Quantitative Finance Analyst

Bank of America Corporation; City of Westminster; On-site; GBP 65,000 - 100,000; Full time

Job summary

Bank of America is recruiting for an Enterprise Model Risk Management (MRM) validator in London. The role collaborates with model developers to perform full-scope validations, reviews monitoring reports, conducts annual model reviews, and supports regulatory examinations with analyses and documentation.

A strong technical degree and Python programming skills are essential, along with clear written and oral communication and teamwork.

Qualifications

• A technical degree in mathematics, physics, statistics, financial mathematics, quantitative finance, computer science or engineering.
• Strong programming skills, e.g. Python.
• Excellent written and oral communication.
• Attention to detail and a collaborative work ethic.
• Knowledge/experience of market risk and pricing methodologies is preferred.

Responsibilities

• Perform full-scope and limited-change validations with model developers and validators.
• Review ongoing monitoring reports and required actions.
• Conduct annual model reviews.
• Contribute to regulatory examinations with analyses, documentation, and responses.
• Demonstrate strong communication and teamwork in a regulatory context.

Skills

Python programming

Strong communication

Attention to detail

Team player

Market risk knowledge (pref.)

Education

Advanced technical degree

Job description

Company Overview

Our London office is based just a stone's throw from the magnificent St. Paul's Cathedral on bustling King Edward Street. Here you'll find modern workspaces and a state-of-the-art auditorium space. In addition, we're proud to host an onsite restaurant that shares our commitment to sustainability by providing delicious seasonal menus which have been created with the planet in mind. Make sure to take time for yourself and head up to our rooftop terrace and take in the spectacular views across London. Finally, your physical wellness is well-catered for with our onsite gym facilities and medical centre.

Enterprise Model Risk Management (MRM) organization

The Enterprise Model Risk Management (MRM) organization is responsible for providing oversight of model risk across Bank of America. MRM independently validates and challenges newly-developed and existing models; is responsible for model risk assessments, limits and monitoring; communicates issues identified through validations to relevant businesses and governance and control functions; escalates model use breaches and remediation plans to relevant governance committees; maintains a comprehensive inventory of models across all businesses. The MRM Market Risk team validates market risk models for the Global Markets business, which includes models for FRTB, VaR, RNiV, IRC/CRM and stress testing.

Key responsibilities and qualifications

• Work in a team and collaborate with model developers and other validators to perform full scope and limited change validations.
• Review the developer's ongoing monitoring reports and their submissions to required action items.
• Perform annual model reviews.
• Contribute to regulatory examinations, audits, and other team initiatives by preparing supporting analyses, documentation, and responses to regulatory requests.
• Advanced degree in a technical field such as mathematics, physics, statistics, financial mathematics, quantitative finance, computer science or engineering.
• Strong programming skills, e.g., in Python.
• Strong written and oral communication.
• Attention to detail, willingness to learn, strong work ethic, team player.
• Some knowledge/experience of market risk, relevant financial instruments and their risk profiles, and corresponding pricing methodologies is preferrable.

Skills that will help

• Global Risk Management experience.
• 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!

Health & Wellbeing

• At Bank of America, we strive to prioritise employees' health and wellbeing - it's what makes us a Great Place to Work.
• Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner.
• Competitive pension plan, life assurance, and group income protection cover if you become unable to work because of a disability or health reasons.
• We offer 26-weeks paid maternity leave, 16-weeks paid paternity leave and inclusive family leave arrangements for working parents and carers including 20 days of back-up childcare including access to school holiday clubs and 20 days of back-up adult care per annum.
• The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a well-being account, travel insurance, critical illness, cycle to work etc.
• Use of a flex fund to use towards benefits.
• Access to an emotional wellbeing helpline, and virtual GP services.
• Access to the Peppy App which provides 1:1 support, consultations and resources relating to men's health, women's health, fertility, menopause, and pregnancy & parenthood.
• Access to a range of gyms, exercise classes, and wellbeing Apps through Wellhub, including Headspace and Calm.
• Ability to donate to charities of your choice directly through payroll and the bank will match your contribution.
• Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local area.

Conduct & Equality

We are an equal opportunities employer and ensure that no applicant is subject to less favourable treatment on the grounds of sex, gender identity or gender reassignment, marital or civil partner status, race, religious or similar philosophical belief, political opinion, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants or physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience. We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements.

Behavioural Expectations

Good conduct and sound judgment is crucial to our long term success. It's important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.