Sr. Quantitative Finance Analyst - Scenario & Enterprise Risk Analytics

Bank of America • Charlotte, NC

12d • $125,000 - $210,000 • Onsite

About The Position

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 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. 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. 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 Leads 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 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 outcomes Performs statistical analysis on large datasets and interprets results using both qualitative and quantitative approaches As a part of Scenario & Enterprise Risk Analytics (SERA), the Research sub-team provides credit focused intelligence, in-depth macro-economic and industry specific credit research, and powerful analytical tools to support credit risk management and decision making across the enterprise. The team is responsible for innovative solutions and support in both business-as-usual (BAU) activities, including regulatory deliverables in Scenario Generation, Loss Forecasting, Model Development etc., and next generation capabilities development that foster the advancement of data-driven insights in support of responsible growth. There are four core areas of focus: Economic & Industry Insights and Analytics Utilize both public and Bank of America internal data to monitor key developments and curate in-depth research of US & global economies and industries. Identify emerging and emergent risks in the economic and industry conditions that could impact the bank’s credit decisions, risk appetite & limits and the overall risk and capital frameworks. Regular deliverables: Industry Earnings Monitor reports, Weekly Economic Insights, Market Signals. Scenario Generation & Support Current: Engage in the end-to-end scenario generation process, including scenario design, review, and approval of macroeconomic projections. Provide economists subject matter expertise for all 10 models with 1200+ variables in the scenario generation model suite, providing support in model development, internal & external model review, and regulatory exams. Usage of the scenarios includes CCAR, CECL, Corporate and Capital Planning. Future: Engage in the review & challenge of macroeconomic scenario projections in collaboration with internal teams responsible for producing scenario models and associated forecasts. The research team is the primary SMEs providing expertise and insights to ensure the scenario projections align with economic intuition prior to review and approval by executive stakeholders. Past scenarios delivered: Debt Ceiling Breach Scenario, Election Scenario, Persistent Inflation Scenario, and internal stress scenarios (BAC-A, BAC-SA, CE-A, CE-SA). Next Generation Analytics Capability Development Build and continuously improve new analytical dashboards, reports and capabilities. The team strives to achieve operational excellence and efficiency in the development and delivery of products in order to minimize ongoing maintenance and maximize more value-add activities. Current dashboard development & automation: Industry GDP & Revenue Nowcasting Dashboard, Scenario Generation Review & Challenge Dashboards, Market Signals Redevelopment Cross-Organizational Projects & Initiatives Manage cross-organizational projects and initiatives that align with the team’s mandate and strategic vision of the SERA organization. Ideally, initiatives should support the team’s primary mission of leveraging internal BAC data in new and novel ways to develop proprietary analysis, analytics and capabilities to support both external and internal private side credit focused teams which require deeper insights, more flexible capabilities or support in producing more intuitive and/or accurate forecast.

Requirements

• Masters' 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.
• Prior experience in a research-orientated role (e.g. Equity, Credit) is a plus.
• 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, some experience in investment strategy is a plus.
• Strong writing and spreadsheet skills.
• Must be an expert in MS Excel, experience working with statistical packages and/or programming experience preferred.
• 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

Nice To Haves

• Progress toward (or completion of) CFA a plus.
• Some knowledge of Tableau, SQL, Python.
• Good understanding of current US regulatory environment, including but not limited to CECL and CCAR
• 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

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
• Leads 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
• 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 outcomes
• Performs statistical analysis on large datasets and interprets results using both qualitative and quantitative approaches

Benefits

• Pay range $125,000.00 - $210,000.00 annualized salary, offers to be determined based on experience, education and skill set.
• Discretionary incentive eligible This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.
• This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees