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    Senior Quantitative Finance Manager - Charlotte, United States - Bank of America

    Bank of America
    Bank of America Charlotte, United States

    1 week ago

    Bank of America background
    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. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

    One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We're devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

    Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

    Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. 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
    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
    Specific Job Details

    Wholesale Model Validation Lead ("MVL") oversees the team conducting independent validation and quantitative analytics for wholesale (C&I and CRE) models that are used for credit allowance, enterprise stress testing, valuation, and regulatory capital purposes. The MVL is responsible for providing risk oversight, acting as a subject matter expert and the second line of defense overseeing model performance, model risk and model governance. MVL covers a portfolio of several critical and material models with global portfolio exposure covering several model purposes requiring compliance with US and international regulations (IFRS9, CECL, EBA stress testing). The MVL provides direct oversight to a global team of model validators and reports up to the Model Risk Officer. The MVL is accountable for managing execution of model risk framework activities including, but not limited to, independent validation, annual model review, ongoing monitoring report review, required action item review, and peer review.

    Responsibilities:
    The qualified candidate will be responsible for overseeing a broad range of model risk management activities, including:
    * Review, critical assessment, and challenge of wholesale models on conceptual soundness, assumptions and limitations, data, developmental evidence in support of modeling choices, performance, implementation, and documentation.
    * Development and implementation of effective testing plans and testing code to critically challenge models through empirical analyses and to verify model implementation.
    * Performing model review activities including but not limited to independent model validation/challenge, annual model review, ongoing monitoring report review, required action item review, and peer review.
    * Conducting governance activities such as model identification, model approval and breach remediation reviews to manage model risk.
    * Writing technical reports for distribution and presentation to model developers, senior management, audit, and banking regulators.
    * Demonstrating thought leadership by proactively identifying emerging model risks and ensuring they are adequately evaluated and mitigated, where needed.
    * Communicating and working directly with relevant modeling teams and their corresponding Front Line Units (FLU); managing and leading risk routines to discuss model risk updates and escalate emerging risks to FLU and model stakeholders.
    * Leading communication and interaction with the third line of defense (e.g. internal audit) and external regulators; managing MRM participation in external regulator examinations and internal audit examinations.
    * Leading a diverse and global team of quantitative analysts; maintaining strong employee engagement and satisfaction; developing talent pipeline and mentoring teammates.
    * Acts as a leader and SME to help management's decision making, actively participate in senior level committees and guide junior team members.

    Required Skills:

    * PhD or Masters in a quantitative field such as Mathematics, Statistics, Finance/Economics, Computer Science, Physics.

    * Advanced knowledge of statistical and machine learning methods, techniques, formulas, and tests. Fluency in Python, SAS and SQL.

    * Knowledge and experience in developing or validating wholesale models. Strong familiarity with the industry practices in the field and knowledge of up-to-date wholesale modeling techniques.

    * Minimum of 7-10 years of experience in wholesale with a focus on risk modeling.

    * Minimum of 5 years' experience in leading a team of quantitative analysis and/or risk managers. Demonstrated experience in talent management and development.

    * Experience with leading external regulator interactions and successfully leading regulator examinations.

    * Excellent written and oral communication skills with stakeholders of varying analytic skill and knowledge levels.

    * Strong financial services and risk management experience.

    * Strong analytical & problem-solving skills.

    * Inquisitive nature, ability to ask right questions and escalate issues.

    * Ability to learn and adapt in an unexplored field, if necessary.

    * Team player attitude.

    * Technical curiosity and interest in learning new skills.

    Shift:
    1st shift (United States of America)

    Hours Per Week:
    40
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