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Country Compliance and Operational Risk Specialist

Bank of America

Bank of America

Legal
Frankfurt, Germany · United States · Remote
Posted on Monday, June 3, 2024

Job Description:

Job Title: Country Compliance and Operational Risk Specialist

Corporate Title: AVP

Location: Frankfurt

Company Overview:

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!

The Team:

The EU Compliance and Operational Risk team have a fantastic mix of tenure with the Bank, which provides for good legacy knowledge and good exchange of ideas. We are proud of the high commitment to excellence and the culture of compliance. The team members are excellent partners to the business and assist in steering consistently good results.

Role Description:

  • The Country Compliance and Operational Risk (C&OR) Specialist is responsible for execution the Global Compliance and Operational Risk (GCOR) Program in the country, delivering each element on time, and to the required standard, including the effective review and challenge of Front-Line Units and Control Functions
  • Proactively engage with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage to support in providing comprehensive oversight of the business’ respective operations and activities
  • Preparing materials for C&OR regulatory exams/audits/inquiries and supports in providing consultation to Front-Line Units / Control Functions
  • The focus of this role is to conduct a 2nd line of defense oversight of different businesses, participate in the development of compliance and operational risk procedures, assist in management routines, reporting, assist in compliance and operational risk issues
  • The role is part of the Compliance Function of the BofA Europe DAC, a significiant financial institutions, headquartered in Dublin and member of the EU Country Compliance & Operational Risk team.

Responsibilities:

  • Support in development and maintance of C&OR-owned policies, standards and procedures and/or oversight of business-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive conduct risk where applicable
  • Monitor the regulatory environment to identify regulatory changes applicable to areas of coverage, advise on those changes, support in directing the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; support in maintaing a comprehensive regulatory inventory
  • Support in performing compliance and operational risk reviews and assessments
  • Monitoring, testing and working with Testing and surveillance teams
  • Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and perform thematic analysis on business-owned issues and control enhancements
  • Ensures C&OR “owned” issues and control enhancements are identified and addressed appropriately and timely
  • Contributes to development of risk coverage plans, executes monitoring, testing, risk assessments, communicates results to stakeholders
  • Reviews and challenges to business processes, new products, risk identification, control inventory and Risk & Control Self Assessments
  • Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls
  • Support in ensuring metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation

What we are looking for:

  • Knowledge and experience at a global financial institution(s) (involvement in Compliance or Risk Management preferred) or regulatory background
  • Experience in working with international, cross-border teams
  • Understanding of compliance and risk management frameworks in the European Union
  • Experience on the practical implementation of regulations
  • Solution driven, confident, highly motivated and able to work independently
  • Demonstrate intellectual curiosity and focused on continues learning and skill development
  • Must be fluent in German and English (additional language of an EU member state is a plus)
  • Proficient with technology and systems
  • Being confortable with change and adjust to dynamically changing demands and requirements
  • Good attention to detail and accuracy

Bank of America:

Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

We are an equal opportunities employer and ensure that no applicant is subject to less favourable treatment on the grounds of sex, gender identity or gender reassignment, marital or civil partner status, race, religion or belief, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants or physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.

We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements.