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Bank of America Quantitative Services Associate in Chicago, Illinois

Quantitative Services Associate

Chicago, Illinois

Job Description:

Line of Business Role Description

The Quantitative Services (QS) team is responsible for the Model governance and Volcker product monitoring for all Global Markets (GM) trades.

As part of Model Governance, QS monitors the model used for official valuation to identify (i) products that are not valued using an approved model, and (ii) models that are not used within their approved restrictions. On a monthly basis, QS reports the result of the monitoring and reviews the model exceptions with different stakeholders (i.e. Model Risk, Quants, Traders and Tech) as part of the Model Control Working Groups (MCWG).

As part of the Volcker Monitoring, QS performs a daily monitoring all GM trades against the Approved Product List (APL) for each Volcker Trading Desk (VTD) and Legal Entity. QS is responsible for the overall governance of the APL Volcker reporting, which includes daily escalation of issues / exceptions, management of weekly and monthly reporting to the Volcker Control Forums (VCF).

Job Description:

Perform the Model Governance and Volcker Product monitoring, which includes daily escalation of issues / exceptions, and management of monthly reporting and tracking:

• Monitoring of trades to identify products that are not approved for the Volcker Trading Desk (VTD) or Legal Entity.

• Monitoring of Volcker Permitted Activities.

• Monitoring of the models used for official valuation and if they are used within the approved restrictions.

• Testing of the model restriction implementation.

• Investigating any product/model issues to identify if they are true breaches or data quality issues.

• Escalation of issues and exceptions to Global Market Risk (GMR), Model Risk Management (MRM), Trading desks, Front office Quants and tech teams.

• Identify opportunities for process improvements and make recommendations for implementation.

• Work with technology teams to enhance the monitoring process and implement new product and model restriction monitoring.

• Support the development of QS product and model governance review policies and procedures, including documentation of the underlying data requirements, process flows, and reporting requirements across the platform.

• Overall governance of the reporting and tracking of product and model issues.


Must be a Year Up Student and be very analytical, a self-starter, be very comfortable working independently with significant amounts of data, maintain close attention to detail, look to understand process, be comfortable working in a fast-paced environment, and capable of handling multiple priorities. Additionally, the candidate will be expected to build strong working relationships with stakeholders including Front office Quants and COOs, VTD Heads, Market Risk, Model Risk, Technology, Finance, and other business partners. Candidates should expect to demonstrate process leadership and ownership.


1st shift (United States of America)

Hours Per Week:


Learn more about this role

Part time


Manages People: No

Travel: No


Talent Acquisition Contact:

Referral Bonus:

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.

To view the "EEO is the Law" poster, CLICK HERE at .

To view the "EEO is the Law" Supplement, CLICK HERE at .

Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.

To view Bank of America’s Drug-free workplace and alcohol policy, CLICK HERE .