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SalaryJob 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.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
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:
This job is responsible for executing second line of defense Compliance and Operational Risk oversight for a Front Line Unit, Control Function, and/or Third Parties. Key responsibilities include ensuring requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy (collectively “the Policies”), the Compliance and Operational Risk Management Program and Standard Operating Procedures are implemented and identifying, challenging, escalating, and mitigating risks in a timely manner.
Responsibilities:
Assesses risks and effectiveness of Front Line Unit (FLU) processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinations
Engages in activities to provide independent Compliance and Operational Risk oversight of FLU or Control Function (CF) performance and any related third party/vendor relationships in alignment with the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy (collectively the Policies) and the Compliance and Operational Risk Management Program and Standard Operating Procedures
Identifies and escalates problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or Operational Risk losses
Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities
Assists in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines
Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks
Reviews and challenges FLU/CF process, risk, Single Process Inventory, and FLU/CF Risk and Control Self-Assessment related to themes or trends, while monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage
Managerial Responsibilities:
This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.
Diversity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company D&I goals.
Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.
Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.
Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.
People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.
Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.
Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.
Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.
Skills:
Advisory
Monitoring, Surveillance, and Testing
Regulatory Compliance
Reporting
Risk Management
Critical Thinking
Influence
Interpret Relevant Laws, Rules, and Regulations
Issue Management
Policies, Procedures, and Guidelines Management
Business Process Analysis
Decision Making
Negotiation
Process Management
Written Communications
The Compliance and Operational Risk (C&OR) Manager is responsible for engaging in activities to provide independent
Compliance and Operational Risk oversight of Front Line Unit or Control Function (“FLU/CF”) performance and any related
third party/vendor relationships in alignment with the Global Compliance - Enterprise Policy, the Operational Risk
Management - Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management
(“CORM”) Program and Standard Operating Procedures (SOPs). As a member of an FLU or CF C&OR officer team, the C&OR
Manager is accountable for proactive identification, management and escalation of Compliance and Operational Risks
through the execution of some or all of the below identified activities. This role exercises judgment and influence, and may
constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with
appropriate controls.
The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise
Areas of Coverage (“EAC”), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a
global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The
C&OR Manager prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business
leaders in preparation for FLU/CF regulatory exams/audits/inquiries.
The C&OR Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and
outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop,
motivate and retain a team, or may act as an individual contributor.
The C&OR Manager contributes to the requirements of the CORM Program requirements including, but not limited to the
following activities:
Produces and/or oversees the development of independent risk management reporting for respective area(s) of
coverage as input governance and management routines
Provides subject matter expertise to assist the FLU/CF in establishing an annual learning plan, may be accountable
for developing and delivering training content
Develops and maintains C&OR-owned policies and standards and/or provides oversight of FLU/CF-owned policies,
standards and procedures to ensure regulatory and Operational Risk requirements are appropriately addressed,
inclusive of conduct risk as applicable
Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage, advises
business leaders on those changes, directs the appropriate areas to implement or amend policies, standards,
procedures and/or processes to address regulatory requirements, and challenges the implementation plan as
needed; maintains a comprehensive regulatory inventory
Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic
analysis on FLU/CF-owned issues and control enhancements
Ensures C&OR “owned” issues and control enhancements are identified and addressed appropriately and timely
Contributes to or leads development of risk coverage plans, executes and / or oversees execution of independent
risk monitoring, testing and risk assessments, communicates results
Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self Assessment (RCSA)
Reviews and challenges internal and external operational loss events, including development of remediation plans
to strengthen controls, and approves where appropriate
Participates in Scenario Analysis activities for coverage areas and challenges as appropriate
Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric
performance and breach remediation
To be successful in this role, the candidate needs specific GFC knowledge as outlined below. Ideally, the candidate would also have Risk Officer skills/experience as outlined for job code KC112. These skills will allow the risk officer to successfully review and challenge MRIA remediation efforts as well as build out additional coverage of GFC.
Required Skills:
Knowledge of the Bank Secrecy Act (BSA) program requirements and pillars
Detailed knowledge of transaction monitoring system (TM) and ideally, Event Processor (EP) logic including thresholds, suppression logic, red flags and requirements under the LRRs
Working knowledge of FLU AML processes that feed TM system
Knowledge of client risk rating process and design
Knowledge of investigations and SAR filing requirements
Knowledge of GFC investigations QA/QC practices and design
Knowledge of GFC metrics (KPIs, KRIs, Risk appetite, QA/QC) including design and implementation
10+ Years experience in Risk Management with 5+ years in GFC
Desired Skills:
Knowledge of the GCOR Program with an emphasis on monitoring, testing and risk assessment
Knowledge of governance and reporting practices including escalation best practices and guidelines
Knowledge of issue management requirements
Ability to effectively review and challenge work done by the FLU/CF (in this case GFC)
Vendor management
Model Risk
Shift:
1st shift (United States of America)Hours Per Week:
40
