The Consumer Risk Modeling and Delivery (CRMD) team is part of Global Risk Analytics (GRA). It provides quantitative solutions to enable effective risk and capital management across the Retail and Global Wealth & Investments Management (GWIM) lines of business.
The team places strong emphasis on delivering innovative, world class quantitative solutions designed to drive the business forward, by addressing critical business problems across the lending lifecycle including pricing, loss reserve, capital, stress testing and valuation for the Front Line Unit (FLU) model owners and stakeholders, through a disciplined and iterative development process. The team has responsibilities across a number of areas:
Quantitative Modeling. Develop and maintain risk and capital Models and Model Systems across Retail and GWIM product lines. Models and Model Systems provide insight into many risk areas, including loan default, exposure at default (EAD), loss given default (LGD), delinquency, prepayment, balances, pricing, risk appetite, revenues and cash flows.
Quantitative Development. Architect, implement, maintain, improve and integrate quantitative solutions on strategic GRA platforms. Outputs include GRA libraries that perform consumer risk model calculations, analytical tools, processes and documentation. Partner in defining, adopting, and executing GRA’s technical strategy.
Risk and Capital Management Capabilities. Build best in class quantitative solutions that enable the Retail and GWIM lines of business to effectively manage risk and capital, through the application of the disciplined BAU development process that includes extensive interaction with the FLU model owners and stakeholders throughout the quantitative lifecycle.
Infrastructure. Partner in driving forward the infrastructure to support the goals of GRA through code efficiencies, and expansion of quantitative capabilities to better leverage infrastructure and computational resources.
Documentation. Deliver concise, quantitative documentation to inform stakeholders, meet policy requirements, and enable successful engagement in regulatory exams (e.g., CCAR, CECL) via automated, modularized, and standardized documentation and presentations.
Overview of the Role
The Quantitative Finance Analyst will interact with a wide variety of stakeholders including risk managers, model developers, operations, technology, finance, and capital.
As a Quantitative Finance Analyst within Consumer Risk Modeling and Delivery, the main responsibilities will involve:
Applying quantitative methods to develop new granular capabilities that meet risk management, line of business, and regulatory requirements
Articulating the overall holistic picture of model performance, with clear conclusions regarding accuracy and remediation areas as required
Identifying and applying new statistical and econometric techniques to support enhanced granularity of risk management capabilities via elevated intellectual curiosity with acute sense of innovation
Demonstrated ability to clearly articulate to senior stakeholders quantitative solutions that are designed to drive the business forward by addressing critical business problems
Communicating model results to model stakeholders, including risk management, model development, model risk, senior management, and regulators
Performing in-depth analysis on the Bank’s risk model results using various quantitative tools such as back testing, benchmarking, sensitivity analysis
Supporting model development by confirming remediation of model issues prior to implementation
Additional locations: Atlanta, GA; Chicago, IL; Jersey City, NJ
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.