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Bank Of America Risk Management Specialist United States, North Carolina, Charlotte 483878837
This job is responsible for assisting in providing risk oversight and advice to the Line of Business (LOB) on risk management issues. Key responsibilities include monitoring and adhering to risk management policies, limits, standards, controls, metrics and thresholds within the defined corporate standards, assisting in conducting execution of risk framework activities including independent monitoring and testing of controls and risk management processes for the LOB. Job expectations include the ability to recognize all risk categories including credit, market, operational, and compliance.
Responsibilities:
- Assists in establishing and overseeing the risk management governance structure for the Line of Business (LOB)
- Assists in conducting execution of risk framework activities including monitoring and testing of controls and risk management processes for the LOB
- Liaisons with businesses to understand market trends and impacts on portfolio, using knowledge of stress testing and its applicability to risk categories
- Ensures adherence to the policies and procedures established by the company
- Supports the management of risk requests, breach remediations and providing risk effective challenges for front line units
Skills:
- Analytical Thinking
- Credit and Risk Assessment
- Critical Thinking
- Portfolio Analysis
- Decision Making
- Oral Communications
- Presentation Skills
- Technical Documentation
- Written Communications
- Active Listening
- Issue Management
- Liquidity Management
- Monitoring, Surveillance, and Testing
- Regulatory Compliance
Enterprise Financial Risk (EFR) Overview
EFR Division: Liquidity Risk ManagementKey Responsibilities
• Active Liquidity Risk management through engagement with Corporate Treasury Liquidity Management, LOB Risk and the FLUs
• Identification of Risks, including severity and likelihood as well as review & challenge the Line of Business
• Define the Liquidity Risk Limits and Early Warning Indicators (EWI); up-front engagement of Liquidity Risk & LOB team and approval via senior executives and broker-dealer Board of Directors, as appropriate. Monitor and notify or escalate limit breaches and EWIs triggered, as required
• Stress testing assumptions and Models
o Coordination and independent challenge of liquidity assumptions / interpretations including Internal Stress Assumptions, Liquidity Coverage Ratio (LCR)
o Overview of product and legal entity Liquidity Stress Tests and Balance Sheets by Currency
o Coordination and independent challenge, in partnership with our Recovery and Resolution Planning (RRP) colleagues, of liquidity risk assumptions and plan documentation
o Participation in Liquidity Stress Modelling process including preparation of a Risk Point of View prior to approval of assumptions by the Market and Liquidity Risk Committee
o Ensure limits are set based on specific analysis of the risk factors or are in line with the Liquidity Stress tests.
o Understand the results expected from limit setting and review methodology used to ensure results were as expected. Design and execute analysis to develop independent view of the appropriateness of the limits.• Lead deep dives to identify issues not captured by existing processes, and to fully understand risks and potential opportunities for enhancements
• Lead Independent Risk assessments of the liquidity risk management framework (e.g., Intraday under business as usual and stress scenarios)
• Review Contingent Funds Transfer Pricing and whether it is driving the desired control and behavior
• Review and contribute to policies, protocols, and procedures (active engagement as policies are updated)
• Review new products, where liquidity risk is impacted
• Perform regular reviews to ensure the remaining liquidity risk processes and reporting is appropriate for the Equity and Financing businesses and any concerns are appropriately escalated to senior management. Perform independent analysis to generate an independent viewpoint and document appropriate challenge(s).
• Support corporate-wide liquidity related initiatives and serve as a Subject Matter Expert on Equity and Financing-related liquidity topics.Core Competencies
• Communication- Can articulately paint pictures & visions of possibilities and likelihoods. Ability to communicate with SMEs as well as senior management and adapt message accordingly.
• Resilience- Deals effectively with pressure; remains optimistic and persistent, even under adversity. Recovers quickly from setbacks. On occasion required to take an unpopular stand
• Collaboration- Develops networks and builds alliances; collaborates across boundaries to build strategic relationships and achieve common goals. Influencing and negotiating across CFO partners, as well as EFR organization, Compliance & OpRisk, and other verticals (GBAM and Banking) risk colleagues
• Interpersonal Skills- Treats others with courtesy, sensitivity, and respect. Considers and responds appropriately to the needs and feelings of different people in different situations and locations.
• Leveraging Diversity- Fosters an inclusive workplace where diversity and individual differences are valued and leveraged to achieve the vision and mission of the organization. Exposure and involvement with Employee Engagement initiatives including supporting Diversity & Inclusion effortsKey Requirements
• Intellectual curiosity and learning agility to accurately interpret, understand and evaluate a variety of risks across multiple risk types and interconnectivity between risk types
• Strong technical and analytical skills (including both analysis of financial data and written reports)
• Talks and writes in a clear, concise, organized, and convincing manner for the intended audience
• Strong business-centric mindset with ability to utilize sound business judgment and tailor approach to drive optimal business outcomesCritical Success Measures
• Deliver against the book of work for Enterprise Liquidity Risk Management
• Ensure that we are providing appropriate monitoring and analysis that allow us to support high quality risk insights
• Connection to and execution of responsibilities of the independent risk function
Key Requirements
• Intellectual curiosity and learning agility to accurately interpret, understand and evaluate a variety of risks across multiple risk types and interconnectivity between risk types
• Strong technical and analytical skills (including both analysis of financial data and written reports)
• Talks and writes in a clear, concise, organized, and convincing manner for the intended audience
• Strong business-centric mindset with ability to utilize sound business judgment and tailor approach to drive optimal business outcomes
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