Quantitative Finance Analyst, Model Risk Validation (Financial Crimes, Anti-Money Laundering an[...]

Bank of America; Charlotte (NC); On-site; USD 89,000 - 154,000; Full time

Job summary

A leading financial institution is seeking a Quantitative Finance Analyst to join their Model Risk Management team in Charlotte, NC. The successful candidate will conduct independent model validation related to Anti-Money Laundering, contributing their expertise to enhance the bank's risk management strategies. This role demands a strong quantitative background, experience in model validation, and excellent communication skills to interact effectively with various teams. Join a dynamic team committed to driving Responsible Growth and ensuring the integrity of financial practices.

Benefits

Industry-leading benefits

Access to paid time off

Opportunity for annual discretionary award

Qualifications

• 2 years prior experience in model development/validation.
• Strong familiarity with Anti-Money Laundering techniques.
• CAMS certification preferred.

Responsibilities

• Conduct independent model validation and testing.
• Review and assess model conceptual soundness and performance.
• Write technical reports for presentation to stakeholders.

Skills

Critical Thinking

Quantitative Development

Risk Analysis

Technical Documentation

Problem Solving

Data Analysis

Education

PhD or Masters in Mathematics, Physics, Finance, Economics, Engineering, Computer Science, Statistics

Tools

Python

SAS

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 is core to how we drive Responsible Growth. This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description:
At Bank of America, models are used for a broad range of activities, including but not limited to financial crimes, Anti-money laundering, Economic Sanctions, Fraud and other strategic or day-to-day decision-making purposes. Bank of America recognizes the risk and uncertainty associated with the use of its models and the need to effectively manage this risk both at an individual and aggregate level. The Model Risk Management (MRM) Team provides oversight for model risk across Bank of America's model inventory. The MRM Team independently validates and challenges newly developed and existing models, including model risk assessments, monitoring model performance, communication of issues to relevant businesses and escalation of model use breaches and remediation plans to relevant governance committees.

Enterprise Model Risk Management is seeking a Quantitative Finance Analyst to conduct independent model validation, independent testing and review of complex models used to monitor and mitigate money laundering risk. The ideal candidate should be familiar with industry practices and have knowledge of up-to-date AML techniques. The candidate should also be able to provide hands-on expertise in methodology, techniques, and processes in applying statistical and machine learning methods to manage the bank’s AML models and model systems.

The qualified candidate will be responsible for a broad range of model validation activities, including:

• Review, critical assessment, and challenge of models on conceptual soundness, assumptions and limitations, data, developmental evidence in support of modeling choices, performance, implementation, and documentation.

• Development and implementation of effective testing plans and testing code to critically challenge models through empirical analyses and to verify model implementation.

• Performing model review activities including but not limited to independent model validation/challenge, annual model review, ongoing monitoring report review, required action item review, and peer review.

• Conducting governance activities such as model identification, model approval and breach remediation reviews to manage model risk.

• Communicating and working directly with relevant modeling teams and their corresponding Front Line Units; and if needed, communicating, and interacting with the third line of defense (e.g., internal audit) as well as external regulators.

• Writing technical reports for distribution and presentation to model developers, senior management, audit, and banking regulators

• Acts as a subject matter expert on analytic/quantitative modeling techniques used for Anti-money laundering.

Minimum Education Requirement: Strong and diversified quantitative skills, possess an advanced degree (PhD or Masters) in a quantitative field such as Mathematics, Physics, Finance, Economics, Engineering, Computer Science, Statistics, or related fields.

Required Qualifications:

• 2 years prior experience in model development and/or model validation.

• Prior experience and knowledge in building and understanding of Anti-Money Laundering models and systems is a plus.

• Strong familiarity and up-to-date knowledge with industry practices in the field Anti-Money Laundering techniques and typologies.

• Domain knowledge and familiarity with regulatory landscape including but not limited to model risk management, Anti-money laundering.

• Advanced knowledge and working experience in statistical methods, techniques, and financial data.

• Proficient in Python, SAS and SQL.

• Strong written and verbal communication skills and collaboration skills (this role involves communicating with various groups within the firm).

• Critical thinking and ability to independently and proactively identify/suggest/resolve issues.

• CAMS certification (preferred)

Skills:

• Critical Thinking

• Quantitative Development

• Risk Analytics

• Risk Modeling

• Technical Documentation

• Adaptability

• Collaboration

• Problem Solving

• Risk Management

• Test Engineering

• Data Modeling

• Data and Trend Analysis

• Process Performance Measurement

• Research

• Written Communications

Preferred Technical Skills:

• Line of Business (LoB) Products, Services & Acumen

• Financial Crimes Risk Programs

• Credible Challenge

• Regulatory Knowledge

• Technical Documentation

• AML Technical Modelling

• Technical Modelling

• Financial Crimes Compliance Risk Principles

• Model Translation & Articulation

• Model Validation & Governance

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 $89,800.00 - $153,300.00 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.