QFA Quantitiative Finance Analyst
Company: Disability Solutions
Location: Jersey City
Posted on: April 20, 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:
NullOverview of Global Risk Analytics - Bank of America Merrill
Lynch has an opportunity for a Quantitative Finance Analyst 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) is part of Global Risk
Analytics (GRA). It responsible for developing, maintaining, and
monitoring counterparty credit risk and market risk models. GMRA
also develops analytical tools to support regulatory, audit, and
internal risk management needs for Global Markets.This role sits
within Market Risk Analytics Quant group (MRQ), which covers
analytics and tools for all general market and specific risk models
and methodologies subject to trading and banking books capital
rules across Market Risk. Additionally, you will have the
opportunity to gain experience across all areas covered including
Prime Brokerage, UMR-SIMM and IRC/CRM. This is an excellent
opportunity to work in a fast growing, international team.Overview
of the Role - As a Quantitative Finance Analyst on Market Risk
Analytics team, your responsibilities will involve:--- Develop
quantitative risk models, analytics and applications in support of
market risk assessment and regulatory capital calculation---
Partner with internal groups including Capital, Risk, Technology,
Model Risk Management and Market Risk Management on model
enhancement, performance testing and documentation to remediate
internal and external requirements--- Conduct analysis and
verification on market data, risk metrics and P&L time
series--- Prepare developmental evidence and document to support
internal and external exams--- Perform analysis for VaR/RNiV model
development, documentations/submissions and aid in addressing
required action items raised by model risk management, issues from
regulators, audit and model performance tests--- Perform
statistical analysis on market historical data and model
parameters--- Develop and support benchmarking and backtesting.
Identify, analyze, explain any overages--- Identify common themes
across global markets along with improvement initiatives---
Communicate the results of this analysis to all model stakeholders
including risk management, model development, model risk, senior
management and our regulators--- Support model development in
confirming remediation of model issues prior to their being taken
livePosition Overview - IF014 - Quantitative Finance Analyst (B5):
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.Required Education, Skills, and Experience---
Master's degree or PhD required (preferably background in
Mathematics, Financial Mathematics/Engineering, Quantitative
Finance, Statistics, Econometrics, Physics, computer science, or
equivalent) and 2+ years' experience--- Working knowledge of risk
or pricing models for fixed income or commodity products---
Understanding of regulatory capital and risk management framework
and stress testing requirement--- Solid working experience in a
related field (Market Risk, Middle Office)--- Broad financial
product knowledge--- Proven programming skills (Python, C++, SQL,
or equivalent object-oriented programming) to write reusable and
testable code to develop tools and improve process efficiency for
reporting and calculation automation--- Experience in data
analysis, with excellent research and analytical skills---
Pro-active behavior with capacity to seize initiative--- 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 skillsDesired Skills and Experience---
Past experience in IBOR transition / FRTB is a plusShift:1st shift
(United States of America)Hours Per Week: 40
Keywords: Disability Solutions, Irvington , QFA Quantitiative Finance Analyst, Accounting, Auditing , Jersey City, New Jersey
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