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
Overview of Global Risk Analytics: Global Risk Analytics is a sub-line of business within Global Risk Management. 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 Model Standards and Oversight: The Model Standards and Oversight team provides standards and oversight for GRA that ensure it operates effectively and efficiently, and output is delivered to a high standard and within a robust governance framework.
You will be responsible for:
Raising model performance monitoring standards across GRA
Helping better identify model weaknesses and anticipate development needs
Driving efficiency in performance monitoring activities
Adjusting GRA’s monitoring framework as needed to cater to upstream model risk policy changes
The successful candidate will possess the following:
A proven ability to challenge the status quo, influence and collaborate
An understanding of the model development and use lifecycle
An understanding sound model development and use practices and associated regulatory drivers such as SR26-2
Strategic and critical thinking
Good interpersonal skills, communication skills and an ability to influence at all levels of seniority
Strong analytical and problem-solving skills
Attention to detail
Skills:
Shift:
1st shift (United States of America)
Hours Per Week:
40
Pay Transparency details
US - NJ - Jersey City - 525 Washington Blvd (NJ2525)
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.
