Market Risk Analyst II

Greater Boston Chamber of Commerce; Boston (MA); On-site; USD 77,000 - 117,000; Full time

Job summary

The Federal Home Loan Bank of Boston is seeking a Market Risk Analyst II to join the Market Risk Management Team. This role focuses on measuring and communicating exposure to interest rate risk and other market-driven factors affecting value and earnings.

You will translate complex analytics into clear insights for leadership and regulators, while maintaining robust risk models and processes. You will help safeguard model integrity, support governance discussions, and contribute to back-testing,

Qualifications

• Four-year degree in finance, accounting, economics, or quantitative discipline; graduate degree and CFA preferred.
• Strong quantitative/math skills and ability to translate complex risk analytics into actionable insights.
• Experience with institutional risk modeling and data management practices is highly valued.

Responsibilities

• Oversee risk analysis model maintenance and updates, including underlying assumptions and data attributes.
• Generate representative assessments of risk exposure across balance sheets and portfolios.
• Prepare analytic reports used in financial reporting, including market value sensitivity and earnings at risk.
• Create and review baseline and stress-case results for forecasts of market risk, earnings risk and liquidity risk.
• Support modeling methodologies, version testing, and model upgrades; implement data handling and automation best practices.

Skills

Quantitative analysis

Risk modeling

Data interpretation

Independent work

Education

Bachelor's degree in finance/economics/quantitative field

Tools

PolyPaths

QRM

Intex

Bloomberg

SQL

Power BI

AWS QuickSight

Python

Job description

The Federal Home Loan Bank of Boston is a leading provider of wholesale funding for housing and community finance in New England serving more than 420 financial institutions across the region. The Federal Home Loan Bank of Boston is committed to making New England a better place to live and do business, and our employees are integral to our success. As a cooperative, we are owned by more than 420 banks, credit unions, insurance companies, and community development financial institutions that access tens of billions of dollars of our reliable, wholesale funding each year. Our funds are a vital resource that helps our members succeed, provide families with safe, decent affordable housing, and generate economic development that creates jobs in communities throughout our region. Our highly skilled team of 220 is innovative, collaborative, and passionate about the work we do. We seek other professionals excited to share their knowledge, talent, and passion for our mission to join our team. We offer opportunities for career development, robust benefits, and a work-life balance.

Position Summary

The Market Risk Management Team is responsible for the measurement, reporting and analysis of the Bank’s exposures to interest rates and other factors affecting market value and projected earnings. The Risk Analyst II is a key contributor within the Market Risk team, helping the Bank understand, measure, and communicate its exposure to interest rate risk and other market-driven factors that affect market value and projected earnings. This role sits at the intersection of data, modeling, and decision-making, translating complex risk analytics into clear, actionable insights for senior leadership and regulators. The Market Risk Analyst II is responsible for managing and executing key risk analysis processes, utilizing market risk models to generate accurate and defensible assessments for management, the Board of Directors, auditors, regulators, and external rating agencies. The position encompasses hands-on involvement in safeguarding the integrity of the Bank’s risk models, data, and assumptions, while delivering high-quality evaluations of exposures and sensitivities across the balance sheet, portfolios, counterparties, and individual transactions. Combining structured production tasks with analytical problem-solving, the Analyst provides both recurring and ad hoc quantitative and qualitative analyses, offering insightful commentary on market conditions, balance sheet trends, and emerging risks. Additional responsibilities include maintaining risk analysis systems through model back-testing, benchmarking, and production controls, enhancing methodologies and assumptions, producing and validating core risk reports to support governance and management discussions, and upholding robust documentation and control procedures to ensure the availability of timely and accurate risk information.

Anticipated Pay Range

The anticipated base pay range for this role is $76,500 - $117,000. This role is based in Boston with weekly in-office expectations. The base pay posted represents the annual base pay range or hourly wage range that we expect to offer for this job opportunity. The actual base salary offer will depend on a variety of factors including relevant experience, required skills and other relevant factors. The range noted here is not indicative of all positions in the job grade within which this position falls. All Bank full-time positions are eligible to participate in our annual incentive program and our robust total rewards offerings, in addition to the base pay. For more information, visit Careers – FHLBank Boston.

Specific Responsibilities

• Oversee risk analysis model maintenance and updates, including but not limited to: review and updates of underlying assumptions and transactional attributes, application of existing data management routines, and incorporation of current economic and market trends.
• Generates representative assessments of the Bank’s risk exposure in its balance sheet, portfolios, counterparties, or specific transactions through modeling the impact of credit, economic, and/or market assumptions and resultant impacts on the Bank’s risk positions.
• Prepares analytical reports used in financial reporting including, but not limited to market value sensitivity, earnings at risk and liquidity risk.
• Create and/or review others’ baseline and stress case results for the Bank’s forecasts of market risk, earnings risk and liquidity risk.
• Prepare and/or review ad hoc and/or formalized modeling analysis of transaction level risk exposure including, but not limited to, hedge effectiveness, proforma structured MBS trades, and liability transactions.
• Support current modeling methodologies across market risk, as well as in general model setup, performance monitoring, version testing, and model upgrades.
• Develop a thorough understanding of market risk production models and processes for the purposes of implementing process enhancements and new analytical techniques.
• Identifies key variables in balance sheet, portfolio, and transaction exposures and quantifies sensitivity to changes in key assumptions.
• Provides critical analysis of modeling results for purposes of internal validation and explaining risk positions to management.
• Provide quantitative and analytical support to senior management as needed.
• Formulation and implementation of data handling and automation best practices using programing language, AI-enabled solutions or other related data disciplines.
• Other duties, as assigned.

Education

• A four-year degree in finance, accounting, economics, or quantitative discipline required, with preference towards a graduate degree and/or CFA program, and strong quantitative/math skills.

Experience

• Prefer experience with institutional level Asset Liability Management software such as PolyPaths or QRM and other vendor models including Intex, ADCo Bloomberg etc.
• Prefer experience in use of database querying and business intelligence tools such as SQL, PowerBI or AWS QuickSight. Must also be proficient in the use of MS/Excel for financial reporting, analysis, and graphing.
• 3-5 years prior experience in the Financial Services industry with preferred experience in mortgage modeling, risk modeling, or quantitative modeling.

Knowledge/Skills

• Ability to review associate efforts for accuracy and reasonability In-depth knowledge of loans, mortgages, money market instruments, derivatives, debt instruments, security classes including underlying MBS collateral types and deal structures.
• In-depth knowledge and understanding of capital markets, trends, and developments.
• Skilled in identifying and focusing on key variables within product analytics.
• Must have ability to define work initiatives in order to meet internal and external reporting deadlines.
• Skilled in summarizing results on large portfolios.
• Ability to provide interpretations of the compiled risk reports.
• Knowledge of finance and accounting principles.
• Understanding of macroeconomic trends.
• Must be able to work independently or with a team.
• Intermediate skills with Python, SQL, Power BI or related disciples.
• Basic familiarity with machine learning, statistics, and probability theory.

As an Equal Opportunity Employer, we strongly encourage applicants from every ethnicity, color, religion, gender, age, national origin, disability, veteran or parental status and sexual orientation.