COMPLIANCE AND OPERATIONAL RISK MANAGER - TRADE SURVEILLANCE

Company: Bank of America
Location: Pennington
Posted on: September 4, 2024

Job Description:

Compliance and Operational Risk Manager - Trade SurveillanceCharlotte, North Carolina;Dallas, Texas; Pennington, New Jersey; Westlake Village, CaliforniaJob 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 executing second line of defense compliance and operational risk oversight for Global Compliance and Operational Risk. Key responsibilities include ensuring requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy (collectively "the Policies"), the Compliance and Operational Risk Management Program and Standard Operating Procedures are implemented and identifying, challenging, escalating, and mitigating risks in a timely manner.Responsibilities:Assesses risks and effectiveness of Global Compliance and Operational Risk processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinationsEngages in activities to provide independent compliance and operational risk oversight of Global Compliance and Operational Risk 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 ProceduresIdentifies 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 lossesManages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activitiesAssists in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routinesAnalyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risksReviews 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 coverageEnsures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.Skills:AdvisoryMonitoring, Surveillance, and TestingRegulatory ComplianceReportingRisk ManagementCritical ThinkingInfluenceInterpret Relevant Laws, Rules, and RegulationsIssue ManagementPolicies, Procedures, and Guidelines ManagementBusiness Process AnalysisDecision MakingNegotiationProcess ManagementWritten CommunicationsThe Compliance and Operational Risk (C&OR) Manager is responsible for engaging 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; ("CORM") Program and Standard Operating Procedures (SOPs). As a member of an FLU or CF C&OR officer team, the C&OR Manager is accountable for proactive identification, management and escalation of compliance and operational risks through the execution of some or all of the below identified activities. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage ("EAC"), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second line's risk management activities. The C&OR Manager prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business leaders in preparation for FLU/CF regulatory exams/audits/inquiries. The C&OR Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.The C&OR Manager contributes to the requirements of the CORM Program requirements including, but not limited to the following activities:Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input governance and management routinesProvides subject matter expertise to assist the FLU/CF in establishing an annual learning plan, may be accountable for developing and delivering training contentDevelops and maintains C&OR-owned policies and standards and/or provides oversight of FLU/CF-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicableMonitors the regulatory environment to identify regulatory 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 inventoryIdentifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancementsEnsures C&OR "owned" issues and control enhancements are identified and addressed appropriately and timelyContributes to or leads development of risk coverage plans, executes and / or oversees execution of independent risk monitoring, testing and risk assessments, communicates resultsReviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self Assessment (RCSA)Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriateParticipates in Scenario Analysis activities for coverage areas and challenges as appropriateEnsures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediationTo be successful in this role, the candidate should have Information Wall and Control Room knowledge as outlined below. These skills will allow the risk officer to successfully review and challenge issue remediation efforts as well as build out additional coverage of the Control Room.Required SkillsKnowledge of the GCOR Program with an emphasis on monitoring, testing and risk assessmentKnowledge of governance and reporting practices including escalation best practices and guidelinesKnowledge of issue management requirementsAbility to effectively review and challenge work done by the FLU/CFTrade Surveillance experienceDesired Skills10+ Years experience in Risk Management requirement with 5+ years related to Control RoomBachelor's Degree or equivalent experienceShift:1st shift (United States of America)Hours Per Week:40Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.To view the EEO is the Law poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .To view the EEO is the Law Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf) .View the LA County Fair Chance Ordinance .Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy ("Policy") establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.To view Bank of America's Drug-free Workplace and Alcohol Policy, CLICK HERE .This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.

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