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Regulatory Business Controls Manager - Retail Business Enablement & Controls, Lending

Bank of America

Bank of America

Legal
Charlotte, NC, USA · Multiple locations · United States · Remote
Posted on Wednesday, June 5, 2024

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. 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 Business Control Manager is part of the Regulatory Business Controls team within the Retail Business Enablement & Controls organization. This position will be responsible for providing regulatory support and internal control discipline for Lending products, primarily for Mortgage Lending products. This position provides regulatory expertise and guidance for several regulations including, but not limited to, Fair Lending, Home Mortgage Disclosure Act (HMDA), and Equal Credit Opportunity Act (ECOA); as it relates to external exams, internal audits, issue and project engagement, assessments, monitoring and metric oversight and regulatory reporting. This role influences across multiple levels of management and provides direction to the front line units. Incumbents typically have over 5+ years of risk management and/or FLU/ECF experience.

• Monitor and influence the control environment to drive adherence to regulatory requirements and enterprise standards

• Provide regulatory direction and SME support including assessments, impact analysis and implementation of regulation and policy changes

• Actively engage in process change initiatives to ensure solutions result in compliant outcomes with meaningful, sustainable controls

• Analyze compliance testing, monitoring reports, and other testing results to identify primary root cause of errors and escalate for remediation

• Interface with Global Compliance and Operational Risk (GCOR) and Legal partners to provide the business point of view on regulatory topics

• Identify issues and/or control improvements for remediation

• Perform assessments of compliance against regulatory requirements and enterprise policies

• Coordinate with partners and stakeholders to ensure end-to-end process engagement

• Provide audit and exam support

• Acts as an ambassador of the risk culture

Required Qualifications:

Minimum of 5 years of relevant work experience with a working knowledge of lending regulations, as well as lending processes

• Ability to read and understand complex matters, anticipate risks, and summarize key information

• Demonstrated ability to think strategically and execute tactically.

• High attention to detail and strong organizational skills with the ability to prioritize requests and workload accordingly.

• Ability to read and understand complex matters, anticipate risks, and summarize key information

• Influence horizontally and vertically across the organization and diverse audiences

• Strong written and verbal communication skills

• Self-starter with excellent anticipation skills, problem solving, follow-up

• Demonstrated dependability and ability to act with a sense of urgency

• Ability to interact with people at all levels of the organization

• Ability to work well under pressure, adapt to unexpected events, prioritize and multi-task in a deadline driven environment

• Ability to work in a fast paced and complex environment

• Ability to deal with sensitive data and maintain confidentiality

• Ability to identify risks and ways to mitigate those risks

• Exhibits strong relationship management and interpersonal skills

Desired Qualificaions:

• 8+ years of risk management or business control experience

• Mortgage lending regulation expertise, specifically related to Home Motgage Disclosure Act (HMDA), Equal Credit Opportunity Act (ECOA) and Fair Lending

• Process Improvement and six-sigma and/ or data analysis experience

• Capable of performing complex analyses and formulating solutions independently

• Experience with root cause analysis

• Experience working with internal and external auditors

Enterprise Job Description:
This job is responsible for leading and executing on internal control discipline and operational excellence within a Line of Business (LOB) or Enterprise Control Function (ECF). Key responsibilities include executing LOB or ECF processes and tools to drive adherence to enterprise-wide standards. Job expectations include supporting the implementation of quality assurance and quality control processes within the LOB or ECF through ongoing monitoring and testing of controls, identifying issues and control improvements for remediation, and building out actions plans and milestones.

Responsibilities:

  • Leads the assessment of the design and effectiveness of the risk and control environment to support Client Operational Services and ensure adherence to enterprise-wide standards
  • Performs monitoring and testing of controls, identifying issues and control improvements for remediation
  • Leads the implementation of optimized controls and enhanced Quality Assurance (QA) practices to support business continuity efforts
  • Manages the performance and productivity of team members that conduct quality inspection reviews
  • Ensures timely execution of QA activities including control execution, case management, and results reporting
  • Manages and reviews all operations front line unit responses for regulatory exams, internal audits, and other monitoring and inspection reviews
  • Ensures accuracy of data and that relevant information is captured for inspection metrics to support governance for dashboard reporting

Additional Skills Used:

  • Controls Management
  • Oral Communications
  • Risk Management
  • Stakeholder Management
  • Strategy Planning and Development
  • Continuous Improvement
  • Drives Engagement
  • Influence
  • Strategic Thinking
  • Talent Development
  • Data and Trend Analysis
  • Decision Making
  • Monitoring, Surveillance, and Testing
  • Problem Solving
  • Quality Assurance

Shift:

1st shift (United States of America)

Hours Per Week:

40