Business Analyst - Market Risk / FRTB IMA - CRISIL

We are seeking an experienced Business Analyst (BA) to support a leading investment banking client in their Fundamental Review of the Trading Book (FRTB) – Internal Models Approach (IMA) implementation program. The ideal candidate will have hands-on experience in FRTB implementation, strong understanding of market risk frameworks, and expertise in market data, time series analysis, and regulatory metrics such as P&L Attribution (PLA/PAT) and Risk Factor Eligibility Test (RFET). Key Responsibilities • Work closely with Front Office, Risk, IT, and Quant teams to support FRTB IMA implementation. • Gather, analyze, and document business and functional requirements related to market risk and FRTB regulations. • Support implementation of P&L Attribution Tests (PAT/PLA) and Risk Factor Eligibility Test (RFET) frameworks. • Analyze and validate market data inputs, time series construction, data gaps, and modellability requirements. • Perform data analysis and reconciliation across systems to ensure regulatory compliance. • Collaborate with IT teams on system enhancements, data pipelines, and model integration. • Assist in UAT planning, execution, and defect tracking. • Produce high-quality documentation including BRDs, FRDs, process flows, and test cases. • Engage with stakeholders to ensure alignment with BCBS FRTB regulatory requirements. • Support regulatory reporting and audit queries. Required Skills & Experience • Strong experience as a Business Analyst in Market Risk / Investment Banking domain. • Proven hands-on experience in FRTB (IMA) implementation. • In-depth understanding of: • Market risk concepts (VaR, ES, sensitivities, etc.) • P&L Attribution Test (PAT/PLA) • Risk Factor Eligibility Test (RFET) • Market data & time series modelling • Hands-on experience in data analysis using Python (pandas, numpy, etc.). • Strong SQL/data querying skills. • Experience working with large datasets and risk systems. • Excellent stakeholder management and communication skills. • Familiarity with regulatory frameworks (Basel / BCBS). Preferred / Nice-to-Have Skills • Exposure to risk engines (e.g., Murex, Calypso, Athena, or in-house platforms). • Understanding of modellability, stress testing, and ES calculations. • Experience working with quants or model validation teams. • Knowledge of Agile delivery methodologies. Education • Bachelor’s / Master’s degree in Finance, Mathematics, Engineering, or related field.