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Bank of America Quantitative Services Professional (UMR) - Chicago, IL in Chicago, Illinois

Job Description:

Responsible for balance sheet, general ledger and/or product controls specific to a defined area or defined process. Understands the market and the market drivers of the product they are supporting. Understands more complex structured transactions and the operational risks around the end to end product lifecycle. Implements improvements to the system infrastructure and control environment. Provides general team guidance on complex transactions. May provide input to recruiting and hiring and performance management processes. BA preferred or substantially equivalent experience. Typically 5-7 years of applicable experience.

Job Description:

The Quantitative Services Uncleared Margin Rule (UMR) Professional is a member of the team responsible for maintaining the stability of business processes and controls needed to ensure the firm’s initial margin (“IM”) calculations are accurate and consistent with Dodd-Frank’s Uncleared Margin Rules (UMR) in support of our internal stakeholder, the Counterparty Portfolio Management group. The analyst will be responsible for various business-as-usual deliverables which must be executed in a timely yet accurate fashion.

Responsibilities:

  • Review and verify the model inputs feeding the IM calculations

  • Identify, document and escalate production errors detected during pre and post-calculation routines

  • Perform periodic controls which exist to prevent and mitigate erroneous IM calculations

  • Work directly with the front office and technology teams on issues discovered through technology testing and daily control procedures

  • Assist with the testing and validation of IM results through each technology release

  • Identify and establish control processes that will mitigate future IM calculation errors

  • Perform daily and ad-hoc reporting to measure and monitor key metrics for the UMR BAU space

  • Provide enhanced analysis and IM explains to front office and collateral operations teams when counterparty disputes arise for IM calculations

Requirements:

  • Minimum undergraduate in Mathematics, Finance or Quantitative field

  • At least 3 years of experience working in a quantitative risk, middle office, or front office role

  • Excellent communication & analytical skills

  • Knowledge of Financial Risk Management, Credit Risk Models, Value at Risk (VaR) including market & credit risk

  • Strong technical skills including experience using Excel, VBA and SQL

  • Experience pricing OTC derivative products including futures, options, swaps, credit default swaps, forward rate agreements and swaptions

  • Experience working with OTC derivatives/Fixed Income

Bank of America Merrill Lynch is an equal opportunities employer

Posting Date : 02/11/2019

Location :

Chicago, IL, 135 S LA SALLE ST (IL4135),

  • United States

Travel : No

Full / Part-time : Full time

Hours Per Week : 40

Shift : 1st shift

Assistance for Applicants with Disabilities

Bank of America is committed to ensuring that our online application process provides an equal employment opportunity to all job seekers, including individuals with disabilities. If you believe you need a reasonable accommodation in order to search for a job opening or to submit an application, please visit the Applicants with Disabilities page at http://careers.bankofamerica.com/us/applicants-with-disabilities .

Diversity & Inclusion

At Bank of America, our commitment to diversity and inclusion is helping us to create not only a great place to work, but also an environment where our employees, our customers and our communities around the world can reach their goals and connect with each other. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.

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