Bank of America Corporation
Quantitative Finance Manager, Stress Testing Model Development
Bank of America Corporation, Charlotte, NC
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!
General Job Description:
This job is responsible for leading a team to develop or validate quantitative analytics and models for specific business units or risk types. Job expectations include supporting business units and acting as a subject matter expert on specified quantitative modeling techniques, as well as serving as the first or second line of defense overseeing model performance, model risk, and model governance on critical model portfolios.
Responsibilities:
Job Description Summary:
Directs quantitative finance analysts responsible for developing and evaluating quantitative analytics/modeling for specific business units or types of transactions. Directs activity of staff in their area in providing support to the business unit and to other business units within Bank of America. Actively involved in the modeling effort but spends significant amount of time managing other senior level staff and coordinating projects. Acts as a senior level resource or resident expert on particular analytic/quantitative modeling techniques. Provides guidance to other senior level staff on areas of expertise.
Specific Job Description:
Individual will direct a team tasked with investigating relationships between macro-economic variables and GBAM revenue streams to develop approaches to enable projecting of those revenue streams in various economic environments. In this effort, the individual may be required to develop quantitative approaches and algorithms to extract data from databases and external data sources. Examples of revenue streams to be projected could include Trading Account Profits, Mergers and Acquisitions fee income, Credit Service Charges, Treasury Service Charges, Commissions, etc. Additionally, individual would lead a team to write and maintain documentation required for internal governance or regulatory requirements. Where approved models exist, the broader team would be responsible for running the models quarterly, preparing summary results and providing supporting insight. Presentations of quantitative approaches and results may also be required to business partners or Regulators. The role requires an interest in programming, with coding skills in R being an asset.
The results are used in deliverables for the CCAR (Comprehensive Capital Analysis and Review), the Federal Reserve's annual assessment of the capital adequacy for the largest and most complex U.S. Banks, and OCC's equivalent DFAST requirement. Both mid-year and year-end reporting is required, and is completed through the compilation of FR Y-14A reporting templates and supporting documentation
Responsibilities:
Required Qualifications:
Preferred Qualifications:
Skills:
Shift:
1st shift (United States of America)
Hours Per Week:
40
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!
General Job Description:
This job is responsible for leading a team to develop or validate quantitative analytics and models for specific business units or risk types. Job expectations include supporting business units and acting as a subject matter expert on specified quantitative modeling techniques, as well as serving as the first or second line of defense overseeing model performance, model risk, and model governance on critical model portfolios.
Responsibilities:
- Leads a quantitative team with model coverage of specified focus areas and oversees stakeholder engagement, including team effort in preparation for audit and regulatory exams
- Sets priorities related to quantitative modeling 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
Job Description Summary:
Directs quantitative finance analysts responsible for developing and evaluating quantitative analytics/modeling for specific business units or types of transactions. Directs activity of staff in their area in providing support to the business unit and to other business units within Bank of America. Actively involved in the modeling effort but spends significant amount of time managing other senior level staff and coordinating projects. Acts as a senior level resource or resident expert on particular analytic/quantitative modeling techniques. Provides guidance to other senior level staff on areas of expertise.
Specific Job Description:
Individual will direct a team tasked with investigating relationships between macro-economic variables and GBAM revenue streams to develop approaches to enable projecting of those revenue streams in various economic environments. In this effort, the individual may be required to develop quantitative approaches and algorithms to extract data from databases and external data sources. Examples of revenue streams to be projected could include Trading Account Profits, Mergers and Acquisitions fee income, Credit Service Charges, Treasury Service Charges, Commissions, etc. Additionally, individual would lead a team to write and maintain documentation required for internal governance or regulatory requirements. Where approved models exist, the broader team would be responsible for running the models quarterly, preparing summary results and providing supporting insight. Presentations of quantitative approaches and results may also be required to business partners or Regulators. The role requires an interest in programming, with coding skills in R being an asset.
The results are used in deliverables for the CCAR (Comprehensive Capital Analysis and Review), the Federal Reserve's annual assessment of the capital adequacy for the largest and most complex U.S. Banks, and OCC's equivalent DFAST requirement. Both mid-year and year-end reporting is required, and is completed through the compilation of FR Y-14A reporting templates and supporting documentation
Responsibilities:
- Lead model developer with a team of supporting developers
- Work with development teams and validation teams to ensure that model development and validation requirements are met
- Work with GT&O to ensure a smooth coordination around model execution platforms
- Plan, coordinate, and implement medium- to longer-term enhancements to forecast processes and methodologies; decide team priorities and work assignments in the face of tight schedules
- Develop and implement long-term visions to leverage GBAM Stress Testing's Forecasting and Reporting platform
Required Qualifications:
- Master's degree or equivalent quantitative work experience
- 5 years of experience with technical or quantitative projects in the financial services industry
- Good coding skills
- Excellent communication skills and an ability to communicate statistical models to non-technical audiences
- Strong management skills and leadership qualities
Preferred Qualifications:
- Master's degree in a quantitative field or equivalent in Economics, Finance
- Good coding skills in R
- Experience with statistical software, such as R, STATA or MATLAB
- Experience with model governance routines
- Experience developing or running statistical models in R, with a special focus on time series modeling to support running econometric models
- Performing CCAR Stress Testing and utilizing methodologies to project revenue and balance sheet through models/qualitative approaches
- Using strong analytical, critical thinking and problem solving skills to lead or facilitate discussions across various levels of stakeholders/support partners
Skills:
- Business Acumen
- Critical Thinking
- Regulatory Relations
- Talent Development
- Technical Documentation
- Policies, Procedures, and Guidelines Management
- Project Management
- Risk Analytics
- Risk Management
- Stakeholder Management
- Drives Engagement
- Inclusive Leadership
- Risk Modeling
- Strategic Thinking
- Written Communications
Shift:
1st shift (United States of America)
Hours Per Week:
40