Quantitative Finance Analyst
Company: Disability Solutions
Location: Chicago
Posted on: October 18, 2024
Job Description:
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 modeling projects for
specific business units or risk types. Key responsibilities include
developing new models, analytic processes, or systems approaches,
creating technical documentation for related activities, and
working with Technology staff in the design of systems to run
models developed. Job expectations include having a broad knowledge
of financial markets and products.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
- Supports 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
- Supports model development and model risk management in
respective focus areas to support business requirements and the
enterprise's risk appetite
- Supports the 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 approachesSkills:
- 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 CommunicationsMinimum Education Requirement: Master's
degree in related field or equivalent work experienceOverview of
Global Risk Analytics - Bank of America Merrill Lynch has an
opportunity for a Snr QFA within our Global Risk Analytics (GRA)
function. GRA is a sub-line of business within Global Risk
Management (GRM). GRA is responsible for developing a consistent
and coherent set of models and analytical tools for effective risk
and capital measurement, management and reporting across Bank of
America. GRA partners with the Lines of Business and Enterprise
functions to ensure that its models and analytics address both
internal and regulatory requirements, such as quarterly Enterprise
Stress Testing (EST), the annual Comprehensive Capital Analysis and
Review (CCAR), and the Current Expected Credit Losses (CECL)
accounting standard. GRA models follow an iterative and ongoing
development life cycle, as the bank responds to the changing nature
of portfolios, economic conditions and emerging risks. In addition
to model development, GRA conducts model implementation, data
management, model execution and analysis, forecast administration,
and model performance monitoring. GRA drives innovation, process
improvement and automation across all of these activities. Overview
of the Team:Global Markets Risk Analytics (GMRA) team is
responsible for developing, maintaining, and monitoring
Counterparty Credit Risk (CCR), the Internal Model Method (IMM),
Central Clearing Counterparties (CCP), and Value at Risk (VaR)
models
- GMRA also develops analytical tools to support regulatory,
audit, and internal risk management needs for Global Markets.
- GMRA team has a rich pool of diverse talent with quantitative
and qualitative skillsets
- Partners with Front Office, Risk Management, Finance and
TechnologyOverview of the Role & Key Responsibilities:Responsible
for independently conducting quantitative analytics and modeling
projects. Responsible for developing new models, analytic processes
or systems approaches. Creates documentation for all activities and
works with Technology staff in design of any system to run models
developed. Incumbents possess excellent quantitative/analytic
skills and a broad knowledge of financial markets and products.
This is a highly visible role within GMRA and the broader
organization.
- Master's degree or PhD required (preferably in Mathematics,
Statistics, Physics or related field) and 5+ years' experience
working in quantitative modelling on behalf of a global financial
institution.
- Experience with mathematically sophisticated financial
modelling.
- Ability to express technical concepts clearly in written and
spoken English
- Programming skills: key languages are C++ and Python; a solid
understanding of sound software development principles
- Up-to-date knowledge of industry trends and developments, a
commercial instinct, and an understanding of sound risk management
principles.
- Good written and oral communication, interpersonal and
organizational skills and ability to build and maintain
relationships with personnel across areas and regions
- Ability to multitask with excellent time management skills
- Sense of focus and rigor in the completion of deliverables
- Pro-active behavior with capacity to seize initiativeShift:1st
shift (United States of America)Hours Per Week: 40
Keywords: Disability Solutions, Carol Stream , Quantitative Finance Analyst, Accounting, Auditing , Chicago, Illinois
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