Bank of America Quantitative Services Associate in Chicago, Illinois
Quantitative Services Associate
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).
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:
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