Quantitative Finance Analyst

Overview

Independent validation and oversight of market risk models within the Market Risk Model Risk Management team, part of Bank of America's Global Risk Organization in India.

What you'll do

• Conduct independent validation of market risk models across Interest Rates, Foreign Exchange, Inflation, Equities, Commodities, Credit, and Mortgages, covering VaR, RNIV, IRC/CRM, FRTB, Stress Testing, and CCAR.
• Assess model conceptual soundness and regulatory compliance through review of assumptions, methodology, mathematical framework, empirical evidence, data quality, implementation, limitations, and intended use.
• Design and execute independent challenger analyses and testing, including benchmarking, sensitivity analysis, stress testing, back-testing, outcome analysis, and quantitative assessments to identify, measure, and articulate model risks.
• Evaluate model governance and controls in alignment with the Bank's Model Risk Management framework and regulatory expectations, including SR 11-7 and SR 26-2 guidance.
• Prepare high-quality validation reports and technical documentation that communicate validation findings, model limitations, risk assessments, recommendations, and approval decisions to senior stakeholders and governance committees.
• Partner with stakeholders across Front Office, Global Risk Analytics (GRA), Market Risk, Finance/PVG, Audit, and other control functions to provide effective challenge, discuss validation outcomes, and establish compensating controls and remediation plans.
• Manage a portfolio of market risk models through the model lifecycle, including periodic validations, periodic reviews, ongoing performance monitoring, model-change assessments, issue management, and closure of regulatory and validation action items.
• Monitor emerging regulatory requirements and industry best practices to ensure market risk models remain fit for purpose and compliant with evolving expectations for model risk management and capital adequacy.
• Contribute to strategic MRM initiatives aimed at enhancing validation methodologies, strengthening model governance, improving testing frameworks, and increasing efficiency through analytics and automation.

What you'll need

• Strong background in quantitative finance, model validation, model development, or model risk management, preferably within Market Risk.
• Solid understanding of financial markets, derivative valuation/pricing, risk modeling, statistics, and quantitative methodologies.
• Familiarity with the model lifecycle, model governance, performance assessment, and regulatory expectations (e.g., SR 11-7, SR 26-2).
• Strong analytical, problem-solving, and quantitative skills with the ability to independently challenge model methodologies and assumptions.
• Excellent written and verbal communication skills, with the ability to communicate complex technical concepts to diverse stakeholders.
• Strong attention to detail, ownership mindset, and commitment to high-quality deliverables.
• Collaborative team player with the ability to work effectively across Front Office, Risk, Finance, and control functions.
• Master's or Ph.D. degree in Statistics, Mathematics, Financial Mathematics, Physics, or a similar quantitative discipline such as Finance, Engineering, or Computer Science.
• Experience range of 7-10 years.
• Ability to independently review model assumptions, methodology, and performance.
• Knowledge of model lifecycle management, model risk, and regulatory expectations (e.g., SR 11-7, SR 26-2).
• Intellectual curiosity, willingness to learn, strong work ethic, effective challenge mindset, and stakeholder management skills.

Nice to have

• Knowledge of market risk models such as VaR, RNIV, IRC/CRM, FRTB, Stress Testing, and CCAR.
• Proficiency in Python, C++, or R and experience with quantitative tool development.
• Professional certifications such as FRM, CQF, or CFA.
• Education from top-tier institutes such as IITs, NITs, or Indian Statistical Institutes.
• Programming experience in Python, C++, R, or other quantitative languages.
• Experience with quantitative tool development, automation, and large-scale data analysis.
• Strong presentation and stakeholder management skills.
• Experience working in a global financial institution or model risk management environment.

Details

• Location: Mumbai, Powai.
• Work timings: 12 PM – 9 PM IST.
• In-office culture with an appropriate level of flexibility based on role-specific responsibilities and business needs.