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 a diverse and 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:
Working closely with the Market Risk Methodology, Line of Business Risk Managers, and Technology teams, the candidate will work to enhance our overall risk management capabilities and provide support for the implementation, testing, and rollout of VaR/S-VaR market risk models.
With a good working knowledge of market data infrastructure, data flows and market risk models, the candidate will be expected to play a significant role in the business design and risk system requirements, ensuring the completeness and accuracy of all market risk models.
A good understanding of the key risk drivers at product, business, and firm-wide levels is required. Additionally, a proven track record in the operational aspects of Market Risk, including design, testing and monitoring of Market Risk processes. The ability to contact and communicate portfolio impact analysis on process changes and updates to Line of Business Risk Managers potential risks is required.
Responsibilities:
The candidate will liaise with Line of Business Risk Managers to provide market risk oversight, quantitative risk implications of regulatory changes, new product development etc. and enhance market risk models to reflect changes in the business environment. The role requires a flexible approach that can deal with problems that require pragmatic solutions and innovative thinking.
Experience working with model risk and risk analysts to implement required changes and produce impact analysis for review.
Proactively monitor and remediate market data issues used in production risk measurement and reporting.
Ensure the completeness, validity, and accuracy of market data on a daily basis. Work with business data users to define the use of data within various risk systems.
Work closely with technology to ensure the timely and accurate data processing on weekly schedule.
Implement effective market data controls of our data processes and systems.
Participate in user acceptance testing of data control processes.
Work with other groups as needed, including Reporting, Back Testing, Enterprise Stress Testing and various Technology groups to ensure effective controls over market data for GM.
Minimum Education Requirement: Master’s degree in related field or equivalent work experience
Required Qualifications:
Master’s Degree (MBA/MS) or equivalent degree with emphasis in finance, economics, accounting, computer science, or quantitative disciplines with minimum 7 years work experience in the position offered or related.
Progress toward CFA or FRM professional designation is strongly desired but will consider proven relevant experience.
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.
Candidates must be high energy, be motivated to take initiative and ownership of projects, and multi task in a fast paced environment, while paying attention to detail.
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:
40Pay Transparency details
US - NJ - Jersey City - 525 Washington Blvd (NJ2525)Pay and benefits informationPay range$159,500.00 - $225,200.00 annualized salary, offers to be determined based on experience, education and skill set.Discretionary incentive eligibleThis 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.BenefitsThis 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.