Bank of America Global Compliance & Operational Risk seeks to recruit an experienced professional as an EAC Compliance & Operational Risk (COR) Manager on the Associate Investment Monitoring (AIM) team. This role is responsible for providing enterprise wide oversight of laws, rules, regulations, and regulatory guidance related to insider trading and conflicts of interest. The EAC COR Manager will be responsible for the administration of the Associate Investment Monitoring Policies, including those related to personal trading and outside business activities. It will lead multiple AIM functions, with management responsibilities for a team of individual contributors. The Associate Investment Monitoring Group is a multi-dimensional and enterprise wide department cutting across Bank of America’s core businesses, including Global Banking, Global Markets, Global Commercial Bank, Merrill, the Private Bank, and various support areas. The role exercises judgment and influence, and may constructively challenge front line unit and control function leaders to support the Compliance & Operational Risk Management Program objectives, balancing business strategy with appropriate controls. The EAC COR Manager also contributes to the requirements in the GCOR Policy aligned to compliance and operational risk officers.
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 Compliance and Operational Risk Programs (“CORM Program”), the Global Compliance Enterprise Policy (“GC Policy”) and the Operational Risk Management – Enterprise Policy (“ORM Policy”) for these enterprise). The EAC C&OR manager identifies, escalates and mitigates risks in a timely manner in alignment with the CRM and ORM Programs and the GC and ORM Policies. The role engages with FLU/CF leaders globally through the FLU/CF compliance and operational risk officer (C&OR) teams to independently advise those leaders on effectively managing the risks related to their area of coverage. By executing the CORM and Policies, the EAC C&OR Manager identifies themes and trends, conducts analysis for new and emerging risks and recommends approaches to mitigate these risks. Activities this role performs for their area of coverage include but are not limited to:
• Create and manage a global coverage plan which defines the scope and focus of the second line’s risk management activities.
• Helps establish, monitor and report on enterprise risk tolerance metric(s) that are translated and connected to relevant business metrics (Key Risk Indicators).
• Monitor regulatory environment and participate in industry forums to identify areas of focus and conduct benchmarking.
• Create and maintain a regulatory inventory, communicate regulatory changes to and engage the FLU/CF in assessing impacts of regulatory changes for enterprise area of coverage.
• Develop and maintain relevant policies or review relevant FLU / CF policies to ensure they reflect regulatory and operational risk requirements.
• Advise and direct business leaders through the FLU/CF C&OR officers to ensure that regulatory requirements are addressed in their respective procedures and controls so that their daily activities operate in a compliant manner.
• Conduct and contribute to annual and targeted risk assessments.
• Review and analyze aggregate results of FLU/CFs’ Risk and Control Self-Assessments (RCSA) for EAC-specific themes and trends.
• Create and manage monitoring and testing coverage plans and related metrics.
• Monitor and test the effectiveness of the FLU and CF’s processes and compliance and operational risk controls.
• Identify, aggregate, report and escalate risks, issues and control enhancements and ensure the C&OR officers for the FLU/CF are aware of issues.
• Review and analyze internal and external losses related to their area of coverage for enterprise-wide themes; escalate concerns or loss exposures as appropriate.
• Lead or contribute to Scenario Analysis activities to provide a forward-looking estimate of hypothetical operational losses.
• Execute governance and management routines.
• Identify regulatory training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF.
• Advise Risk peers and business leaders in preparations for and participation in regulatory exams and audits. Prepare and participate in EAC-specific exams and audits.
• Inspect that gap closure plans and commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed.
• Escalate regulatory relations concerns to EAC C&OR Executive.
• Ensure Compliance and Operational Risk “owned” issues (i.e., Internal Audit, Regulator and Self-Identified issues) are addressed appropriately and timely.
The EAC Compliance & Operational Risk Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.
• 5+ years of Global Compliance & Operational Risk experience or relevant regulatory exposure
• Demonstrated ability to lead and develop staff
• Ability to interact and quickly gain credibility and build collaborative working relationships
• Strong background of operational excellence
• Ability to influence and constructively challenge at all levels of management
• Proven track record of supporting and working across business lines and functions
• Ability to quickly execute on strategic decisions to drive organizational results
• Collaborative, energetic, solution-oriented, and innovative leadership style
• Demonstrated strong communication skills
• Proven analytical, planning, problem solving, and decision-making skills
• Ability to work cross-functionally and manage partnerships across organizations
Shift:1st shift (United States of America)
Hours Per Week:40
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