Sr Audit Manager - AI Model Risk

Charlotte, North Carolina;New York, New York

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. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

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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!

Job Description:

The Quantitative Finance Manager (QFM) will play a key role in developing and overseeing the execution of Corporate Audit’s enterprise-wide coverage of Artificial Intelligence and Machine Learning (‘AI’) models. The QFM will lead and participate in all aspects of AI assurance work across model development, validation, implementation, including AI infrastructure and data, and AI model usage, to provide independent assurance over the internal control framework.

This job is responsible for leading a team to develop or validate quantitative analytics and models for specific business units or risk types. Job expectations include supporting business units and acting as a subject matter expert on specified quantitative modeling techniques, as well as serving as the first or second line of defense overseeing model performance, model risk, and model governance on critical model portfolios.

Responsibilities:

• Work closely with the Audit Director in the management of the Audit plan, including resourcing, plan development, execution, and updates in response to changes in conditions.

• Assist the Audit Director in the development of the strategy of audit coverage for AI risk management.

• Manage and lead a team in the timely execution of audits, including taking responsibility for high quality audit workpapers, presenting issues to senior management and executives as well as issue and report writing.

• Determine and propose the risk-based scope of Audits covering AI including Large Language Models

• Engage with business partners within various lines of business and functions to identify and assess the risks and controls effectiveness relating to AI.

• Identify and raise audit findings, if applicable, articulating the results and impact of audit fieldwork, both verbally and in writing to the business.

• Assist senior leadership of the model audit group to execute and report on business monitoring.

• Mentor, coach, and provide effective feedback to team members within the group.

• Provide consultation to other audit teams and engage with business partners in ensuring effective coverage of the control environment for AI.

• Engage and present in regulatory meetings.

• Leads a quantitative team with model coverage of specified focus areas and oversees stakeholder engagement, including team effort in preparation for audit and regulatory exams

• Sets priorities related to quantitative modeling in line with the bank’s overall strategy and prioritization

• Identifies continuous improvements through reviews of approval decisions on relevant model development or model validation tasks, critical feedback on technical documentation, and effective challenges on model development/validation

• Maintains and provides oversight of model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite

• Leads and provides methodological, analytical, and technical guidance to effectively challenge and influence the strategic direction and tactical approaches of development/validation projects and identify areas of potential risk

• Works closely with model stakeholders and senior management with regard to communication of submission and validation outcomes

Required Qualifications:

• Strong leadership and people management skills.

• Experienced professional in financial services with deep knowledge in AI model risk management practices

• Strong experience in systems or platforms where AI models are implemented or AI model data is sourced

• Strong experience in analytical or quantitative modelling tools, such as Python, SQL, VBA etc.

• Strong understanding of the implications and concepts of AI, including model explainability, transparency and model bias.

• Model development or model validation experience with AI models

• Knowledge of relevant regulatory requirements within model risk management such as SR11-7.

• Ability to manage and deliver on-time multiple projects as needed.

• Masters or Degree in a relevant discipline such as data / computer science, mathematics, statistics, or operations research, from a Tier 1 Institute.

• Strong written communication skills along with good organizational, analytical, quantitative, oral are essential for the role.

• Ability to develop strong working relationships with teammates as well as executives.

• Internal/External Audit experience preferred but not required.

Skills:

• Business Acumen

• Critical Thinking

• Regulatory Relations

• Talent Development

• Technical Documentation

• Policies, Procedures, and Guidelines Management

• Project Management

• Risk Analytics

• Risk Management

• Stakeholder Management

• Drives Engagement

• Inclusive Leadership

• Risk Modeling

• Strategic Thinking

• Written Communications

Minimum Education Requirement: Master’s degree in related field or equivalent work experience

Shift:

1st shift (United States of America)

Hours Per Week:

40

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.

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