Job Description:
Job Title: Regulatory Reporting Controller II
Corporate Title: Assistant Vice President
Location: London
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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.
Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates' physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.
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Location Overview:
Our London office is based just a stone's throw from the magnificent St. Paul's Cathedral on bustling King Edward Street. Here you'll find modern workspaces and a state-of-the-art auditorium space. In addition, we're proud to host an onsite restaurant that shares our commitment to sustainability by providing delicious seasonal menus which have been created with the planet in mind. Make sure to take time for yourself and head up to our rooftop terrace and take in the spectacular views across London. Finally, your physical wellness is well-catered for with our onsite gym facilities and medical centre.
The Team:
Global Regulatory Reporting is part of Global Financial Control and is located in the US, UK, Ireland, France and India. The EMEA team for capital reporting currently consists of over 50 people in Europe and India and we are expanding the team. In addition to our regulatory deliverables and projects, we are involved in various activities such as providing capital adequacy impact analysis to various Front Office groups, risk management, model developers and other strategic project groups with the key stakeholders being GRR EMEA country heads, Griffin data ops, IT, front office traders, Data Management, Change Management
Responsibilities:
This is a role in EMEA Regulatory Reporting team.
- FRTB - Implementation of FRTB rule change and updates for capital requirements and external reporting , including model and system testing and development.
- Preparing and reviewing the UK and EU capital calculations and reporting of 3 prudentially regulated entities. The team carries out all standardised and internal model RWA calculations and reporting across UK, France and Ireland.
- Review daily RWA calculations to be incorporated in the daily capital adequacy status sent out to senior managers to support management of UK and EU entities.
- Business Partnering - Collaborate with Front Office, market risk, model developers and other groups on capital management and RWA efficiencies.
- Stakeholder interaction - partnering with internal stakeholders such as Risk, Internal Audit and Compliance
- Leading the team in identifying and remediating process and other issues impacting the Capital Reporting process
- System development (BAU) - Initiation of technology change to support changing rules, and our continuing process to improve efficiency and controls.
- System development (Strategic) - As a user help to define data/ calculation/reporting requirements for an in-flight infrastructure project including analysis tools.
- Helping to oversee the UK and EU capital calculations and reporting of 3 prudentially regulated entities.
- External Regulatory Reporting and Disclosures - Produce the quarterly COREP and other disclosures including manual adjustments, reconciliations, period on period variance analysis for UK and EU entities, presenting these results to management.
What we are looking for:
- Qualified Accountant, CFA or equivalent or a relevant degree or experience
- Extensive experience in a prudential regulatory reporting function in an international financial institution
- Knowledge of the EU and UK regulatory framework, specifically on elements of FTRB market risk and/or CVA.
- Experience in CoRep and Pillar 3 disclosures.
- Understanding of basic Market risk management concepts (diversification, hedging, payoff profiles)
- Established product knowledge including payoff types and product features (KI/KO, structures, futures vs forwards)
- Basic understanding of market conventions, underlying's, and impact of reference data on calculations
- Basic understanding of pricing models and impact on the calculation of FRTB/CVA inputs
- Ability to understand implications of regulatory requirements on technical implementation of the calculations.
- Excellent analytical skills, ability to perform risk drivers' analysis and provide commentary on variance in capital requirements
- Ability to communicate clearly on technical topics with risk management and front office.
- Control focused mentality
- Enthusiastic and self motivated individual with a team focused approach as well as excellent communication skills, both written and verbal.
- Display a willingness to learn through research, enquiry, and escalation.
- Highly proficient in Excel, including the ability to work with large datasets.
- Time management, ability to deal with multiple deadlines.
Skills that will help:
- Experience of using Axiom or other vendor regulatory calculation solutions.
- Alteryx, Tableau and other tools
Benefits of working at Bank of America:
UK
- Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner
- Competitive pension plan, life assurance and group income protection cover if you become unable to work as a result of a disability or health reasons
- 20 days of back-up childcare including access to school holiday clubs and 20 days of back-up adult care per annum
- The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a wellbeing account, travel insurance, critical illness etc.
- Access to an emotional wellbeing helpline, mental health first aiders and virtual GP services.
- Access to an Employee Assistance Program for confidential support and help for everyday matters
- Ability to donate to charities of your choice directly through payroll and the bank will match your contribution
- Opportunity to access our Arts & Culture corporate membership program and receive discounted entry to some of the UK's most iconic cultural institutions and exhibitions.
- Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local community.
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.