Bank of America India | Sr. Analyst

Responsibilities

• The India team is an integral part of Bank of America’s Global Risk Organization, providing model validation, governance, and analytics support to strengthen the Model Risk Management framework and ensure effective oversight across the model lifecycle.
• GM Model risk management team provides independent oversight and validation of pricing models.
• The team covers OTC derivatives across asset classes ranging from interest rates, FX, commodity, inflation, equity, credit and mortgage.
• The team is responsible for assessing model conceptual soundness, regulatory compliance, implementation accuracy, and ongoing performance in line with the Bank's Model Risk Management framework and evolving regulatory expectations, including SR 11-7 and SR 26-2 principles.
• The candidate will work specifically on validating Equity pricing models.
• The candidate will work closely with front office and Global Risk Analytics model developers, as well as Finance/PVG and other risk management groups.
• Review model assumptions, mathematical formulations, numerical methods, calibration frameworks, implementation, limitations, and appropriateness of use for pricing and risk management purposes.
• Assess theoretical soundness of pricing methodologies including stochastic volatility models, local volatility models, jump-diffusion models, and correlation frameworks.
• Perform independent quantitative testing, benchmarking, sensitivity analysis, stress testing, back-testing, and model performance reviews to identify and quantify model risks.
• Evaluate model calibration approaches, market data dependencies, and valuation adjustments associated with equity derivatives portfolios.
• Prepare comprehensive validation reports, technical documentation, and remediation recommendations in accordance with regulatory and internal model risk management standards.
• Work closely with Front Office, Quantitative Research, Market Risk, Model Development, Finance/PVG, and other control functions to communicate validation findings and establish appropriate compensating controls.
• Maintain ownership of a portfolio of pricing models, perform periodic model reviews, ongoing monitoring, required action item closure, and support regulatory examinations and internal audits.
• Work Timings: 12 PM – 9 PM IST

Requirements

• Education: Masters or Ph.D. degree in Mathematics, Financial Mathematics, Quantitative Finance, Computational Finance, Engineering Physics, Computer Science etc.
• Certifications (preferred but not mandatory): FRM, CFA, CQF etc.
• Experience Range: 5 – 8 years of experience in Model Validation, Quantitative Analytics, Front Office Quantitative Research, Model Risk Management, or Pricing Analytics.
• Strong understanding of derivatives pricing theory, stochastic calculus, probability theory, numerical methods, and quantitative finance.
• Understanding of market risk measures and sensitivities including Delta, Gamma, Vega, Theta, Rho, Cross-Gamma, and Correlation Risk.
• Familiarity with model calibration techniques and market data management.
• Experience conducting independent model testing, benchmarking, sensitivity analysis, and model performance assessments.
• Strong understanding of model risk governance, SR 11-7/SR26-2 principles, regulatory expectations, and model lifecycle management.
• Ability to assess model limitations, implementation risks, valuation impacts, and control effectiveness.
• Strong written and verbal communication skills.
• Ability to articulate complex quantitative concepts to both technical and non-technical stakeholders.
• Experience presenting validation conclusions and recommendations to senior management and governance committees.
• Strong analytical and problem-solving skills.
• Strong collaboration and stakeholder management capabilities.
• Continuous learning mindset and ability to work in a fast-paced environment.
• Strong programming skills in Python; experience in C++ is a plus.
• Experience with quantitative libraries and analytics platforms.
• Knowledge of equity volatility modeling, correlation modeling, and structured equity products.
• Experience with regulatory model examinations and remediation programs.
• Experience with LaTeX and technical report writing.
• Strong presentation and communication skills in professional and governance settings.
• Demonstrated ownership and accountability.

Bank of America

Bank of America is one of the largest banks in the United States, serving individuals, businesses and institutions with banking, investing, asset management and risk-management products.

Its Indian operations and technology centres support the global bank. Finance professionals typically work in operations, financial reporting, regulatory, risk and audit roles.

• Industry: Banking and financial services
• Headquarters: Charlotte, North Carolina, USA
• In India: Corporate and investment banking, plus operations and technology centres in Mumbai, Hyderabad, Chennai and GIFT City (Gandhinagar)