Sr Quantitative Finance Manager
Company: Disability Solutions
Location: New York
Posted on: November 14, 2024
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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. 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!Job Description:Wholesale Model Validation Lead
("MVL") oversees the team conducting independent validation and
quantitative analytics for wholesale (C&I and CRE) models that
are used for credit allowance, enterprise stress testing,
valuation, and regulatory capital purposes. The MVL is responsible
for providing risk oversight, acting as a subject matter expert and
the second line of defense overseeing model performance, model risk
and model governance. MVL covers a portfolio of several Very High
and High risk rated models with global portfolio exposure covering
several model purposes requiring compliance with US and
international regulations (IFRS9, CECL, EBA stress testing). The
MVL provides direct oversight to a global team of model validators
and reports up to the Model Risk Officer. The MVL is accountable
for managing execution of model risk framework activities
including, but not limited to, independent validation, annual model
review, ongoing monitoring report review, required action item
review, and peer review. Responsibilities: The qualified candidate
will be responsible for overseeing a broad range of model risk
management activities, including: * Review, critical assessment,
and challenge of wholesale 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. * Writing technical reports for distribution and
presentation to model developers, senior management, audit, and
banking regulators. * Demonstrating thought leadership by
proactively identifying emerging model risks and ensuing they are
adequately evaluated and mitigated, where needed. * Communicating
and working directly with relevant modeling teams and their
corresponding Front Line Units (FLU); managing and leading risk
routines to discuss model risk updates and escalate emerging risks
to FLU and model stakeholders. * Leading communication and
interaction with the third line of defense (e.g. internal audit)
and external regulators; managing MRM participation in external
regulator examinations and internal audit examinations. * Leading a
diverse and global team of quantitative analysts; maintaining
strong employee engagement and satisfaction; developing talent
pipeline and mentoring teammates. * Acts as a leader and SME to
help management's decision making, actively participate in senior
level committees and guide junior team members." Required Skills:
Required Qualifications:* PhD or Masters in a quantitative field
such as Mathematics, Physics, Finance/Economics, Computer Science,
Statistics. * Advanced knowledge of statistical and machine
learning methods, techniques, formulas, and tests. Fluency in
Python, SAS and SQL. * Knowledge and experience in developing or
validating wholesale models. Strong familiarity with the industry
practices in the field and knowledge of up-to-date wholesale
modeling techniques. * Minimum of 7-10 years of experience in
wholesale with a focus on risk modeling. * Minimum of 5 years'
experience in leading a team of quantitative analysis and/or risk
managers. Demonstrated experience in talent management and
development. * Experience with leading external regulator
interactions and successfully leading regulator examinations. *
Excellent written and oral communication skills with stakeholders
of varying analytic skill and knowledge levels. * Strong financial
services and risk management experience. * Strong analytical &
problem-solving skills. * Inquisitive nature, ability to ask right
questions and escalate issues. * Ability to learn and adapt in an
unexplored field, if necessary. * Team player attitude. * Technical
curiosity and interest in learning new skills. Shift:1st shift
(United States of America)Hours Per Week: 40Pay Transparency
detailsUS - NJ - Jersey City - 525 Washington Blvd (NJ2525), US -
NY - New York - ONE BRYANT PARK - BANK OF AMERICA TOWER (NY1100)Pay
and benefits informationPay range$200,000.00 - $310,700.00
annualized salary, offers to be determined based on experience,
education and skill set.Discretionary incentive eligibleThis 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.BenefitsThis 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.
Keywords: Disability Solutions, New Rochelle , Sr Quantitative Finance Manager, Executive , New York, New York
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