Quantitative Finance Analyst

Location: Mumbai, India

**Job Description:**

**About Us**

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.

Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits.

We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.

Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

**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-** 7-10 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

At [Bank of America](http://about.bankofamerica.com/en-us/index.html?bcen=8a6b#fbid=fzqgXJmV1Bw), we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

[**Partnering Locally**](http://about.bankofamerica.com/en-us/partnering-locally.html?bcen=8a6b#fbid=fzqgXJmV1Bw)

Learn about some of the ways Bank of America is making a difference in the communities we serve.

[**Global Impact**](http://about.bankofamerica.com/en-us/global-impact.html?bcen=8a6b#fbid=fzqgXJmV1Bw)

Learn about the six areas that guide Bank of America’s efforts to help make financial lives better for customers, clients, communities and our teammates.

[**Opportunity and Inclusion**](https://about.bankofamerica.com/en/working-here/opportunity-inclusion?bcen=8a6b#fbid=fzqgXJmV1Bw)

Each employee brings unique skills, background and opinions. We see opportunity and inclusion as our platform for innovation and a key component in our success.

[**Our Values**](http://about.bankofamerica.com/en-us/our-story/our-values.html?bcen=8a6b#fbid=fzqgXJmV1Bw)

Learn about our four values that represent what we believe.