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Compliance and Operational Risk Specialist

Bank of America

Bank of America

Legal
Chicago, IL, USA · Charlotte, NC, USA · United States · Remote
Posted on Wednesday, June 19, 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!

Job Description:
This job is responsible for supporting the execution of the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy and the Compliance and Operational Risk Management Program. Key responsibilities include assisting with identifying, escalating, and mitigating risks in a timely manner, supporting engagement and Control Functions (FLU/CF) leaders globally, coordinating with the FLU/CF Compliance and Operational Risk Officer teams, identifying themes and trends, conducting analysis for new and emerging risks.

Responsibilities:

  • Assists in assessing risks, associated controls and their effectiveness, driving compliance with applicable laws, rules and regulations and adhering to policies, and developing reporting and documentation
  • Engages 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 Program and Standard Operating Procedures
  • Assists in identifying and escalating problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses, and may assist with opening new issues in the centralized issues tool
  • Maintains an inventory of processes, risks, and controls and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities
  • Assists in responding to regulatory inquiries and other audits and examinations including monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintain a comprehensive regulatory inventory, while supporting communication of regulatory changes to the FLU/CF and ensuring that policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirements
  • 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: Creates an inclusive team where members are treated fairly and respectfully.
  • Manager of Process & Data: Demonstrates and expects process knowledge, data driven decisions, simplicity and continuous improvement.
  • Enterprise Advocate & Communicator: Delivers clear and concise messages that motivate, convey the “why” and connects contributions to business results.
  • Risk Manager: Leads and encourages the identification, escalation and resolution of potential risks.
  • People Manager & Coach: Knows and develops team members through coaching and feedback.
  • Financial Steward: Manages expenses and demonstrates an owner’s mindset.
  • Enterprise Talent Leader: Recruits, on-boards and develops talent, and supports talent mobility for career growth.
  • Driver of Business Outcomes: Delivers results through effective team management, structure, and routines.

Skills:

  • Analytical Thinking
  • Regulatory Compliance
  • Reporting
  • Risk Management
  • Written Communications
  • Active Listening
  • Adaptability
  • Issue Management
  • Monitoring, Surveillance, and Testing
  • Policies, Procedures, and Guidelines Management
  • Advisory
  • Business Process Analysis
  • Interpret Relevant Laws, Rules, and Regulations
  • Process Management

The Non-Financial Regulatory Reporting (NFRR) Enterprise Area of Coverage (EAC), within Global Operations Compliance and Operational Risk, is looking for a Compliance and Operational Risk Specialist to provide second-line oversight of NFRR for the America’s (AMRS) region.

The team

The NFRR EAC has enterprise-wide responsibility for Compliance & Operational Risk (C&OR) coverage of regulatory reporting aligned to and in support of bank’s business segments such as trading, banking, and consumer. The team is based in several locations globally, including New York, Charlotte, and London.

The team operates in a technically complex, fast-changing, and dynamic environment with an excellent culture of growth, learning and development. By joining this team, you will gain exposure to colleagues and senior managers in many business segments (Global Markets, Consumer, Global Wealth, and Investment Management, etc.), Operations, Technology, Risk, Legal and Audit globally.

Overview of the role

This role is responsible for C&OR coverage of the end-to-end activities related regulatory reporting for the AMRS region, which include understanding of how the business segments operate (e.g. trading) and the underlying regulatory requirements which govern those activities. This primarily includes, but is not limited to, Futures industry reporting covering Large Trader, Open Interest, Customer Gross Margin, Client Segregation Requirements, etc., as well as other specific NFRRs covering primarily Securities Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) jurisdictions.

Day-to-day activities will include (but not limited to):

  • Advising the Business, Operations, and other stakeholders with the interpretation of NFRR regulatory requirements
  • Coordinating and engaging with other C&OR officers to provide comprehensive oversight of NFRR FLU/CF activities.
  • Reviewing & challenging the bank’s implementation of NFRR, including the control framework
  • Assessing new NFRR regulations, including interpretation and communication of changes, to ensure effective implementation by the bank.
  • Assisting the FLU/CF with the development of risk metrics, monitors related performance and breach remediation.
  • Developing new monitoring and testing activities covering NFRR accuracy, completeness and/or timeliness
  • Conducting monitoring and targeted assessments
  • Reviewing results of tests executed by the Enterprise Independent Testing team.
  • Assessing additional training needs relating to NFRR
  • Reviewing the bank’s policies relating to NFRR, including the development and maintenance of C&OR-owned policies
  • Working with Business and Operations stakeholders and C&OR teammates globally to promote consistency and best-in-class practices.

What we are looking for

The successful candidate should have the following attributes:

  • Minimum 3-5 years of work experience in a Compliance and/or Operational Risk function
  • Exposure to the Futures industry, with 3-5 years of work experience within a Futures Commission Merchant (FCM) or in support of FCM activities, having familiarity with regulatory reporting obligations and respective Futures industry Rules & Regulations.
  • Logical thinker who can make rational, evidence-based decisions while knowing when to escalate, as necessary.
  • A flexible and solution driven perspective, and a determination and desire to find answers to complex issues.
  • Ability to understand the translation of laws, rules and regulations into business requirements, processes, and controls.
  • Strong written and oral communication, including the ability to articulate complex issues in a simple way and to interact with senior stakeholders effectively, confidently and with empathy. Keen attention to detail
  • Enthusiastic, responsible, and dependable team player who is also able to work independently and take ownership of their area.
  • Collaborator with good interpersonal skills who proactively builds relationships, with the agility and resilience to deliver results in a fast-paced, evolving space.
  • Strong knowledge of financial markets, banking industry, equities, and derivative products
  • Strong technical and data analytical skills (i.e., Excel and similar applications) with experience in analyzing, managing, and reporting from large sets of structured data (e.g., books and records data)
  • Demonstrates intellectual curiosity and drives operational excellence.
  • Ability to demonstrate a high level of integrity with a mature approach to work.

Desired Qualifications:

  • Experience interacting with regulatory agencies and/or regulatory exams.
  • Regulatory reporting experience and/or experience in a global markets regulatory reporting environment.
  • Experience in technology implementation projects including involvement in building new or enhancing existing systems to meet complex reporting requirements .

Shift:

1st shift (United States of America)

Hours Per Week:

40