Sr. Quantitative Finance Analyst

Bank of America • Charlotte, NC

3d • Onsite

About The Position

Bank of America’s Enterprise Model Risk Management team provides oversight of model risk across the bank’s model inventory. The team independently validates and challenges new and existing models, assesses model risk, monitors model performance, communicates issues to relevant businesses, and escalates model-use breaches and remediation plans to governance committees.

The Senior Quantitative Finance Analyst conducts independent model validation, testing, and review of complex models used to monitor and mitigate money laundering risk. The role requires knowledge of current anti-money-laundering (AML) techniques and industry practices, along with hands-on expertise and thought leadership in applying statistical and machine-learning methods to the bank’s AML models and model systems. The analyst acts as a senior leader and subject-matter expert on analytical and quantitative modeling techniques used for AML.

The position involves reviewing and challenging models’ conceptual soundness, assumptions, limitations, data, development evidence, performance, implementation, and documentation. It also includes designing testing plans and code, conducting model validation and other reviews, supporting model governance, collaborating with modeling teams and Front Line Units, and communicating with internal audit and external regulators when needed. The analyst prepares technical reports for model developers, senior management, audit, and banking regulators.

Bank of America describes its work environment as having an in-office culture that supports collaboration, engagement, and career development, with role-specific flexibility based on responsibilities and business needs. Listed work locations are Jersey City, New Jersey, and New York, New York.

Requirements

• Advanced degree (PhD or Master’s) in a quantitative field such as Mathematics, Physics, Finance, Economics, Engineering, Computer Science, Statistics, or a related field.
• At least 5 years of experience and knowledge in building and understanding Anti-Money Laundering models and systems.
• Strong familiarity with and up-to-date knowledge of industry practices in Anti-Money Laundering techniques and typologies.
• Domain knowledge and familiarity with the regulatory landscape, including model risk management and Anti-Money Laundering.
• Advanced knowledge and working experience in statistical methods, techniques, and financial data.
• Proficiency in Python, SAS, and SQL.
• Strong written and verbal communication and collaboration skills.
• Critical thinking and ability to work independently and proactively identify, debate, escalate, suggest, and resolve issues.

Nice To Haves

• Proficiency with Above-the-Line and Below-the-Line (ATL/BTL) techniques, sampling methods, and AML Coverage Assessments.
• Prior experience in model development and/or model validation.
• CAMS certification.

Responsibilities

• Review, critically assess, and challenge models with respect to conceptual soundness, assumptions and limitations, data, development evidence supporting modeling choices, performance, implementation, and documentation.
• Develop and implement effective testing plans and testing code to challenge models through empirical analyses and verify model implementation.
• Conduct independent model validation and challenge, annual model reviews, ongoing monitoring report reviews, required action item reviews, and peer reviews.
• Conduct model governance activities, including model identification, model approval, and breach remediation reviews.
• Communicate and work directly with relevant modeling teams and their corresponding Front Line Units.
• Communicate and interact with internal audit and external regulators when needed.
• Write technical reports for distribution and presentation to model developers, senior management, audit, and banking regulators.
• Provide senior leadership and subject-matter expertise in analytical and quantitative modeling techniques used for anti-money laundering.

Benefits

• Annual discretionary incentive plan eligibility.
• Benefits eligibility.
• Paid time off.
• Resources and support for employees’ physical, emotional, and financial wellness.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior