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 the execution of the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy and the Compliance and Operational Risk Management (CORM) Program. Key responsibilities include identifying, escalating, and mitigating risks in a timely manner, engaging with Front Line Units and Control Functions (FLU/CF) leaders globally, coordinating with the FLU/CF Compliance and Operational Risk Officer teams, executing the CORM Program and the Policies, identifying themes and trends, and conducting analysis for new and emerging risks.
Responsibilities:
Assesses risks, associated controls and their effectiveness, driving compliance with applicable laws, rules, and regulations and adhering to policies
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
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, including opening new issues based on risk severity in the centralized issues tool
Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities
Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks including monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintaining 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
Responds to regulatory inquiries, other audits, and examinations and identifies regulatory training needs supporting the development of the training curriculum
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:
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.
Driver of Business Outcomes: Delivers results by effectively prioritizing, and inspecting teamwork
Skills:
Advisory
Regulatory Compliance
Reporting
Risk Management
Written Communications
Active Listening
Analytical Thinking
Interpret Relevant Laws, Rules, and Regulations
Negotiation
Policies, Procedures, and Guidelines Management
Adaptability
Business Process Analysis
Issue Management
Monitoring, Surveillance, and Testing
The EAC C&OR Manager will have the opportunity to become a catalyst in helping with the build out the sustainability of GCOR oversight for section 1071 of the Dodd- Frank Act. This individual will help to enforce and implement the expectations of our Front-Line Units regarding the appropriate data collection to ensure compliance with the regulation. Additionally, they will also provide oversight inclusive of testing of the bank’s Small Farm portfolio to ensure the appropriate reporting for the Community Reinvestment Act.
The EAC C&OR Manager assists in engaging other C&OR officers, including horizontal coverage owners and EAC, to provide comprehensive oversight of the Front-Line Unit and Control Function (FLU/CF) activities. This role assists in developing and maintaining an enterprise coverage plan which defines the scope and risk-based focus of the second line’s risk management activities regarding Small Business and Small Farm data integrity. The EAC C&OR Manager also assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries
Activities this role performs for their area of coverage include, but are not limited to:
Produces and/or oversees the development of independent risk management reporting as input into governance and management routines for Dodd- Frank section 1071
Contributes to participation in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny, litigation and key influencers (trade associations, PACs, lobbyists, consumer groups, and media) in the EAC subject area to identify and mitigate emerging risk
Identifies regulatory training needs and provides subject matter expertise to support the development of training curriculum
Develops and maintains C&OR-owned policies/standards and reviews relevant FLU/CF-owned policies and standards to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable
Monitors the regulatory environment to identify 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 monitoring, testing and risk assessments, and communicates results
Reviews and challenges the FLU/CF process, risk, control, single process inventory (SPI) and FLU/CF Risk & Control Self-Assessment (RCSA) related to EAC themes or trends
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
The EAC Compliance and Operational Risk Manager, under supervision, is an individual contributor and member of an EAC Compliance and Operational Risk team. This role is responsible for providing enterprise-wide oversight of specific laws, rules, regulations, and regulatory guidance, such as those related to Dodd- Frank section 1071 and the Community Reinvestment Act through the identification, escalation, and timely mitigation of compliance risks in alignment with the Compliance Risk Management (CRM) Program and the Global Compliance and Operational Risk Enterprise Policy (GCOR Policy).
The EAC Compliance and Operational Risk Manager will be responsible for but not limited to:
Executes elements of the bank’s risk wheel (developing and managing a monitoring and testing portfolio and related metrics including effectiveness of the front line unit, issues (identification, management and escalation), assisting with preparations and responses for frequent regulatory exams, audits and regular challenge of the FLU (initiatives, issue action plans, effectiveness of flu controls and results etc.), managing Dodd- Frank section 1071 training content, new products/services/initiatives oversight and reporting/escalation
Interact directly with FLU and Business Control executives providing direction and oversight
Completing the annual Global Compliance and Operational Risk Assessment
Support preparations for regulatory exams and audits, inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed for Front Line Unit and Control Function
Identify Dodd- Frank section 1071 compliance training needs and inspect FLU/CF and third party participation
Required Skills:
7+ years’ experience in one or more of the following: banking compliance risk
management, financial technology, banking business controls, audit, regulatory examining, data management
Understanding of the customer and/or product lifecycle
Understanding of business processes and controls
Risk assessment skillset to enable evaluation of processes and other operational risks, identification of controls and determination of gaps and weaknesses
Strong written/verbal communication skills with the ability to communicate issues/concerns and recommend corrective course of action
Intellectual curiosity, out of the box thinking and the ability to exercise independent judgement to identify areas of risk coupled with the ability to analyze data, logical reasoning, and problem solving, risk vs. reward skills to effectively and objectively investigate/evaluate areas of risk
Must have good time management skills and the ability to manage multiple priorities in a fast-paced environment
Ability to work well and collaboratively as part of a team and function independently when required
Capability to effectively influence risk direction and willingness to take a stand when required
Desired Skills:
Risk, testing, compliance, audit experience, or consumer regulatory examining experience
Leadership experience/capabilities/ability to manage cross-functional teams and ensure timely completion of compliance-related initiatives
Proficiency in creating and delivering presentations to stakeholders of all levels
Must be a self-starter, flexible, innovative, and adaptive
Highly motivated with strong analytical skills and high attention to detail and accuracy
Demonstrated ability to influence, drive change and resolve conflicts
Excellent project management and organizational skills and capability to handle multiple projects at one time
Knowledge of industry trends, challenges, direction, and regulatory considerations regarding anti-discrimination in consumer protection
Knowledge of common/general banking products, services, and systems
Bachelor’s degree preferred
Shift:
1st shift (United States of America)Hours Per Week:
40