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Bank Of America CONSUMER & SMALL BUSINESS Regulatory Business Control Specialist United States, North Carolina, Charlotte 841014024
Job Description:
Job Description:
The Business Control Specialist is part of the Regulatory Business Controls team within the Home Lending and Fulfillment Shared Services organization. This position will be responsible to provide regulatory support and internal control discipline related to Home Loans Sales including exams, internal audits, assessments, issues and metric oversight and reporting. This role influences across multiple levels of management and provides direction to the front line units. Incumbents typically have over 5+ years of risk management and/or FLU/ECF experience.
- Monitor and influence the control environment to drive adherence to regulatory requirements and enterprise standards
- Provide regulatory direction and SME support to Home Loans Sales, including assessments, impact analysis and implementation of regulation and policy changes
- Actively engage in process change initiatives to ensure solutions result in compliant outcomes with meaningful, sustainable controls
- Analyze compliance testing, monitoring reports, and other testing results to identify primary root cause of errors and escalate for remediation
- Interface with Global Compliance and Operational Risk (GCOR) and Legal partners to provide the business point of view on regulatory topics
- Identify issues and/or control improvements for remediation
- Perform assessments of compliance against regulatory requirements and enterprise policies
- Coordinate with partners and stakeholders to ensure end-to-end process engagement
- Provide audit and exam support
- Acts as an ambassador of the risk culture
Required Qualifications:
- Minimum of 5 years of relevant work experience with a working knowledge of lending regulations, as well as lending processes
- Ability to read and understand complex matters, anticipate risks, and summarize key information
- High attention to detail and strong organizational skills with the ability to prioritize requests and workload accordingly
- Influence horizontally and vertically across the organization and diverse audiences
- Strong written and verbal communication skills
- Self-starter with excellent anticipation skills, problem solving; follow-up
- Demonstrated dependability and ability to act with a sense of urgency
- Ability to interact with people at all levels of the organization
- Ability to work well under pressure, adapt to unexpected events, prioritize and multi-task in a deadline driven environment
- Ability to work in a fast paced and complex environment
- Ability to deal with sensitive data and maintain confidentiality
- Ability to identify risks and ways to mitigate those risks
- Exhibits strong relationship management and interpersonal skills
Desired Qualifications:
- 8+ years of risk management or business control experience
- Lending regulation expertise, specifically related to consumer lending regulations
- Process Improvement and six-sigma and/ or data analysis experience
- Capable of performing complex analyses and formulating solutions independently
- Experience with root cause analysis
This job is responsible for driving and executing on internal control discipline and operational excellence within a Line of Business (LOB) or Enterprise Control Function (ECF). Key responsibilities include providing analytical and administrative support for LOB or ECF specific processes and tools to drive adherence to enterprise-wide standards. Job expectations include monitoring and testing controls and implementing quality assurance and quality control processes within the LOB or ECF by evaluating data to help identify, track, and report issues and control improvements for remediation.
Responsibilities:
- Oversees the design and effectiveness of the risk and control environment to support Client Operational Services and ensure adherence to enterprise-wide standards
- Supports the monitoring and testing of controls by evaluating data to identify issues and control improvements for remediation
- Implements optimized controls and enhanced Quality Assurance (QA) practices to support business continuity efforts
- Conducts and coordinates quality inspection reviews to enhance employee performance and control effectiveness
- Performs QA activities including executing on controls, managing cases, and reporting results
- Executes initiatives by identifying areas of potential testing automation, procedural updates, thematic trends, test script updates, and coaching opportunities to enhance QA program success
- Supports the overall management of and research required for regulatory exams, internal audits, and other monitoring and inspection reviews and evaluates data and information relevant to inspection metrics to support governance activities for dashboard reporting
Skills Used:
- Controls Management
- Issue Management
- Monitoring, Surveillance, and Testing
- Quality Assurance
- Risk Management
- Analytical Thinking
- Attention to Detail
- Critical Thinking
- Problem Solving
- Written Communications
- Decision Making
- Innovative Thinking
- Prioritization
- Recording/Organizing Information
- Research
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