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Bank Of America EAC Compliance Operational Risk Manager- Servicemembers Civil Relief Act United States, North Carolina, Charlotte 519475139
This job is responsible for the execution of the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy and the Compliance and Operational Risk Management (CORM) Program. Key responsibilities include identifying, escalating, and mitigating risks in a timely manner, engaging with Front Line Units and Control Functions (FLU/CF) leaders globally, coordinating with the FLU/CF Compliance and Operational Risk Officer teams, executing the CORM Program and the Policies, identifying themes and trends, and conducting analysis for new and emerging risks.
Responsibilities:
Assess risks, the associated controls and their effectiveness, driving compliance with applicable laws, rules and regulations, and adhering to policies
Engage 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
Identify and escalate problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses, including opening new issues based on risk severity
Partner with Legal to analyze and interpret applicable laws, rules and regulations to provide clear and practical advice to stakeholders, and identify and manage risks
Includes monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintaining a comprehensive regulatory inventory
Communicate regulatory changes to the FLU/CF and ensure policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirements
Draft, update and clarify enterprise policy and standards to drive meaningful expectations of front-line units
Develop, review and monitor compliance training to educate and inform key stakeholders.
Monitor applicable FLU/CF activities, routines and results to actively assess FLU/CF controls.
Identify, review, aggregate, report and monitor issues and control enhancements to identify themes and address emerging risks.
Plan, execute and report targeted and annual risk assessments of applicable front-line units.
Respond to regulatory inquiries, other audits and examinations and identify regulatory training needs supporting the development of related curriculum
Review and challenge FLU/CF processes, risks, published documentation 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:
Advisory
Regulatory Compliance
Reporting
Risk Management
Written Communications
Active Listening
Analytical Thinking
Interpret Relevant Laws, Rules, and Regulations
Negotiation
Policies, Procedures, and Guidelines Management
Adaptability
Business Process Analysis
Issue Management
Monitoring, Surveillance, and Testing
Additional Role Responsibilities:
The Enterprise Area of Coverage (EAC) Compliance & Operational Risk (C&OR) Manager is a subject matter expert on specific processes, controls, laws, rules and/or regulations that have enterprise-wide applicability, affecting two or more
Front Line Units (“FLU”) or Control Functions (“CF”). This role is responsible for the execution of the Global Compliance -- Enterprise Policy, the Operational Risk Management -- Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management (“CORM”) Program.
Responsibilities include but not limited to:
Monitor the Regulatory environment for new and changing related Federal and State Regulatory requirements, expectations, and interpretations.
Partner with Legal to interpret Regulatory requirements and Legal precedence into actionable guidance.
Draft, update and clarify enterprise policy and standards to drive meaningful expectations of front-line units.
Develop, review, and monitor compliance training to educate and inform key stakeholders.
Determine applicable business activities and front-line units for ongoing oversight.
Establish, inspect, and maintain risk owned testing to identify emerging risks.
Monitor applicable frontline unit activities, routines, and results to actively assess front-line unit controls.
Identify, review, aggregate, report and monitors issues and control enhancements to identify themes and address emerging risks.
Plan, execute and report targeted and annual risk assessments of applicable front-line units.
Participate in Audits and Regulatory examinations including response preparation, reviews, and presentations.
Communicate risk points of view to leadership teams for awareness and escalation.
Required and Desired Candidate Qualifications:
5-7 years of relevant Compliance, Operational Risk or Business Controls experience
Bachelor’s Degree or Equivalent experience
In depth knowledge of or certification in law, rule, regulation or area of coverage (e.g., Fair Credit Reporting Act (FCRA) or Servicemember Civil Relief Act (SCRA))
Ability to extract and analyze data to identify gaps and summarize findings for executive management
Ability to perform root cause analysis and recommended improvements
Effective communication skills (written and oral), ability to present complex information
Ability to understand and advise on Laws, Rules and Regulations to applicable business processes
Knowledge of control design, test design and testing of operational effectiveness
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