Bank of America Senior Quantitative Finance Analyst in Chicago, Illinois

Job Description:

Enterprise Model risk management is looking for a subject matter expert in commercial risk modeling space to join the team as a senior model validator. The successful candidate will report to the Head of Wholesale Model Risk Management team and will be responsible for independently reviewing and validating commercial risk models used for risk rating scorecards, loss forecasting, regulatory capital, and allowance. These are high profile modeling areas in the bank, with continual senior management and regulatory focus. The qualified candidate will routinely interact with Model Developers, Model Owners, and Model Users to prioritize and complete validation activities, and to communicate model validation outcomes. The candidate is also expected to provide support to senior management during regulatory and audit exams.

This role offers an opportunity to be part of a dynamic and strong Model Risk Management team in a top global bank. The qualified candidate will get exposure to advanced modeling techniques and will work on high profile projects.


  • Validate commercial risk models developed by Global Risk Analytics. Coverage includes all model uses: risk rating scorecards, loss forecasting, regulatory capital, and allowance.

  • Independently review and critically challenge the models on underlying assumptions, theory, empirical evidence, implementation and limitations.

  • Develop and implement effective testing plans to critically challenge models and identify/quantify the model risk associated with the model.

  • Independently prepare high quality model validation reports and technical documents.

  • Work closely with the Line of Business, risk partners, model developers and other control functions to communication model validation outcomes and manage other MRM activities.

  • Maintain a sub-portfolio of model inventory and perform annual model reviews, on-going monitoring reviews, and Required Actions Items closure

  • Coach and mentor junior staff members in model validation projects

Required skills:

  • PhD or Master’s degree in finance, economics, mathematics, or statistics (or other related quantitative discipline)

  • 5+ years of relevant work experience.

  • Expertise in developing or validating commercial credit risk models at large financial institutions.

  • Ability to communicate clearly and effectively.

  • In-depth understanding of statistical inference and related techniques.

  • Deep knowledge in a statistical or analytical modeling language such as SAS, Matlab or R.

  • Experience working with large and complex data sets

  • Strong written and verbal communication skills.

  • Deep understanding and knowledge of model performance measures.

  • Extensive knowledge of banking regulations on credit risk, model risk and credit risk modeling methodologies.

  • Strong project management skills

Posting Date : 07/05/2018

Location :

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


  • United States

Travel : Yes, 5% of the time

Full / Part-time : Full time

Hours Per Week : 40

Shift : 1st shift

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