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Bank Of America EAC Compliance & Op Risk Specialist United States, New Jersey 365319528
This job is responsible for supporting the execution of the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy and the Compliance and Operational Risk Management Program. Key responsibilities include assisting with identifying, escalating, and mitigating risks in a timely manner, supporting engagement and Control Functions (FLU/CF) leaders globally, coordinating with the FLU/CF Compliance and Operational Risk Officer teams, identifying themes and trends, conducting analysis for new and emerging risks.
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
Skills:
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
The NFRR Enterprise Area of Coverage (NFRR EAC) Compliance & Operational Risk (C&OR) Specialist is an individual contributor member of an NFRR EAC C&OR team that is responsible for enterprise-wide oversight of processes, controls, laws, rules, and/or regulations that have enterprise-wide applicability, affecting two or more Front Line Units or Control Functions (“FLU/CF”), with respect to the non-financial regulatory reporting (“NFRR”) area of coverage. Responsibilities include identifying, escalating and mitigating risks in a timely manner in alignment with the Enterprise Regulatory Reporting Policy, C&OR Management (“CORM”) Program, with the Global Compliance -- Enterprise Policy, the Operational Risk Management -- Enterprise Policy (collectively “the Policies”), delivering on the other requirements in the Policies and providing support and guidance regarding the interpretation of NFRR laws, rules and regulations.
The NFRR EAC C&OR Specialist assists in engaging other C&OR officers, including horizontal coverage owners and NFRR EAC, to provide comprehensive oversight of NFRR FLU/CF activities and support for NFRR regulatory change. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The NFRR EAC C&OR Specialist 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:
Assists in the development of independent risk management reporting as input into governance and management routines
Assists with the oversight of FLU/CF training, which may include content development and/or tracking and communication of completion rates
Assists with the development and maintenance of C&OR-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 regulatory changes applicable to area(s) of coverage and maintains a comprehensive regulatory inventory; may support 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
Analyzes NFRR laws, rules and regulations to determine regulatory reporting requirements and their applicability to BAC
Supports front-line teams, report owners and technology teams to: capture applicable regulations within regulatory reporting database; derive relevant business requirements from applicable regulatory requirements; source and map applicable reporting data; and determining the jurisdictions, legal entities, businesses and products in scope for applicable regulatory reporting requirements
Prepares regulatory interpretations and drives interpretive decisions, as needed, from BAC management, legal, GCOR and from regulators and other third parties, and maps interpretations against applicable reporting regulations
Evaluates regulatory changes for impact upon NFRR regulatory requirements, business requirements and reporting data
Assists in identifying, aggregating, reporting, escalating, inspecting and challenging remediation plans, and performing thematic analysis on FLU/CF-owned issues and control enhancements
Assists in remediating C&OR “owned” issues and control enhancements
Executes C&OR Monitoring, Testing, and Assessments; communicates results
Reviews and challenges the FLU/CF Single Process Inventory and FLU/CF Risk & Control Self-Assessment (RCSA)
Supports the review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls
Assists with the development of risk metrics, monitors related performance and breach remediation
Required Skills:
3 years of Business & Functional Experience
Bachelor's Degree or equivalent experience
Experience in banking or brokerage industries, In depth knowledge of or certification in law, rule, regulation pertaining to regulatory reporting and/or knowledge of global banking & markets, global wealth management or Consumer/Retail products, services and operations.
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