor’s degree in Finance, Accounting, Economics, Business, or related field. Alternatively, a bachelor’s degree in a technical field (i.e: engineering, computer science, mathematics, statistics, etc.) and a demonstrated interest in finance and markets.
Ability to identify key industry drivers
excellent quantitative skills and judgment in the field of research.
The candidate must be able to thrive in a fast-paced and intense environment, be intellectually curious about drivers of the economy, industry & company performance and consumer behavior
Strong economic and financial skills and a keen interest in markets, economics, and worldwide current events
Strong writing and spreadsheet skills
Must be an expert in MS Excel
Must have excellent communication skills, written and verbal
Must have strong attention to detail, ability to multi-task
Must work well in a collaborative team environment and be exceptionally driven
Good understanding of current US regulatory environment

Nice To Haves

Masters in one of the aforementioned subjects a plus.
Progress toward (or completion of) CFA a plus
experience working with statistical packages and/or programming experience preferred
Some knowledge of Tableau, SQL, Python.

Responsibilities

Supports the development and execution of reporting to allow Risk and business partners to effectively identify and manage risk
Analyzes trends and supports the data design, portfolio trends, loss trends, and portfolio dynamics to ensure alignment with business strategies
Provides analytical support on various product strategic initiatives affecting multiple Risk functions and lines of business to ensure company goals are met
Participates in the development of database production processes and performance reports for senior management, using data mining and other advanced analytical techniques to aggregate data
Supports with responding to complex ad-hoc requests for information from both internal and external parties
Provides support on cross-functional efforts to remediate data quality issues
Monitors the outputs of controls and investigates alerts from the control checks
Analyzing and communicating model results to model stakeholders, including enterprise credit and credit risk, allowance, model development, model risk, senior management, and regulators
Applying quantitative methods and business/economic expertise to develop model overlays that meet risk management, line of business, and regulatory requirements
Monitoring current and emerging risks to wholesale clients (e.g. rising interest rates, persistent inflation, etc.) and considering impact on the wholesale portfolio and forecasts
Clearly articulate to senior stakeholders model results and overlays at a level of detail commensurate with the given audience
Collaborate with business partners to identify risk mitigation strategies