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Screening questions will verify hands-on experience with CCR exposure metrics, derivatives risk environments, and data validation in risk change programmes.

📍 Mumbai (Hybrid)

🏦 Banking / Financial Services – Risk Change Programme

💼 Experience: 4–8 years

We are hiring a Business Analyst with hands-on Counterparty Credit Risk (CCR) experience to support risk transformation and regulatory initiatives within a global financial services environment.

This role sits within the Risk Change team, working across Risk Management, Technology, and Front Office stakeholders to deliver change across CCR exposure calculation platforms, risk data frameworks, and regulatory programmes.

Candidates with experience in derivatives exposure, CCR risk metrics, or Basel regulatory initiatives will be particularly relevant.

Role Overview

As a Business Analyst in the Risk Change team, you will support delivery of projects related to:

• Counterparty Credit Risk exposure calculations
• Risk data platforms and analytics frameworks
• Regulatory change initiatives
• Strategic risk system transformations

You will work closely with Lead Business Analysts, programme managers, risk SMEs, and technology teams to translate business requirements into system and process improvements.

Key Responsibilities

Risk Change Programme Delivery

• Support delivery of Counterparty Credit Risk change initiatives
• Work with risk stakeholders to capture business and functional requirements
• Contribute to risk platform and data architecture enhancements

Business Analysis

• Produce documentation including BRDs, functional specifications, and process flows
• Create data mapping artefacts and workflow diagrams
• Ensure documentation aligns with SDLC governance standards

Requirements & Stakeholder Management

• Participate in requirements workshops with risk SMEs
• Translate discussions into user and functional requirements
• Collaborate with Risk, Technology, and Front Office teams

Testing & Implementation

• Support test planning and test strategy development
• Write test cases and scenarios
• Coordinate User Acceptance Testing (UAT) cycles
• Track defects and support release implementation

Data Analysis

• Perform data validation against risk models and business rules
• Support analysis related to risk exposure calculations
• Work with risk data models and exposure datasets

Domain Expertise Required

Candidates should have working exposure to Counterparty Credit Risk frameworks, including familiarity with:

• Potential Future Exposure (PFE)
• Expected Exposure (EE / EEPE)
• Probability of Default (PD)
• Loss Given Default (LGD)
• Exposure at Default (EAD)
• Value at Risk (VaR)
• Risk Weighted Assets (RWA)

Experience with IMM modelling approaches, derivatives exposure modelling, or stress testing frameworks is advantageous.

Exposure to regulatory frameworks such as:

• Basel III
• BCBS 239
• FRTB

is beneficial.

Business Analysis Skills

Strong experience in:

• Requirements elicitation and documentation
• Business Requirement Documents (BRD)
• Functional specifications
• Process flows and data mapping
• Agile or Waterfall SDLC environments
• User Acceptance Testing coordination

Ability to perform structured data analysis and validate outputs against business rules is expected.

Technical Skills

Preferred technical exposure includes:

• SQL for data querying and validation
• Advanced Excel and PowerPoint
• Visio / process modelling tools
• Exposure to Python for data analysis or automation (advantageous)

Ideal Candidate Profile

This role is ideal for professionals who have:

✔ Experience working in Counterparty Credit Risk or derivatives risk environments
✔ Delivered risk change or regulatory programmes
✔ Worked with risk exposure calculations or risk data platforms
✔ Experience supporting UAT and data validation in banking projects

Education & Certifications

Preferred background includes:

• Degree in Finance, Engineering, Mathematics, Computer Science, or related discipline
• Certifications such as FRM, CFA, PMP, or CQF are advantageous
• MBA in Finance or Risk is a plus

We are seeking a highly experienced and strategic Senior Vice President (SVP) to join our Equity Risk Analytics team as an Equity Derivatives Risk Quant. This senior leadership role is ideal for candidates with deep expertise across the equity derivatives spectrum—including vanilla options, exotics, structured products, and volatility modeling. The successful candidate will lead the development of advanced risk analytics methodologies and tools, partnering closely with trading desks, risk managers, and cross-functional teams to support the firm’s dynamic and complex equity derivatives business.

Key Responsibilities

• Lead the design and implementation of robust risk analytics solutions for equity derivatives, including:
  • Volatility surface calibration
  • Option pricing (vanilla and exotic)
  • Value-at-Risk (VaR) and capital charge calculation
  • Scenario analysis and stress testing
• Collaborate with Market Risk, Credit Risk, SIMM, and Quantitative Risk Development teams to ensure consistency and robustness of risk measures across the equity platform.
• Act as a senior subject matter expert on equity derivative products, advising senior stakeholders on risk exposures, model assumptions, and mitigation strategies.
• Architect and maintain scalable pricing, volatility calibration, and risk engines to support ad-hoc, real-time, and historical risk analysis.
• Drive innovation in risk methodology development, including proxy modeling, time series construction, and sensitivity analysis for complex equity structures.

Required Qualifications

• Master’s or PhD in Quantitative Finance, Mathematics, Physics, Computer Science, or a related field.
• Minimum of 7 years of experience in equity risk analytics, with a strong specialization in equity derivatives.
• Proven track record in developing and implementing risk models for both vanilla and exotic equity derivatives.
• Advanced Python programming skills, with experience building and maintaining scalable analytics infrastructure.
• Strong leadership, communication, and stakeholder management skills, with the ability to influence across teams and senior levels.

Preferred Qualifications

• Familiarity with the EQF platform is desirable.
• Experience with capital charge calculation and prior engagement with regulatory bodies is a plus.
• Expertise in volatility surface modeling, exotic option calibration, and regulatory frameworks such as SIMM and FRTB.
• CQF ceritification is highly desired.

Primary Location Full Time Salary Range of $200,000 – $250,000.

Position: Senior ALM and Hedging Director — Life and Annuity

Position Description:

The role combines technical expertise with leadership to drive data-informed product decisions and risk management strategies. A core responsibility will include establishing and strengthening all insurance product hedging programs including variable annuities and index options hedging while developing comprehensive performance reporting for key stakeholders.

The ideal candidate possesses deep knowledge of life and annuity products, demonstrated expertise in both static and dynamic hedging strategies for indexed and variable insurance products, and exceptional communication skills to influence decision-making across all levels of the organization. Success in this role requires both analytic rigor and the proactive ability to translate complex concepts into clear recommendations.

Position Location:

• This is a hybrid role working partially in-office (Lincoln, NE or Cincinnati, OH) and partially from home.

What you do:

• Manage and enhance the Life and Annuity Index Hedging program, including operational components and related product hedges.
• Advocate for actions to be taken by various stakeholders based on ALM (Asset Liability Management) and hedging risks and emerging issues.
• Cultivate a high-performance environment focused on collaboration and continuous improvement.
• Deliver comprehensive reporting to stakeholders on key ALM and hedging metrics.
• Lead the discussion around renewal rate strategy impact on ALM strategy.

What you bring:

• Bachelor’s degree in actuarial science, mathematics, statistics, or equivalent required.
• FSA (Fellow, Society of Actuaries), CFA (Chartered Financial Analyst), CQF (Certificate in Quantitative Finance) designations or equivalent experience required.
• 7-10 years of ALM and/or hedging experience with life or annuity products required.
• Demonstrated ability to drive proactive decisions improving ALM & hedging required.
• Demonstrated ability to influence across departments required.
• Exceptional analytical and problem-solving capabilities with solution implementation experience required.
• Strong communication skills (both written and verbal) with ability to present complex concepts to diverse audiences required.
• Advanced knowledge of financial frameworks (GAAP, STAT) and actuarial modeling desired.
• Experience with Prophet desired.

The Head of Quantitative Business Solutions is a senior executive responsible for translating advanced quantitative methodologies into scalable, production-ready solutions that directly support the bank’s core client facing business lines, including consumer, small business, wealth, and wholesale. This role serves as a critical bridge between quantitative research and development, technology, and business stakeholders, ensuring that analytical models, optimization tools, and decision engines are effectively embedded into frontline processes. The position oversees the design, delivery, monitoring, and continuous improvement of end-to-end quantitative solutions, with a focus on enhancing risk-adjusted returns, credit extension, operational efficiency, and customer outcomes, while maintaining alignment with regulatory expectations and model risk management standards.

In addition, the Head of Quantitative Business Solutions leads an organization of quantitative professionals to industrialize models and analytics, ensuring robustness, scalability, and proper governance throughout the model lifecycle. The role partners closely with business executives, risk management, and technology leadership to prioritize initiatives, allocate resources, and drive strategic transformation, delivery, and decisioning related. A key mandate includes establishing best practices for model integration, monitoring, and performance measurement, while fostering innovation through the adoption of advanced analytics and machine learning techniques in a controlled and compliant manner and effective model risk mitigation.

Essential Duties And Responsibilities

Following is a summary of the essential functions for this job. Other duties may be performed, both major and minor, which are not mentioned below. Specific activities may change from time to time.

• Set model development strategy and priorities across in-scope major client facing business line portfolios, aligning investment and sequencing to business strategy, risk appetite, and regulatory expectations.
• Own executive accountability for model development delivery across multiple teams/leaders, including scope, resourcing, quality, and timelines for new builds, redevelopments, and material changes across the inventory.
• Ensure consistent application of required controls and procedures across model tiers and portfolios.
• Establish/lead a high-performing organization of quantitative professionals, including hiring, succession planning, performance standards, and capability building to sustain leading model development practices.
• Scale model development infrastructure and operating model, including leading tooling (languages, platforms, etc.), development libraries, reusable components, governance routines, and transparent reporting that improves throughput while strengthening controls.
• Drive model opportunity intake and portfolio shaping with lines of business and functions, helping stakeholders identify viable modeling opportunities, define business objectives, clarify intended use, and set effective implementation pathways and sustainability plans.
• Lead senior engagement with Model Risk Oversight, Audit, and regulators, including executive-level responses, governance presentations, and remediation planning, representing model development positions with clarity, credibility, and strong evidentiary support.

Qualifications

Required Qualifications:

The requirements listed below are representative of the knowledge, skill and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

• Master’s degree in Statistics, Econometrics, Applied Mathematics, Operations Research, Data Science, Engineering, Computer Science, or other applied quantitative science (or equivalent education and related training).
• Twelve (12) years of relevant experience in a quantitative function in a financial services setting (or equivalent regulated industry experience).
• Seven (7) years of leadership experience, setting performance standards, and driving deliverables across multiple teams.
• Deep expertise across in quantitative model development, model lifecycle management, and/or model risk management.
• Demonstrated success leading large-scale, high-impact programs, including work involving complex portfolios, cross-functional stakeholders, and risk/regulatory scrutiny.
• Demonstrated senior-level experience partnering with oversight partners, auditors, and/or regulators, including the ability to communicate complex quantitative topics in clear executive language.
• Strong executive communication skills, including the ability to influence senior leaders, explain complex quantitative topics, and represent the function credibly with risk, audit, and regulatory stakeholders.

Preferred Qualifications:

• PhD in a quantitative discipline (e.g., Statistics, Mathematics, Econometrics, Engineering, etc.).
• Experience managing major model portfolios tied to regulatory expectations (e.g., stress testing, allowance/credit loss, capital/liquidity/market risk, fraud/financial crimes, compliance).
• Professional credentials such as FRM/CFA/CQF or equivalent advanced training, and strong modern programming/data skills (e.g., Python/R/SQL) sufficient to set technical direction and standards (not necessarily as a daily individual contributor).

We are seeking a highly skilled quantitative professional to join the Risk Analytics group to develop and manage analytics for counterparty credit risk models focused on fixed income products, including repos, security lend/borrow, mortgages, and interest rate derivatives. The candidate will contribute to model development across the full model lifecycle, from methodology and design to implementation, validation, and ongoing performance monitoring. The successful candidate will also provide quantitative risk analysis to support day-to-day counterparty credit risk management.

Responsibilities

• Develop and implement analytics to support counterparty credit risk management.
• Design and Build infrastructure to consolidate counterparty credit risk models across systems.
• Conduct quantitative research to implement model changes, enhancements, and remediations.
• Design and develop analytical tools and dashboards to enhance risk transparency and decision-making.
• Build and maintain model performance monitoring, benchmarking, and backtesting frameworks.
• Assess methodologies and processes to identify potential weaknesses and evaluate risk materiality.
• Partner with stakeholders across business, risk, technology, and other functional teams to ensure effective model development, governance, and usage

Qualifications

• Master’s Degree in a quantitative discipline; PhD preferred.
• A minimum of 3–5 years of experience in counterparty credit risk modeling.
• Deep understanding of pricing and risk calculations for financial products.
• Strong analytical skills, with the ability to interpret complex quantitative models and translate business requirements into robust library design, code development, and integration into IT systems.
• Proficiency in Python and other programming languages, with strong data-handling skills in SQL.
• Strong project management, organizational, and stakeholder communication skills.
• Excellent written communication skills, with the ability to produce clear, precise, and compliant model documentation.
• Familiarity with Numerix and/or Bloomberg platforms is preferred.
• CQF Certification is highly desired.

Primary Location Full Time Salary Range of $185,000 – $200,000.

Please see job role.

Excited to grow your career?

BBVA is a global company with more than 160 years of history that operates in more than 25 countries where we serve more than 80 million customers. We are more than 121,000 professionals working in multidisciplinary teams with profiles as diverse as financiers, legal experts, data scientists, developers, engineers and designers.

Quantitative & Business Solutions (QBS) is a specialized unit within BBVA CIB – Global Markets, dedicated to delivering quantitative solutions with direct impact on trading and structuring activities.The team operates across multiple geographies and asset classes, acting as a bridge between quantitative research, technology, trading desks and Risk. QBS leads the methodological definition, development, calibration and governance of valuation models, ensuring their robustness, consistency and proper integration into the bank’s internal systems.

We are looking for a Senior Front Office Quant to lead the modelling efforts in Fixed Income (Rates, Credit, Inflation) and XVA for the London platform.

About you

• You have a strong quantitative background and significant experience in Front Office modelling within Global Markets.
• You are comfortable owning model design end-to-end: from theoretical framework to production deployment and model governance.
• You thrive in a fast-paced trading environment and are used to interacting directly with Trading, Structuring and Risk teams.
• You combine deep mathematical knowledge with strong implementation awareness.
• You demonstrate leadership, autonomy and the ability to prioritize according to business strategy.
• You are proactive, analytical and comfortable challenging and being challenged in technical discussions.
• You embody BBVA’s purpose and values in your professional approach.

About the job:

The selected candidate will play a key role in defining and executing the modelling roadmap aligned with BBVA CIB – Global Markets strategy in London.

Main responsibilities include:

• Lead the design, development and enhancement of valuation models for:
  • Interest Rate derivatives (linear and non-linear products)
  • Credit derivatives
  • Inflation products
  • XVA (CVA, DVA, FVA, MVA, KVA and related adjustments)
• Define appropriate modelling frameworks (e.g. LGM, multi-curve frameworks, SABR-type models, stochastic basis, hybrid models, credit intensity/structural models, etc.) and numerical techniques for pricing and risk management.
• Assess model risk, calibration methodologies and sensitivity frameworks, ensuring robustness and alignment with market practices.
• Act as primary quantitative partner for the London Trading and Structuring desks in:
  • Evaluating new product proposals
  • Analysing model gaps
  • Prioritizing developments according to business strategy
• Coordinate closely with Quantitative Development and Engineering teams to ensure:
  • Proper implementation of models into production systems
  • Scalability and performance of pricing libraries
  • Consistency across platforms and asset classes
• Lead the integration of models into testing and validation frameworks, improving efficiency of regression and model validation processes.
• Participate in model governance and risk approval processes:
  • Prepare technical documentation
  • Present models in internal risk committees
  • Engage with Model Risk Management and Internal Validation teams
  • Support regulatory and audit requirements related to model risk
• Support trading desks on daily activity, including:
  • Analysis of pricing discrepancies
  • Calibration issues
  • Hedging metrics and risk explanations
• Contribute to the strategic development of the XVA framework across asset classes, ensuring consistency between FO pricing and risk methodologies.
• Mentor junior quants and contribute to the technical evolution of the team.

 

Required skills and experience:

• Relevant  experience in a Front Office Quant role within Global Markets, with strong exposure to Fixed Income and XVA.
• Deep expertise in Interest Rate modelling, including multi-curve frameworks and stochastic volatility models.
• Strong knowledge of Credit and Inflation derivatives valuation.
• Proven experience in XVA modelling frameworks (CVA/DVA/FVA/MVA), exposure simulation, collateral modelling and counterparty risk.
• Solid understanding of model calibration techniques and numerical methods (Monte Carlo, PDE, lattice methods, adjoint methods, etc.).
• Strong programming skills in C++ (object-oriented design, STL, performance considerations).
• Good knowledge of Python for prototyping and analytics.
• Experience interacting directly with Trading desks and Risk teams in an international environment.
• Familiarity with model governance processes, internal validation and regulatory requirements.

Education

• MSc in Mathematics, Physics, Engineering or other STEM discipline.
• MSc in Quantitative Finance is a plus.
• PhD in a quantitative field is highly valued.
• Bonus: CQF certification will be highly valuable.

Skills:
Customer Targeting, Empathy, Ethics, Innovation, Proactive Thinking

Excited to grow your career?

BBVA is a global company with more than 160 years of history that operates in more than 25 countries where we serve more than 80 million customers. We are more than 121,000 professionals working in multidisciplinary teams with profiles as diverse as financiers, legal experts, data scientists, developers, engineers and designers.

GLOBAL MARKETS  – QUANT. & BUSINESS SOLUTIONS

Quantitative & Business Solutions (QBS) is a specialized unit within BBVA CIB – Global Markets, dedicated to providing investment banking solutions to clients worldwide. Our team operates across multiple geographies and specializes in various asset classes.

We seek experienced professionals with a strong mathematical and technological background to join our team.

About you:

• You have a technical or scientific background and are seeking a highly technical role, constantly striving for innovation and new challenges.
• You demonstrate a high level of commitment to your work and objectives.
• You are eager to contribute to the decision-making process of projects, sharing your perspective with other specialists. Strong communication skills are essential.
• You thrive in solving complex technical problems in a fast-paced, dynamic environment.
• You embody BBVA’s purpose and values in your professional approach.

About the job:

Skills:
Customer Targeting, Empathy, Ethics, Innovation, Proactive Thinking

At Fitch, we have an open culture where employees are able to exchange ideas and perspectives, throughout the organization, irrespective of their seniority. Your voice will be heard allowing you to have a real impact. We embrace diversity and appreciate authenticity encouraging an environment where employees can be their true selves. Our inclusive and progressive approach helps us to keep a balanced perspective. Fitch is also committed to supporting its employees by advancing conversations around diversity, equity and inclusion. Fitch’s Employee Resource Groups (ERGs) have been established by employees who have joined together as a workplace community based on similar backgrounds or life experiences. Fitch’s ERGs are available to connect employees with others within the organization to offer professional and personal support.

With our expertise, we are not only creating data and information, but also producing timely insights from every angle to influence decision making in this ever changing and highly competitive market. We have a relentless hunger to innovate and unlock the power of human insights and to drive value for our customers. There has never been a better time to make an impact and we invite you to join us on this journey.

The Model Validation Group (MVG) is currently seeking a model validation analyst at Analyst or Senior Analyst level based out of our Toronto office.

The MVG is part of the Criteria Review and Approval Group which reports to the Chief Risk Officer. The core objective of the department is to ensure the quality and consistency of Fitch’s rating criteria and models. The MVG team focuses on reviewing and validating all models used in the credit rating analysis across Fitch Ratings and works closely with the Criteria Officers to review and approve criteria.

What We Offer

 

• Gain valuable credit modeling and validation experience, along with a good understanding of related credit products, their rating methodology, and criteria.
• Develop a solid knowledge of model governance practices and the regulatory environment.

We’ll Count On You To

• Review and validate a wide range of credit rating models, such as default models, cashflow models, capital models, and regression models, covering asset classes including ABS, CMBS, Covered Bonds, RMBS, Structured Credit, Corporates, Financial Institutions, Insurance, and Sovereigns.
• Review model codes and documentation, build replica models, design and execute comprehensive testing (conceptual soundness, performance/back-testing, sensitivity analysis, benchmarking).
• Discuss review outcomes and observations with the model owners, developers, and Criteria Officers.
• Write high-quality validation reports and memos aligning with internal standards and applicable regulatory expectations.
• Contribute to enhancements in validation approaches, testing framework, and automation tools.

What You Need To Have

• Master’s degree in quantitative disciplines or finance.
• 0-3 years of experience in financial modelling/analysis.
• Capability to explain and communicate model review observations and model technical aspects clearly to technical and non-technical audiences.
• Self-motivation with an ability to manage timelines across multiple projects.
• Thorough attention to detail.
• Strong work ethic.

What Would Make You Stand Out

• Demonstrated proficiency in programming in Python, R, VBA for quantitative statistical analysis. Familiarity with common libraries (e.g., pandas, NumPy/SciPy, scikit-learn) and Python object-oriented programming.
• Previous exposure to credit rating analysis or cash flow modelling
• Understanding of model risk management practices
• A Certificate in Quantitative Finance (CQF)