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Compliance and Operational Risk Specialist/ NFRR Regulatory Interpretation – Global Risk

Charlotte, North Carolina;

Job Description:

The Compliance and Operational Risk Specialist will be part of the Technology Compliance and Operational Risk team and will focus on regulatory compliance issues relating to non-financial regulatory reporting across all lines of business and control functions (GBAM, Consumer, GWIM and Control Functions) in the United States and international jurisdictions. The Compliance and Operational Risk Specialist will be responsible for:

  • Establishing Compliance strategy, standards and processes, including quality control and operational risk management processes, for non-financial regulatory reporting
  • Analyzing laws, rules and regulations to determine regulatory reporting requirements and their applicability to BAC
  • Determining the jurisdictions, legal entities, businesses and products in scope for applicable regulatory reporting requirements
  • Monitoring regulatory landscape for new regulations and regulatory changes impacting non-financial regulatory reporting obligations
  • Supporting front-line data dictionary operations teams, report owners and technology teams to: capture applicable regulations within regulatory reporting database; derive relevant business requirements from applicable regulatory requirements; source and map applicable reporting data
  • Identifying and driving regulatory interpretation from BAC Legal and Compliance and synthesizing  interpretive decisions from regulators and other third parties and mapping outcomes to applicable reporting regulations
  • Evaluating regulatory changes, legal entity changes, business and product changes and other trigger events for impact upon regulatory requirements, business requirements and reporting data
  • Advising business on regulatory reporting issues, escalation, self-disclosure to regulators, and report remediation and resubmission
  • Supporting business and operations teams on remediating regulatory reporting gaps
  • Supporting technology teams with preparation of automated regulatory reporting quality assurance reviews and other reporting diagnostics
  • Conducting quality control of data dictionaries prepared by data dictionary operations team
  • Working together with partners in the business, operations, technology, legal and compliance on new regulatory reporting implementation

Key Selection Criteria

The Regulatory Interpretation candidate must have following skills and qualifications:

  • Law degree preferred, but not required
  • Possess 4+ years of experience as a compliance or legal professional with expertise in analysis of law, rules and regulations, preferably with experience in regulatory reporting
  • Extensive subject matter expertise in regulatory interpretation for one or more of the following domains: Securities and Derivatives, Global Markets, and / or Global Banking
  • General experience working in a legal or compliance environment in institutional banking & markets, commercial or private banking or wealth management organizations is desired along with excellent understanding of banking & markets businesses, trading, products and instrument lifecycles
  • Ability to effectively manage day-to-day interactions and relationships with a diverse group of colleagues in the front office and control functions
  • Excellent written and oral communication skills.  Ability to communicate complicated issues succinctly and pointedly, organized with exceptional clarity
  • Skilled in developing broad internal and external networks of stakeholders and collaborators, and capable of cultivating strong interpersonal relationships

Ideal Personal Profile

  • A motivated individual who is passionate about regulatory compliance, regulatory analysis and interpretation and has demonstrated track record of high integrity, sound judgment, energy and enthusiasm
  • Ability to work in a fast paced environment to drive quality goals while meeting aggressive delivery deadlines
  • An individual with a demonstrated ability to influence others across organizational lines toward the achievement of collective goals
  • An individual who is resourceful, productive and self-motivated, and who seizes opportunities to innovate and improve process and performance

Job Band:

H5

Shift: 

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

The Compliance and Operational Risk Specialist will be part of the Technology Compliance and Operational Risk team and will focus on regulatory compliance issues relating to non-financial regulatory reporting across all lines of business and control functions (GBAM, Consumer, GWIM and Control Functions) in the United States and international jurisdictions. The Compliance and Operational Risk Specialist will be responsible for:

  • Establishing Compliance strategy, standards and processes, including quality control and operational risk management processes, for non-financial regulatory reporting
  • Analyzing laws, rules and regulations to determine regulatory reporting requirements and their applicability to BAC
  • Determining the jurisdictions, legal entities, businesses and products in scope for applicable regulatory reporting requirements
  • Monitoring regulatory landscape for new regulations and regulatory changes impacting non-financial regulatory reporting obligations
  • Supporting front-line data dictionary operations teams, report owners and technology teams to: capture applicable regulations within regulatory reporting database; derive relevant business requirements from applicable regulatory requirements; source and map applicable reporting data
  • Identifying and driving regulatory interpretation from BAC Legal and Compliance and synthesizing  interpretive decisions from regulators and other third parties and mapping outcomes to applicable reporting regulations
  • Evaluating regulatory changes, legal entity changes, business and product changes and other trigger events for impact upon regulatory requirements, business requirements and reporting data
  • Advising business on regulatory reporting issues, escalation, self-disclosure to regulators, and report remediation and resubmission
  • Supporting business and operations teams on remediating regulatory reporting gaps
  • Supporting technology teams with preparation of automated regulatory reporting quality assurance reviews and other reporting diagnostics
  • Conducting quality control of data dictionaries prepared by data dictionary operations team
  • Working together with partners in the business, operations, technology, legal and compliance on new regulatory reporting implementation

Key Selection Criteria

The Regulatory Interpretation candidate must have following skills and qualifications:

  • Law degree preferred, but not required
  • Possess 4+ years of experience as a compliance or legal professional with expertise in analysis of law, rules and regulations, preferably with experience in regulatory reporting
  • Extensive subject matter expertise in regulatory interpretation for one or more of the following domains: Securities and Derivatives, Global Markets, and / or Global Banking
  • General experience working in a legal or compliance environment in institutional banking & markets, commercial or private banking or wealth management organizations is desired along with excellent understanding of banking & markets businesses, trading, products and instrument lifecycles
  • Ability to effectively manage day-to-day interactions and relationships with a diverse group of colleagues in the front office and control functions
  • Excellent written and oral communication skills.  Ability to communicate complicated issues succinctly and pointedly, organized with exceptional clarity
  • Skilled in developing broad internal and external networks of stakeholders and collaborators, and capable of cultivating strong interpersonal relationships

Ideal Personal Profile

  • A motivated individual who is passionate about regulatory compliance, regulatory analysis and interpretation and has demonstrated track record of high integrity, sound judgment, energy and enthusiasm
  • Ability to work in a fast paced environment to drive quality goals while meeting aggressive delivery deadlines
  • An individual with a demonstrated ability to influence others across organizational lines toward the achievement of collective goals
  • An individual who is resourceful, productive and self-motivated, and who seizes opportunities to innovate and improve process and performance

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-21003932

Band: H5

Manages People: No

Travel: No

Manager:

Talent Acquisition Contact:

James Henry

Referral Bonus:

0