Data Scientist I – Fraud Model Governance

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:
This job is responsible for analyzing and interpreting large datasets to uncover potential revenue generation opportunities and develop effective risk management strategies. Key responsibilities include collaborating with key stakeholders to comprehend business problems, utilizing data gathering and analysis techniques to devise solutions, and presenting recommendations based on the findings. Job expectations include demonstrating flexibility, resilience, accountability, a disciplined approach, and a commitment to fostering responsible growth for the enterprise.

Client Protection is looking for an model developer / data scientist to join our team and help us combat financial crime. You will be responsible for developing advanced technical documentation for an array of internally- and vendor-developed models ranging from regression to sophisticated techniques including XGB, neural networks, graph. Experience with Model Risk Management compliance (SR-11-7, SR-26-2) is highly desirable.

Responsibilities:

• Developing advanced technical documentation for an array of internally- and vendor-developed models ranging from regression to sophisticated techniques including XGB, neural networks, graph
• Working closely with developers to understand how the model works and provide effective challenge to not only push back on methodology but also ensure results are accurate
• Partnering with technology and model users to schedule deployments and planning for future model installations
• Working with independent model risk management, legal and compliance teams to ensure models are fully validated and approved for usage
• Producing analytics to ensure early model results look consistent with expectations
• Conducting regular model monitoring and sharing performance results and analytical insights with model stakeholders and users
• Supporting Bank policy for Artificial Intelligence models and ensuring any risks of using advanced techniques are identified and mitigated
• Tracking model changes after deployment and ensure appropriate documentation reflects any adjustments, patches or updates
• Driving model performance analytics above and beyond Model Risk Management policy requirements, including granular performance monitoring, early trend detection, root cause analysis, and gap analysis.

Required Qualifications:

• 3+ years of experience in model development or validation is required
• Must be proficient Python, SQL (SAS is a plus)
• Excellent technical writing skills
• Critical problem-solving abilities including selection of data and deployment of solutions
• Proven ability to manage projects and work with limited direction on complex problems to achieve project goals while also working as part of a broader team
• Excellent communication and influencing skills
• Thrives in fast-paced and highly dynamic environment.
• Intellectual curiosity and strong urge to figure out the “whys” of a problem and come up with creative solution

Desired Qualifications:

• Advanced STEM (Science, Technology, Engineering, Math) degree (Masters or PhD)
• 5+ years of experience working as model developer, data scientist, model validator, preferable on fraud, credit, market, or other heavily quantitative areas.
• Advanced understanding of machine learning methodologies including neural networks, ensemble learning like XGB, and other techniques
• Experience with Model Risk Management compliance (SR-11-7, SR-26-2)

Skills:

• Adaptability
• Attention to Detail
• Business Analytics
• Technical Documentation
• Written Communications
• Collaboration
• Data Visualization
• Artificial Intelligence/Machine Learning
• Networking
• Policies, Procedures, and Guidelines Management
• Presentation Skills
• Risk Management

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Pay Transparency details

US - IL - Chicago - 110 N Wacker Dr - Bank Of America Tower Chicago (IL4110)

Pay and benefits information

Pay range

$107,300.00 - $193,200.00 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.