Risk Quant – Quantitative Strategies & Data Group

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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. We welcome applications from junior candidates with at least 2 years of financial markets experience, as well as from more experienced professionals.

• Design, develop, implement, and maintain market models (e.g. VaR) to ensure accurate measurement of risk exposures across trading books, in line with regulatory and internal governance requirements.
• Support the implementation of risk data testing frameworks to assess the appropriateness, completeness and reasonableness of risk scenarios, VaR, expected shortfall and stress test calculations. This includes testing scenario design, implementation, results consolidation, and analyses of calculations to understand key drivers.
• Investigate and categorise data anomalies and inconsistencies in risk outputs.
• Produce clear and structured risk validation reports, highlighting key findings, model code changes required and other recommendations for data quality improvement.
• Partner with Quant developers, Risk and Tech teams to ensure that the solutions are aligned with regulatory expectations and internal governance standards.

• Masters/PhD level in Finance, Economics or a quantitative subject (Mathematics, Statistics, Physics, Engineering, Computer Science or other analytical background).
• Proficient in Python, SQL, C++ and other.
• Understanding of:
  VaR (full revaluation vs grid-based methodologies), stressed VaR and Expected Shortfall, PnL Explain (HPL / RTPL), and Regulatory capital requirements including FRTB IMA.
• Experience working in a Quant, Risk or Risk Tech team on regulatory programs (e.g. FRTB SA or IMA).
• Knowledge of derivative products and valuation concepts, and experience working across various asset classes (Rates / Commodity / Credit / FX / Equity).
• Excellent analytical and problem-solving skills.
• Strong communication skills, with the ability to articulate complex quantitative concepts clearly.