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Bank Of America Compliance Operational Risk Specialist United States, North Carolina, Charlotte 304788573
29.08.2024
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
- 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.
- 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
- 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.
- 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.
- 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.
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