Analyst

Bank of America; Mumbai; On-site; INR 1,800,000 - 3,200,000; Full time

Job summary

Bank of America in Mumbai seeks an experienced Model Risk Management professional to perform independent validations across Consumer Banking, Mortgage, and related areas. You will challenge model design and assumptions, ensuring compliance with governance and regulatory expectations.

The role requires 3+ years in model risk, strong skills in Python/SAS/R/SQL, and the ability to present complex findings to senior stakeholders and regulators. Mumbai-based position with in-office requirements.

Qualifications

• Master's or PhD in statistics, mathematics, economics, finance or related field.
• 3+ years in model risk management, validation or quantitative analytics.
• Strong modeling, forecasting, valuation, or optimization knowledge.
• Familiar with CCAR, OCC and PRA regulatory expectations.
• Proficient in Python, SAS, R and SQL with clear communication.

Responsibilities

• Lead independent validations of complex models across multiple portfolios.
• Assess methodology, assumptions, limitations, and fitness for purpose.
• Review documentation, evidence, monitoring results and governance controls.
• Prepare risk-focused validation reports for senior management and regulators.
• Collaborate with model owners, front-line units and risk teams to plan activities.
• Mentor junior staff and promote best validation practices.

Skills

Python

SAS

R

SQL

Statistical modeling

Quantitative analytics

Risk management

Education

Master's degree or Ph.D. in a quantitative discipline

Tools

Python

SAS

R

SQL

Job 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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits. We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve. Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Global Business Services Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations. Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation. In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.

Process Overview Bank of America’s Model Risk Management (MRM) function provides independent oversight of models across their lifecycle to ensure adherence to internal policies and regulatory requirements. The team is responsible for model risk tiering, independent validation, and ongoing performance monitoring. MRM partners closely with Model Developers, Model Owners, and Front-Line Units to assess model design, methodology, implementation, and outcomes. The function plays a critical role in maintaining strong model risk governance, providing effective challenge, and supporting regulatory examinations and audit reviews to ensure the sound management of model risk across the enterprise.

Job Description

We are seeking an experienced Model Risk Management professional with 3+ years of experience in model identification, model development, validation, risk management, or quantitative analytics. The successful candidate will perform independent validations of complex models used across Consumer Banking, Mortgage, Home Equity, Consumer Vehicle Lending, Credit Risk, Valuation, Forecasting, and Optimization. The role requires close collaboration with model stakeholders, effective challenge of model design and assumptions, and strong regulatory and governance expertise.

Responsibilities

• Manage model identification requests, lead independent model validations, including the design and execution of robust testing strategies to assess model performance and verify implementation.
• Evaluate model methodology, conceptual soundness, assumptions, limitations, and fitness for purpose, while providing effective challenge to Model Developers and Model Owners.
• Review model documentation, development evidence, monitoring results, model changes, and governance controls to ensure compliance with internal policies and regulatory expectations.
• Prepare and present clear, risk-focused validation reports, findings, and recommendations to senior management, governance committees, auditors, and regulators.
• Partner with Model Owners, Front-Line Units, and Risk teams to prioritize validation activities, support regulatory examinations and audits, and enhance model risk governance across the enterprise.
• Mentor and develop junior team members, fostering technical excellence and strong validation practices.

Requirements

• Education: Master's degree or Ph.D. in a quantitative discipline such as Statistics, Mathematics, Economics, Finance, Engineering, Computer Science, Operations Research, or Data Science. Educational institutes: Top tier – IITs, NITs, Indian Statistical Institutes etc.
• Certifications (preferred but not mandatory): FRM, PRM, CFA, CQF etc.
• Experience Range: 3+ years.
• Foundational skills:

Foundational skills

• Master's degree or Ph.D. in a quantitative discipline such as Statistics, Mathematics, Economics, Finance, Engineering, Computer Science, or Data Science.
• 3+ years of experience in Managing Model Identification Requests, Model Risk Management, Model Validation, Quantitative Analytics, Model Development, or Risk Management within the financial services industry.
• Strong expertise in statistical, predictive, and quantitative modeling techniques, with experience validating credit risk, forecasting, valuation, financial, or optimization models.
• Solid understanding of model risk management principles, model governance frameworks, and regulatory expectations (e.g., CCAR, OCC, PRA).
• Proficiency in Python, SAS, R, SQL, or similar analytical tools.
• Strong analytical, problem-solving, and critical thinking skills, with the ability to independently challenge model assumptions, methodologies, and outcomes.
• Excellent written and verbal communication skills, including the ability to present complex technical concepts and validation findings to senior stakeholders, auditors, and regulators.

Desired skills

• Experience validating model identification process, consumer lending, mortgage, home equity, auto lending, or valuation models.
• Knowledge of machine learning and AI model validation, including explainability, bias assessment, monitoring, and model performance evaluation.
• Experience supporting regulatory examinations and internal audits.

Work Timings

12 PM - 9 PM IST

Job Location

Mumbai

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! Partnering Locally Learn about some of the ways Bank of America is making a difference in the communities we serve. Global Impact Learn about the six areas that guide Bank of America’s efforts to help make financial lives better for customers, clients, communities and our teammates. Opportunity and Inclusion Each employee brings unique skills, background and opinions. We see opportunity and inclusion as our platform for innovation and a key component for our success. Our Values Learn about our four values that represent what we believe.