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.
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Job Description:
This Global Compliance and Operational Risk (GCOR) role is part of the cross-product program team supporting GCOR coverage of Global Corporate & Investment Banking, Global Commercial Banking, Business Banking, Enterprise Payments, Global Research and Enterprise Credit (collectively "Global Banking & Payments").
This newly-formed team executes cross-product program activities (e.g., data, privacy) as well as supports Global Banking and Payments GCOR officers covering each of the seven front line units (FLUs) within Global Banking and Payments. Examples of potential responsibilities include generating reporting regarding program elements for the Global Banking & Payments team, providing updates regarding new enterprise initiatives or requirements, assisting with regulatory exams, updating policies or drafting policies and procedures required for the team to execute its program, ensuring consistent results and output from the Global Banking and Payments GCOR FLU officers covering. This team also becomes subject matter experts on certain GCOR Program Elements as well as Enterprise requirements (e.g., Single Process Inventory, third-party requirements) relevant to Global Banking and Payments.
Other general responsibilities may include:
• Respond to regulatory inquiries, other audits, and examinations
• Engage in activities to provide independent compliance and operational risk oversight of FLU 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
• Identify and escalate problems or issues that arise and drive actions to address the root causes that lead to compliance risk issues and/or operational risk losses
• Assist in the development of independent risk management reporting
The role will be required to become familiar with all of GCOR program elements, generally understand the business activities of the FLUs in Global Banking & Payments, and coordinate the program elements across these businesses.
Organization, teamwork, an eagerness to learn new things, and the ability to execute in the face of complexity are critical for this role.
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
Required and Desired Candidate Qualifications :
7+ Years of Experience
Bachelor's Degree; May require regulatory
examination/registration or certification depending on
jurisdiction and role
Financial Services or similarly regulated sector
Shift:
1st shift (United States of America)
Hours Per Week:
40