Quantitative Finance Analyst
Jersey City, New Jersey
**Job Description:**
Overview 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 the Counterparty Credit Risk Analytics Quant (CCRAQ) team that provides, maintains, and monitors models, data, and tools related to counterparty credit risk (CCR) of traded products, including models focused on both bilateral counterparty and central counterparty clearing (CCP) risk. CCRAQ supports the Credit Risk and Wholesale communities in understanding the risk drivers of material changes in model outputs.
Overview of the Role
As a Quantitative Finance Analyst your main responsibilities will involve:
Development, testing, documentation and maintenance of counterparty credit risk models: these will include risk factor simulation models, pricing models, aggregation models as well as back-testing methodology
Support of the counterparty credit risk platform, including investigation and resolution of model-related system issues and practical quantitative support to model users.
Improvements to model development infrastructure, such as test harnesses, support utilities, visualization tools
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.
Work in quantitative modelling on fixed income and/or commodity products on behalf of a global financial institution
Prepare developmental evidence and document to support internal and external exams
Identifying common themes across global markets along with improvement initiatives
Communicating the results of this analysis to all model stakeholders including risk management, model development, model risk, senior management and our regulators
Supporting model development in confirming remediation of model issues prior to their being taken live
Driving incremental improvement to our model performance assessment tool set across all business areas
Required Education, Skills, and Experience
Master's degree or PhD required (preferably in Mathematics, Statistics, Physics or related field) and 3-6 years experience working in quantitative modelling in credit risk, CVA, model validation, or front office model development within a global financial institution
Experience with mathematically sophisticated financial modelling, preferably in counterparty credit risk or XVA
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 initiative
**Job Band:**
H5
**Shift:**
1st shift (United States of America)
**Hours Per Week:**
40
**Weekly Schedule:**
**Referral Bonus Amount:**
0
**Job Description:**
Overview 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 the Counterparty Credit Risk Analytics Quant (CCRAQ) team that provides, maintains, and monitors models, data, and tools related to counterparty credit risk (CCR) of traded products, including models focused on both bilateral counterparty and central counterparty clearing (CCP) risk. CCRAQ supports the Credit Risk and Wholesale communities in understanding the risk drivers of material changes in model outputs.
Overview of the Role
As a Quantitative Finance Analyst your main responsibilities will involve:
Development, testing, documentation and maintenance of counterparty credit risk models: these will include risk factor simulation models, pricing models, aggregation models as well as back-testing methodology
Support of the counterparty credit risk platform, including investigation and resolution of model-related system issues and practical quantitative support to model users.
Improvements to model development infrastructure, such as test harnesses, support utilities, visualization tools
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.
Work in quantitative modelling on fixed income and/or commodity products on behalf of a global financial institution
Prepare developmental evidence and document to support internal and external exams
Identifying common themes across global markets along with improvement initiatives
Communicating the results of this analysis to all model stakeholders including risk management, model development, model risk, senior management and our regulators
Supporting model development in confirming remediation of model issues prior to their being taken live
Driving incremental improvement to our model performance assessment tool set across all business areas
Required Education, Skills, and Experience
Master's degree or PhD required (preferably in Mathematics, Statistics, Physics or related field) and 3-6 years experience working in quantitative modelling in credit risk, CVA, model validation, or front office model development within a global financial institution
Experience with mathematically sophisticated financial modelling, preferably in counterparty credit risk or XVA
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 initiative
**Shift:**
1st shift (United States of America)
**Hours Per Week:**
40
Learn more about this role
Full time
JR-22079060
Band: H5
Manages People: No
Travel: No
Manager:
Talent Acquisition Contact:
Jillian Teeter
Referral Bonus:
0
Jersey City pay and benefits information
**Jersey City pay range:**
$80,000 - $130,000
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, 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.
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) .
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To view Bank of Americas Drug-free workplace and alcohol policy, CLICK HERE .
