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Employment Type:
Part time
Job Category:
Social Service
Quantitative Services Professional (UMR) - Chicago, IL
(This job is no longer available)
Bank of America | Chicago, IL
Grad Date

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Job Description

Job Description:

Responsible for balance sheet, general ledger and/or product controls specific to a defined area or defined process. Understands the market and the market drivers of the product they are supporting. Understands more complex structured transactions and the operational risks around the end to end product lifecycle. Implements improvements to the system infrastructure and control environment. Provides general team guidance on complex transactions. May provide input to recruiting and hiring and performance management processes. BA preferred or substantially equivalent experience. Typically 5-7 years of applicable experience.

Job Description:

The Quantitative Services Uncleared Margin Rule (UMR) Professional is a member of the team responsible for maintaining the stability of business processes and controls needed to ensure the firm's initial margin ("IM") calculations are accurate and consistent with Dodd-Frank's Uncleared Margin Rules (UMR) in support of our internal stakeholder, the Counterparty Portfolio Management group. The analyst will be responsible for various business-as-usual deliverables which must be executed in a timely yet accurate fashion.


* Review and verify the model inputs feeding the IM calculations
* Identify, document and escalate production errors detected during pre and post-calculation routines
* Perform periodic controls which exist to prevent and mitigate erroneous IM calculations
* Work directly with the front office and technology teams on issues discovered through technology testing and daily control procedures
* Assist with the testing and validation of IM results through each technology release
* Identify and establish control processes that will mitigate future IM calculation errors
* Perform daily and ad-hoc reporting to measure and monitor key metrics for the UMR BAU space
* Provide enhanced analysis and IM explains to front office and collateral operations teams when counterparty disputes arise for IM calculations


* Minimum undergraduate in Mathematics, Finance or Quantitative field
* At least 3 years of experience working in a quantitative risk, middle office, or front office role
* Excellent communication & analytical skills
* Knowledge of Financial Risk Management, Credit Risk Models, Value at Risk (VaR) including market & credit risk
* Strong technical skills including experience using Excel, VBA and SQL
* Experience pricing OTC derivative products including futures, options, swaps, credit default swaps, forward rate agreements and swaptions
* Experience working with OTC derivatives/Fixed Income

Bank of America Merrill Lynch is an equal opportunities employer

Posting Date: 05/14/2019

Location: Chicago, IL, 135 S LA SALLE ST (IL4135), - United States

Travel: No

Full / Part-time: Full time

Hours Per Week: 40

Shift: 1st shift

About Bank of America

Bank of America Corporation is a bank holding company. Through its banking subsidiaries (the Banks) and various non-banking subsidiaries throughout the United States and in selected international markets, Bank of America provides a diversified range of banking and non-banking financial services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. The Company operates in 32 states, the District of Columbia and 30 foreign countries. In the United States, it serves 59 million consumer and small business relationships with 6,100 retail banking offices, 18,500 automated teller machines (ATMs) and 24 million active online users. It offers services in 13 states. In October 2007, it acquired ABN AMRO North America Holding Company. In July 2007, it acquired U.S. Trust Corporation. In July 2008, Bank of America acquired Countrywide Financial Corp.