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Bank Of America EAC Compliance & Op Risk Specialist 
United States, New Jersey 
365319528

25.06.2024


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.

1st shift (United States of America)