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. 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!
Job Description:- Review and validate enterprise fraud prevention and detection models for conceptual soundness and quantitative rigor to ensure they follow sound modeling practices and Model Governance Policy, Guidelines, Testing Playbooks and Regulatory Requirements.
- Develop testing or alternative models by applying statistical or quantitative analysis, leveraging a variety of software programs, including R, SAS, Python, etc.
- Present model validation results in structured and comprehensive reports, including the Initial Assessment report (IAR), Model Validation Report (MVR), Required Action Item Assessment (RAI Assessment), and Ongoing Monitoring Report reviews (OMR Reviews) etc.
- Partner closely and manage interactions with business, model developers, risk and audit partners across the model lifecycle and validation processes.
Minimum Education Requirement: Master's degree in related field or equivalent work experience
Required Qualifications:- Advanced quantitative degree with 7+ years of hands-on model development or validation experience in fraud detection or related financial crime areas.
- A solid grasp of traditional statistical modeling techniques (i.e. Logistic regression) plus advanced AI/ML techniques (i.e. Gradient Boosting, Neural Networks, Random Forest, Transformer etc.)
- Expertise in model evaluation techniques such as rank ordering, ROC curve, confusion matrix, KS, cross-validation, feature importance, SHAP values etc.
- Proficiency in Python, SAS, R, LaTEX etc.
- Familiarity with regulatory requirements and guidelines related to risk model validation.
- Familiarity with bias/fairness testing for AI/ML models will be a plus.
- Excellent verbal communication and written documentation capabilities.
- Excellent analytical thinking, practical problem-solving skills, and ability to work well with people at all levels.
Skills:- Critical Thinking
- Quantitative Development
- Risk Analytics
- Risk Modeling
- Technical Documentation
- Adaptability
- Collaboration
- Problem Solving
- Risk Management
- Test Engineering
- Data Modeling
- Data and Trend Analysis
- Process Performance Measurement
- Research
- Written Communications
Shift:1st shift (United States of America)
Hours Per Week: 40
Pay Transparency detailsUS - NJ - Jersey City - 525 Washington Blvd (NJ2525)
Pay and benefits information
Pay range
$125,000.00 - $210,000.00 annualized salary, offers to be determined based on experience, education and skill set.
Discretionary incentive eligible
This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.
Benefits
This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.
