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Global Business Services

Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.

Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.

In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.

Process Overview*

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.

Job Description*

The Market Risk Model Risk Management (MRM) team provides independent oversight and validation of market risk models used across a broad range of asset classes, including interest rates, foreign exchange, commodities, inflation, equity, credit, and mortgage products. 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 team validates key market risk models, including Value-at-Risk (VaR), Risk Not in VaR (RNIV), Incremental Risk Charge (IRC), FRTB, Stress Testing, and CCAR market risk models. Responsibilities span the full model lifecycle, including model development review, challenger analysis, benchmarking, outcome analysis, and model risk assessment.

The role requires close collaboration with Front Office, Global Risk Analytics (GRA), Finance, Product Valuation Group (PVG), Market Risk, and Regulatory stakeholders to ensure robust model governance, effective challenge, and adherence to regulatory standards for model risk management.

Responsibilities*
• Conduct independent validation of market risk models across major asset classes including Interest Rates, Foreign Exchange, Inflation, Equities, Commodities, Credit, and Mortgages, covering methodologies such as VaR, RNIV, IRC/CRM, FRTB, Stress Testing, and CCAR.
• Assess model conceptual soundness and regulatory compliance through comprehensive review of model 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 clearly communicate validation findings, model limitations, risk assessments, recommendations, and approval decisions to senior stakeholders and governance committees.
• Partner with key 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 appropriate compensating controls and remediation plans.
• Manage a portfolio of market risk models throughout 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.

Requirements*
• 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.
• Knowledge of market risk models such as VaR, RNIV, IRC/CRM, FRTB, Stress Testing, and CCAR is preferred.
• 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.
• Proficiency in Python, C++, or R and experience with quantitative tool development is a strong plus.
• Professional certifications such as FRM, CQF, or CFA are advantageous.
• Master's degree or higher in a quantitative discipline such as Finance, Mathematics, Statistics, Physics, Engineering, or Computer Science.

Education- Masters or Ph.D. degree in Statistics and/or Mathematics and/or Financial Mathematics and/or Physics etc

• Educational institutes: Top tier – IITs, NITs, Indian Statistical Institutes etc.
• Certifications (preferred but not mandatory): FRM, CQF etc.

Experience Range- 5-7 years

Foundational skills*
• Solid understanding of financial markets, derivative valuation/pricing, risk modeling, statistics, and quantitative methodologies.
• 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)
• Excellent written and verbal communication skills
• Intellectual curiosity, willingness to learn, strong work ethic, effective challenge mindset, and stakeholder management skills.

Desired skills
• Programming experience in Python, C++, R, or other quantitative languages
• Experience with market risk models such as VaR, RNIV, IRC/CRM, FRTB, Stress Testing, or CCAR
• Experience with quantitative tool development, automation, and large-scale data analysis
• Strong presentation and stakeholder management skills
• Professional certifications such as FRM, CQF, or CFA
• Experience working in a global financial institution or model risk management environment

Work Timings 12 PM – 9 PM IST

Job Location Mumbai, Powai

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