Quantitative Finance Analyst - Consumer Loss Forecasting (CLF) Team
Company: Disability Solutions
Location: Newark
Posted on: August 31, 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!Overview of Global Risk AnalyticsBank of
America Merrill Lynch has an opportunity for a Quantitative Finance
Analyst (B5) within our Global Risk Analytics (GRA) function. GRA
is a sub-line of business within Global Risk Management (GRM). GRA
is responsible for developing a consistent and coherent set of
models and analytical tools for effective risk and capital
measurement, management and reporting across Bank of America. GRA
partners with the Lines of Business and Enterprise functions to
ensure that its models and analytics address both internal and
regulatory requirements, such as quarterly Enterprise Stress
Testing (EST), the annual Comprehensive Capital Analysis and Review
(CCAR), and the Current Expected Credit Losses (CECL) accounting
standard. GRA models follow an iterative and ongoing development
life cycle, as the bank responds to the changing nature of
portfolios, economic conditions and emerging risks. In addition to
model development, GRA conducts model implementation, data
management, model execution and analysis, forecast administration,
and model performance monitoring. GRA drives innovation, process
improvement and automation across all these activities.Overview of
the RoleThe Quantitative Financial Analyst interacts with a wide
variety of stakeholders including risk managers, model developers,
operations, technology, finance, and capital. The Analyst will
identify, lead, and organize strategic change efforts across the
team including new model deployment and analytical capability
development.As a Quantitative Finance Analyst within Global Risk
Analytics, your main responsibilities will involve:--- Applying
quantitative methods to develop capabilities that meet line of
business, risk management and regulatory requirements---
Maintaining and continuously enhancing capabilities over time to
respond to the changing nature of portfolios, economic conditions
and emerging risks--- Understanding and executing activities that
form the end-to-end model development and use life cycle---
Identifying requirements from the teams which improve the group's
ability to generate insights and understanding of portfolio risk,
model accuracy, and forecast reasonability--- Clearly documenting
and effectively communicating quantitative methods as part of
ongoing engagement with key stakeholders, including the lines of
business, risk managers, model validation, technologyPosition
OverviewThe Consumer Loss Forecasting (CLF) team is part of Global
Risk Analytics (GRA). CLF provides analytical insights and loss
forecasts, enabling improved Credit Risk management. This
collective output is utilized for allowance setting, financial
planning, Comprehensive Capital Analysis & Review (CCAR)
submission, and other business decision-making. This position will
primarily focus on the Small Business Card (SBC) portfolio from a
loss forecast administration, analytics, enablement and control
standpoint. In order to deliver risk management insights, the
position will require the following:--- Conduct research and
analysis to improve understanding and assessment of loan
portfolios, models used and forecast results--- Develop, maintains,
and execute select models, quantitative methods, assumptions
utilized in loss forecasting; and associated tools and reports---
Manages related infrastructure and processes that enable forecasts
and analytics together with Operations--- Partners with Consumer
lines of business, and front line Risk, Allowance, and Finance
teams to ensure consistency and appropriateness of the team's
various processesThe Quantitative Financial Analyst interacts with
a wide variety of stakeholders including risk managers, model
developers, operations, allowance, finance, enterprise stress
testing and the front line unit. The Analyst should be able to
effectively communicate complex trends impacting the loss
projection, including economic, modeling and consumer health
concepts and trends. The Analyst will identify, lead, and organize
strategic change efforts across the forecasting team including
forecast administration, new model deployment and analytical
capability development for the SBC portfolio.SBC Forecast
Administration includes:--- Identifying needs and requirements for
each loss submission cycle, inclusive of economic scenarios,
forecast attributions and sensitivities--- Assessing loss model
historical back-testing by component to facilitate recommended
forecast adjustments; this includes presenting rationale to
stakeholders and obtaining buy-in from partners--- Create and lead
executive-level forecast and analytics content for Loan Loss
Working Group meetingAnalytical capability development includes:---
Identifying needs and requirements from the CLF team which improve
the group's ability to generate insights and understanding of
portfolio risk, model accuracy, and forecast reasonability---
Identifying new topics for analytical inquiry--- Organizing across
teams to ensure need fulfillmentThere is also the opportunity to
directly conduct analysis and develop new insights. Each of these
responsibilities require strong written and verbal communication
skills, influencing resources from other teams, and the ability to
identify core implications and connections within complex
issues.Required and Desired Candidate QualificationsRequired
Skills--- Bachelor's degree in quantitative discipline (e.g.
Mathematics, Economics, Engineering, Finance, Physics)--- 2+ years
of experience in model development, statistical work, data
analytics or quantitative research--- Experience in Risk, Credit,
Collections or Financial Operations with demonstrated track record
of generating and communicating insights which improve performance
and understanding--- Strong business and financial acumen---
Attention to detail coupled with ability to simplify the complex---
Experience in data science and analysis, with excellent analytical
skills--- Strategic thinker that can understand complex business
challenges and potential solutions--- Demonstrated ability to
organize and work collaboratively across multiple teams and
functions--- Strong written/oral communication skills, with the
ability to adjust to both technical and executive audiences---
Flexibility to work both independently with little supervision and
in a complex team environment--- Proficiency with Tableau, MS
Excel, and PowerPointDesired Skills--- Consumer behavior analytics
or risk modeling in a financial institution--- Programing skills
(SQL, Python, R, LaTeX)--- Experience meeting with internal /
external examiners and responding to questions and required
actions--- Experience with DFAST / CCARJob Description:This job is
responsible for conducting quantitative analytics and modeling
projects for specific business units or risk types. Key
responsibilities include developing new models, analytic processes,
or systems approaches, creating technical documentation for related
activities, and working with Technology staff in the design of
systems to run models developed. Job expectations include having a
broad knowledge of financial markets and
products.Responsibilities:
Keywords: Disability Solutions, Newark , Quantitative Finance Analyst - Consumer Loss Forecasting (CLF) Team, Accounting, Auditing , Newark, Delaware
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