Bank of America
Senior Quantitative Financial Analyst - Consumer Credit Risk
Bank of America, Charlotte, North Carolina, United States, 28245
Senior Quantitative Financial Analyst - Consumer Credit Risk
Charlotte, North Carolina;Chicago, Illinois; Atlanta, Georgia
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:
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 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
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
Minimum Education Requirement: Master’s degree in related field or equivalent work experience
Line of Business Job Description:
Bank of America’s Global Risk Analytics (GRA) organization has a high impact opportunity for a Senior Quantitative Financial Analyst within its Consumer Loss Forecasting (CLF) team.
GRA is a quantitative organization which delivers models, tools, and analysis needed to effectively manage risk and capital. The CLF team provides insights via credit loss forecasts and related portfolio, model and forecast analytics for Bank’s $500 billion consumer loan portfolio – which includes Mortgage, Credit Card, Auto loan, and Consumer Banking Overdraft products. This position will primarily focus Consumer Banking Overdraft and Mortgage products from a forecast administration standpoint.
Forecast Administration plays a critical role in the Bank’s allowance and financial planning, enterprise stress testing, and overall risk management activities. It requires combining knowledge of operational management with analytical skills to complete and enhance loss forecasting capabilities and ensure a strong end-product for efficient stakeholder consumption.
The Senior Quantitative Financial Analyst interacts with a wide variety of stakeholders including other loss forecast associates, model operations, model developers, Allowance, Finance, Enterprise Stress Testing, Risk and the Front Line Unit. The Analyst should be able to effectively communicate complex trends impacting loss projections, which involve concepts such as macroeconomic environments, statistical modeling techniques and trends in consumer financial health.
The Analyst will interact with governance partners across Model Risk Management, External Audit and Corporate Audit to ensure policy adherence. These efforts require thought leadership to assess and evolve control change efforts covering end to end delivery of loss forecasts.
Forecast Administration Responsibilities:
Each of the following responsibilities require advanced analytical and quantitative capabilities along with strong written and verbal communication skills. Being able to influence resources from within the team or across other teams, and the ability to quickly identify core implications and connections within complex issues is needed in this role.
● Identifying needs and requirements for each loss forecast submission cycle in partnership with Allowance, inclusive of multiple economic scenarios and forecast attributions. This includes coordinating needed model runs with Model Execution Team and confirming achievable delivery timelines across multiple consumer products’ forecast calendars.
● Create crisp executive-level forecast and analytic content for stakeholder Loan Loss Working Group meetings. This includes creating commentary to effectively explain trends, analyze loss projections, portfolio credit quality, and ensure loss forecast reasonability.
● Assessing loss model historical back-testing by component to facilitate recommended forecast adjustments. This includes presenting adjustment rationale to stakeholders, obtaining buy-in from partners, and collaborating with model development partners to address existing or emerging model limitations.
● Drive analytics pipeline covering model performance and consumer financial health.
● Collaborate across teams to ensure forecast, analytics, model control needs are met.
● Assist with Corporate Audit, External Audit, and quarterly SOX requirements execution and testing, which includes review and challenge evidence for each cycle, process flow and other governance documentation requirements.
● Lead process operational excellence efforts to adopt a similar infrastructure as exists for Mortgage or Card products. This may include participating in the model build process, providing guidance on required MIS, analyzing output, and partnering across GRA technical teams to drive strategic deployment.
Required Skills:
Strong written and oral communication skills, with the ability to cater to both technical and executive audiences
Graduate degree in quantitative discipline (e.g., Mathematics, Economics, Engineering, Finance, Physics)
8+ years of experience in model development, statistical methods, forecast methods, data analytics, or quantitative research
Experience in Risk, Credit, Collections or Financial Operations with demonstrated track record of generating and communicating insights which improve performance and understanding
History of driving change and advancing the status quo via strategic thinking across forecasting, analytics, or automation of operations and controls
Attention to detail coupled with ability to simplify the complex
Experience in data science and analysis, with strong analytical skills
Demonstrated ability to organize and work collaboratively across multiple teams and functions
Flexibility to work independently with little supervision in a complex team environment
Proficiency with Tableau, MS Word/Excel/PowerPoint
Desired Skills:
Proven analytical ability and problem solving skills demonstrated through banking experience related to loss forecasting, analytics and operations with ability to pro-actively lead
Experience meeting with internal or external bank examiners and responding to questions and required actions in a timely manner
Previous demonstrated strong leadership or project management experience
Consumer behavior analytics or risk modeling in a financial institution
Programing skills (SQL, Python, R, LaTeX)
Experience with CECL, DFAST, CCAR forecast methodologies
Shift:
1st shift (United States of America)
Hours Per Week:
40
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
To view the "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .
To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf) .
View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .
Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
To view Bank of America’s Drug-free Workplace and Alcohol Policy, CLICK HERE .
This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.
Charlotte, North Carolina;Chicago, Illinois; Atlanta, Georgia
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:
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 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
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
Minimum Education Requirement: Master’s degree in related field or equivalent work experience
Line of Business Job Description:
Bank of America’s Global Risk Analytics (GRA) organization has a high impact opportunity for a Senior Quantitative Financial Analyst within its Consumer Loss Forecasting (CLF) team.
GRA is a quantitative organization which delivers models, tools, and analysis needed to effectively manage risk and capital. The CLF team provides insights via credit loss forecasts and related portfolio, model and forecast analytics for Bank’s $500 billion consumer loan portfolio – which includes Mortgage, Credit Card, Auto loan, and Consumer Banking Overdraft products. This position will primarily focus Consumer Banking Overdraft and Mortgage products from a forecast administration standpoint.
Forecast Administration plays a critical role in the Bank’s allowance and financial planning, enterprise stress testing, and overall risk management activities. It requires combining knowledge of operational management with analytical skills to complete and enhance loss forecasting capabilities and ensure a strong end-product for efficient stakeholder consumption.
The Senior Quantitative Financial Analyst interacts with a wide variety of stakeholders including other loss forecast associates, model operations, model developers, Allowance, Finance, Enterprise Stress Testing, Risk and the Front Line Unit. The Analyst should be able to effectively communicate complex trends impacting loss projections, which involve concepts such as macroeconomic environments, statistical modeling techniques and trends in consumer financial health.
The Analyst will interact with governance partners across Model Risk Management, External Audit and Corporate Audit to ensure policy adherence. These efforts require thought leadership to assess and evolve control change efforts covering end to end delivery of loss forecasts.
Forecast Administration Responsibilities:
Each of the following responsibilities require advanced analytical and quantitative capabilities along with strong written and verbal communication skills. Being able to influence resources from within the team or across other teams, and the ability to quickly identify core implications and connections within complex issues is needed in this role.
● Identifying needs and requirements for each loss forecast submission cycle in partnership with Allowance, inclusive of multiple economic scenarios and forecast attributions. This includes coordinating needed model runs with Model Execution Team and confirming achievable delivery timelines across multiple consumer products’ forecast calendars.
● Create crisp executive-level forecast and analytic content for stakeholder Loan Loss Working Group meetings. This includes creating commentary to effectively explain trends, analyze loss projections, portfolio credit quality, and ensure loss forecast reasonability.
● Assessing loss model historical back-testing by component to facilitate recommended forecast adjustments. This includes presenting adjustment rationale to stakeholders, obtaining buy-in from partners, and collaborating with model development partners to address existing or emerging model limitations.
● Drive analytics pipeline covering model performance and consumer financial health.
● Collaborate across teams to ensure forecast, analytics, model control needs are met.
● Assist with Corporate Audit, External Audit, and quarterly SOX requirements execution and testing, which includes review and challenge evidence for each cycle, process flow and other governance documentation requirements.
● Lead process operational excellence efforts to adopt a similar infrastructure as exists for Mortgage or Card products. This may include participating in the model build process, providing guidance on required MIS, analyzing output, and partnering across GRA technical teams to drive strategic deployment.
Required Skills:
Strong written and oral communication skills, with the ability to cater to both technical and executive audiences
Graduate degree in quantitative discipline (e.g., Mathematics, Economics, Engineering, Finance, Physics)
8+ years of experience in model development, statistical methods, forecast methods, data analytics, or quantitative research
Experience in Risk, Credit, Collections or Financial Operations with demonstrated track record of generating and communicating insights which improve performance and understanding
History of driving change and advancing the status quo via strategic thinking across forecasting, analytics, or automation of operations and controls
Attention to detail coupled with ability to simplify the complex
Experience in data science and analysis, with strong analytical skills
Demonstrated ability to organize and work collaboratively across multiple teams and functions
Flexibility to work independently with little supervision in a complex team environment
Proficiency with Tableau, MS Word/Excel/PowerPoint
Desired Skills:
Proven analytical ability and problem solving skills demonstrated through banking experience related to loss forecasting, analytics and operations with ability to pro-actively lead
Experience meeting with internal or external bank examiners and responding to questions and required actions in a timely manner
Previous demonstrated strong leadership or project management experience
Consumer behavior analytics or risk modeling in a financial institution
Programing skills (SQL, Python, R, LaTeX)
Experience with CECL, DFAST, CCAR forecast methodologies
Shift:
1st shift (United States of America)
Hours Per Week:
40
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
To view the "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .
To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf) .
View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .
Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
To view Bank of America’s Drug-free Workplace and Alcohol Policy, CLICK HERE .
This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.