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Bank Of America Compliance & Operational Risk Manager- Global Markets Fixed Income United States, New York, New York 669597025
This job is responsible for executing second line of defense compliance and operational risk oversight for a Front Line Unit, Control Function, and/or Third Parties. Key responsibilities include ensuring requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy (collectively “the Policies”), the Compliance and Operational Risk Management Program and Standard Operating Procedures are implemented and identifying, challenging, escalating, and mitigating risks in a timely manner.
Responsibilities:
Assesses risks and effectiveness of Front Line Unit (FLU) processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinations
Engages in activities to provide independent compliance and operational risk oversight of FLU or Control Function (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
Identifies and escalates problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses
Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities
Assists in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines
Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks
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
This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.
Diversity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company D&I goals.
Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.
Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.
Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.
People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.
Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.
Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.
Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.
Skills:
Advisory
Monitoring, Surveillance, and Testing
Regulatory Compliance
Reporting
Risk Management
Critical Thinking
Influence
Interpret Relevant Laws, Rules, and Regulations
Issue Management
Policies, Procedures, and Guidelines Management
Business Process Analysis
Decision Making
Negotiation
Process Management
Written Communications
The Compliance and Operational Risk (C&OR) Manager is responsible for engaging 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(“CORM”) Program and Standard Operating Procedures (SOPs).
The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (“EAC”), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities.
Role Responsibilities:
• Provide real-time support to the Global Credit Front-Line Unit with regards to the rules of the relevant products, markets and venues, and other relevant laws, rules and regulations, including internal policies, as applicable to the Global Markets Business.
• Develop an effective working relationship with Front Line Unit (“FLU”) personnel and other internal departments, such as Legal, Operations, Financial Crimes Compliance, and Regulatory Reporting.
• Assist with responding to and coordinating regulatory inquiries.
• Participate in the review and challenge of business activities in line with BofA Global Compliance and Operational Risk Program.
• Participate, as required, in internal investigations into potential breaches of regulatory/venue requirements or Firm policy.
• Participate, as required, in department initiatives in respect of regulatory/market developments and impact analysis on the firm’s business and support groups.
• Assist with the review of new business initiatives, including non-standard transactions.
• Review and assess activity which is escalated by Enterprise Independent Testing through surveillance activity undertaken and/or escalated directly by the FLU for potential market misconduct.
• Work closely with other regional Compliance and Operational Risk teams to ensure consistency in approach and best practices.
• Review/update Compliance & Operational Risk Policies and ensure they are consistent with global and local regulatory practices.
• Assist with the development of new and/or update existing Monitoring and Testing items for the Compliance and Operational Risk Program from a local and global perspective.
• Assist with the development and delivery of Compliance and Operational Risk training, both face-to-face and on-line.
• Keep abreast of regulatory change/developments
• Good knowledge of fixed income products and services
• Excellent inter-personal and communication skills, including strong verbal and written communications, and be a strong and confident presenter.
• High attention to detail, diligence and conscientiousness
• Ability to work in a dynamic and fast-paced trading floor environment
• Bachelor’s Degree or equivalent experience
• 5-7+ years’ experience working with fixed income products and services
• Strong knowledge of Swaps/Derivative Market
• Strong understanding of SEC, FINRA and CFTC rules and regulations
• Strong experience in dealing with regulator and exchange inquiries and exams
• Strong understanding of market misconduct laws, rules and regulations, as well as applicable surveillance controls
• Ability to think critically and proactively on the application of controls to evolving markets, systems, and risks
• Experience of working in investment bank / financial institution
• Capable of working effectively both independently and with multiple teams/individuals
• Ability to interact with staff from different areas at all levels of seniority
• The ability to work under pressure and within tight deadlines to a consistently high level of accuracy.
• Ability to focus attention on detail as well as multi-task
• Show initiative and react quickly to changes in priorities
• Operational Risk Management preferably with Fixed Income product knowledge experience is advantageous
• Advanced degrees, securities licenses, or regulator experience are advantageous, but not required
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