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. 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 conducting quantitative analytics and complex modeling projects for specific business units or risk types. Key responsibilities include leading the development of new models, analytic processes, or system approaches, creating technical documentation for related activities, and working with Technology staff in the design of systems to run models developed. Job expectations may include the ability to influence strategic direction, as well as develop tactical plans.

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
• Leads 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
• 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
• Performs statistical analysis on large datasets and interprets results using both qualitative and quantitative approaches

Enterprise Independent Testing (EIT) is a sub-line of business within Global Risk Management (GRM) and is responsible for developing a consistent and coherent set of analytical tools and tests for effective risk and capital measurement, management and reporting across Bank of America. EIT partners with the Lines of Business and Enterprise functions to ensure the capabilities it builds address both internal and regulatory requirements, and are responsive to the changing nature of portfolios, economic conditions, and emerging risks. In executing its activities, EIT drives innovation, process improvement and automation.

This job is responsible for assessing a portfolio of bank processes - including underlying data, flows, and controls - and designing and implementing modular, reusable software solutions to enhance Global Risk Management's (GRM) capabilities in data, analytics and testing. The goal is to deliver timely, efficient, useful, and actionable independent insights into the operational health of these processes across domains and testing portfolios.

Required Qualifications:

• Bachelor's degrees or above in fields including but not limited to: Mathematics, Computer Science, Statistics, Process and Mechanical Engineering, Operations Research, Data Science (or equivalent work experience)
• Qualifications
• At least 7 years of relevant experience in software engineering in Quantitative Finance or other relevant industries
• Advanced programming skills (e.g. Python) and solid understanding of Software Development Life cycle (SDLC) principles
• Proven track record of seamlessly leading and executing enterprise-wide initiatives
• Strong ability to document and clearly articulate the rationale and impact of technical solutions to a wide range of audiences

Demonstrated experience in at least three (preferably more) of these following areas:

• Leading complex analytical and problem-solving initiatives
• Applying advanced quantitative methods to drive innovative solutions to test business processes and relevant data
• Deep knowledge of financial services industry and regulatory frameworks
• Engineering solutions for large-scale structured and unstructured data sets
• Driving process improvements and automation across business and technology functions

Skills:

• 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 Communications

Shift:
1st shift (United States of America)

Hours Per Week:
40

Pay Transparency details

US - IL - Chicago - 540 W Madison St - Bank Of America Plaza (IL4540)

Pay and benefits information

Pay range

$125,000.00 - $210,000.00 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.