Bank Of America Indirect Coverage Area Compliance Operational Risk Manager 

United States, North Carolina, Charlotte 

89738578

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

Managerial Responsibilities:
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.

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

Required Skills:

• Knowledge of the Global Compliance & Operational Risk Program with an emphasis on monitoring, testing and risk assessment

• Knowledge of governance and reporting practices including escalation best practices and guidelines

• Knowledge of issue management requirements and remediation

• Ability to effectively review and challenge work done by the FLU/CF

• 15+ Years experience in the Financial Services industry including experience in Risk Management

Desired Skills:

• Knowledge of Model Risk Management (MRM), Credit Risk and/or Market Risk

• Knowledge of the Indirect Coverage Area (ICA) program

1st shift (United States of America)