• Job Description

  Req#: 25029075

  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. 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 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

  Managerial Responsibilities:
  This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.

  • Opportunity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company Great Place to Work goals.

  • Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.

  • Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.

  • Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.

  • People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.

  • Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.

  • Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.

  • Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.

  Minimum Education Requirement: Master’s Degree or equivalent with emphasis in financial engineer or quantitative disciplines

  Required Qualifications:

  • At least five year’s work experience in Finance with a strong preference for candidates with a Market Risk background

  • A thorough understanding of Market Risk models including Value at Risk, Stress Test models and related economic capital regulations is required. An advanced understanding of the mathematical principles underlier these risk models and how these principles are implemented and controlled in large scale risk systems is highly desirable

  • Extensive history of conducting large scale time series market data analysis in the context of VaR modeling, covering all asset classes and products. A thorough knowledge across fixed income financial products including Equity, Commodity, FX, interest rate and credit products is required

  • Experience in quantitative computer programming (Python, SQL) with practical application to financial time series

  • Advanced desktop technology skills such as Excel and PowerPoint are a must (Bloomberg and Access skills are a plus but not required)

  • Excellent verbal and written communication skills, including well-developed presentation skills.

  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

  Pay Transparency details

  US - NJ - Jersey City - 525 Washington Blvd (NJ2525)

  Pay and benefits information

  Pay range

  $165,000.00 - $234,500.00 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.

  Benefits

  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.

• About the company

  Bank of America is one of the world's largest financial institutions, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.

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