Sr. Quantitative Finance Manager

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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits. We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve. Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs. 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 directing a team of finance managers to develop or validate quantitative analytics and models for specific business units or risk types. Job expectations include directing activity in their region to support 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: Directs 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 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, while providing oversight to managers on reviews 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 Coordinates team projects, while managing and providing guidance to senior level staff on areas of expertise 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: Breaks down barriers to create a more inclusive environment that supports company Great Place to Work goals. Manager of Process & Data: Challenges end-to-end process efficiency and effectiveness, champion data driven decision-making and removes obstacles to optimize operations. Enterprise Advocate & Communicator: Contributes to enterprise strategy and influence messaging to connect team contributions to business purpose, results, and success. Risk Manager: Inspects and challenges risk controls, governance and culture to ensure the timely identification, escalation, debate and remediation of risk across the organization. People Manager & Coach: Coaches to sustain and elevates organizational performance while differentiating to ensure pay for performance. Financial Steward: Efficiently allocates and manages resources across the organization to drive short and long term profitability. Enterprise Talent Leader: Inspects and manages the health of the bench to ensure succession for the organization, while supporting enterprise talent needs. Driver of Business Outcomes: Mobilizes organizational resources to deliver the full range of the bank’s capabilities to meet client needs and to gain competitive advantage. Global Risk Analytics (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. In addition to model development, GRA conducts model implementation, data management, model execution and analysis, forecast administration, and model performance monitoring. The team drives innovation, process improvement and automation across all of these activities. Overview of the Team – The Global Markets Risk Analytics (GMRA) team under GRA is responsible for developing, maintaining, and monitoring Counterparty Credit Risk (CCR), the Internal Model Method (IMM), Central Clearing Counterparties (CCP), and Value at Risk (VaR). GMRA also develops analytical tools to support regulatory, audit, and internal risk management needs for Global Markets. Based in Chicago, this role sits within Market Risk Quants (MRQ) team under GMRA. MRQ team’s remit spans market risk models for internal risk management, market risk capital requirements for Internal Model Approach (IMA) approved Legal Entities within Basel 2.5 regulatory framework, and IMA and Standardized Approach (SA) for upcoming Fundamental Review of the Trading Book (FRTB) regulatory framework, stress testing such as CCAR, EST, ICAAP, Recovery and Resolution Planning, and Climate Risk. Position Overview Manages a group of staff responsible for developing and evaluating quantitative analytics/modeling for specific business units or types of transactions. Directs activity of staff in their area in providing support to the business unit and to other business units within Bank of America. Actively involved in the analytics effort, but spends significant amount of time managing staff and coordinating projects. Acts as a senior level resource or resident expert on particular analytic/quantitative modeling techniques. Provides guidance to staff on areas of expertise. Objective of this role is to deliver the operational capabilities, governance framework and obtain international regulatory approvals on regulations such as ECB TRIM, PRA and Basel Rules. Main responsibility for this role is to develop market risk models (model development, submission, production roll-out). As a Sr Quantitative Finance Manager, your responsibilities will involve: Develop quantitative risk models, analytics and applications in support of market risk assessment and regulatory capital calculation 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 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 in-depth analysis on the bank’s risk model results using various quantitative tools such as back testing, bench-marking and sensitivity analysis 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 live Required Qualifications PhD (preferred) or Master’s degree in quantitative fields such as financial engineering, mathematics, statistics, physics, computer science, or equivalent Solid 5+ years of work experience in developing FO pricing models or market risk models Advanced programming skills in Python with 5+ years of experience Solid understanding of derivatives pricing especially the IR option pricing models In depth understanding of Value at Risk and statistical estimation methods Strong communication (both written and verbal) and collaboration skills (this project involves communicating with various groups within the firm) Effective thinking skill to be able to independently and proactively identify/suggest/resolve issues Desired Skills and Experience Work experience in IBOR/SOFR/ESTER/FRTB Skills: Business Acumen Critical Thinking Project Management Regulatory Relations Talent Development Policies, Procedures, and Guidelines Management Risk Management Stakeholder Management Strategic Thinking Technical Documentation Drives Engagement Inclusive Leadership Risk Analytics Risk Modeling 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 $203,000.00 - $323,700.00 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.