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

Bank of America; Charlotte (NC); On-site; USD 125,000 - 210,000; Full time

Job summary

An established industry player is seeking a Senior Quantitative Finance Analyst to enhance its model risk management efforts in the realm of financial crimes and anti-money laundering. This role involves independent validation and testing of complex models, ensuring compliance with regulatory standards, and providing thought leadership in statistical methodologies. The ideal candidate will possess a strong quantitative background and be adept in using statistical and machine learning techniques. Join a dynamic team committed to responsible growth and making a meaningful impact on financial safety and integrity.

Qualifications

• Advanced degree in quantitative field required.
• 2+ years in Anti-Money Laundering models preferred.
• Strong analytical skills and experience in model validation.

Responsibilities

• Conduct independent validation and testing of AML models.
• Review and challenge models for soundness and performance.
• Communicate findings to modeling teams and regulators.

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

Education

PhD or Masters in Mathematics

PhD or Masters in Physics

PhD or Masters in Finance

PhD or Masters in Economics

PhD or Masters in Engineering

PhD or Masters in Computer Science

PhD or Masters in Statistics

Tools

Python

SAS

SQL

Job description

Sr Quantitative Finance Analyst, Model Risk Validation (Financial Crimes, Anti-Money Laundering and Economic Sanctions)

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!

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 Senior 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 both thought leadership and 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:

1. 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.
2. Development and implementation of effective testing plans and testing code to critically challenge models through empirical analyses and to verify model implementation.
3. 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.
4. Conducting governance activities such as model identification, model approval and breach remediation reviews to manage model risk.
5. 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.
6. Writing technical reports for distribution and presentation to model developers, senior management, audit, and banking regulators.
7. Acts as a senior leader and 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:

1. 2+ years of experience and knowledge in building and understanding of Anti-Money Laundering models and systems.
2. 3-5 years prior experience in model development and/or model validation.
3. Strong familiarity and up-to-date knowledge with industry practices in the field Anti-Money Laundering techniques and typologies.
4. Domain knowledge and familiarity with regulatory landscape including but not limited to model risk management, Anti-money laundering.
5. Proficiency with Above-the Line and Below-the-Line (ATL/BTL) techniques, Sampling methods, AML Coverage Assessments is a plus.
6. Advanced knowledge and working experience in statistical methods, techniques, and financial data.
7. Proficient in Python, SAS and SQL.
8. Strong written and verbal communication skills and collaboration skills (this role involves communicating with various groups within the firm).
9. Critical thinking and ability to independently and proactively identify/suggest/resolve issues.
10. CAMS certification (preferred).

Skills:

1. Critical Thinking
2. Quantitative Development
3. Risk Analytics
4. Risk Modeling
5. Technical Documentation
6. Adaptability
7. Collaboration
8. Problem Solving
9. Risk Management
10. Test Engineering
11. Data Modeling
12. Data and Trend Analysis
13. Process Performance Measurement
14. Research
15. Written Communications

Preferred Technical Skills:

1. Line of Business (LoB) Products, Services & Acumen
2. Financial Crimes Risk Programs
3. Credible Challenge
4. Regulatory Knowledge
5. Technical Documentation
6. AML Technical Modelling
7. Technical Modelling
8. Financial Crimes Compliance Risk Principles
9. Model Translation & Articulation
10. 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 $125,000.00 - $210,000.00 annualized salary, offers to be determined based on experience, education and skill set.