girl looking into her desktop
Back to search results

Compliance and Operational Risk Specialist

Charlotte, North Carolina;

Job Description:

The Compliance and Operational Risk (“C&OR”) Specialist assists the C&OR officer team in activities to contribute to the 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 Specialist assists in engaging other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (“EAC”), to provide comprehensive oversight of FLU/CF activities. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The C&OR Specialist assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries.

The C&OR Specialist is accountable for assisting the C&OR Team in the proactive identification, escalation and timely mitigation of compliance and operational risks through the execution of some or all of the following activities:

• Assists in the development of independent risk management reporting for respective area(s) of coverage as input into governance and management routines
• Contributes to the oversight of FLU/CF training which may include content development and/or tracking and communication of employee completion rates
• Assists with the development and maintenance of C&OR owned policies and standards and/or the oversight of FLU/CF-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable
• Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintains a comprehensive regulatory inventory; may support communication of regulatory changes to the FLU/CF and ensuring that policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirements
• Assists in identifying, aggregating, reporting, escalating, inspecting and challenging remediation plans, and performing thematic analysis on FLU/CF-owned issues and control enhancements
• Assists in remediating C&OR “owned” issues and control enhancements
• Contributes to risk coverage plan development, executes independent risk monitoring, testing, and risk assessments, communicates results
• Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA)
• Supports the review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls
• Assists with the development of risk metrics, monitors related performance and breach remediation

The Compliance and Operational Risk (C&OR) Specialist assists the Compliance and Operational Risk Officer Team in activities that contribute to the independent compliance and operational risk oversight of Front Line Unit (“FLU”) and Control Function (“CF”) performance and any related third party/vendor relationships in alignment with the Global Compliance Enterprise Policy, the Operational Risk Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management (“CORM”) Program and Standard Operating Procedures (SOPs)). As a member of a FLU or CF compliance and operational risk officer team, this role applies business acumen to promote a culture of risk management and the identification, escalation and timely mitigation of compliance and operational risks.

The C&OR Specialist will execute the Compliance and Operational Risk program for the Wealth Management Service and Operations business areas. Wealth Management Service and Operations provides substantial services for nearly every area of the Wealth Management platform, including Merrill Lynch, Bank of America Private Bank and the Institutional Retirement platform. Specifically, Wealth Management Service has a footprint in 11 cities across the United States, and is responsible for providing service and fraud detection support for Merrill Lynch & Private Bank clients; institutional retirement participants and plan sponsors; and for front office employees supporting these client populations. The Wealth Management Operations team is (a) responsible for all onboarding and maintenance for Investment, Banking, and Retirement clients (b) provides operational support for Merrill Lynch investment advisory programs, trading systems, Merrill Lynch brokerage accounts, and Private Bank trust and investment platforms; and (c) delivers processing, reconciliation, reporting and plan compliance services for the 401(k), Equity, Non-Qualified Deferred Compensation (NQDC), Defined Benefit (DB), Employee Benefit Trust (EBT), Employee Stock Purchase Plan (ESPP) and Health Benefit Solutions (HBS) product lines offered through Retirement & Personal Wealth Solutions.

Compliance and Operational Risk Officer Teams may partake in any of the following activities:

•Create and maintain a regulatory inventory.
•Update relevant policies to ensure they reflect regulatory requirements for FLU/CF.
•Conduct compliance and operational risk assessments.
•Support group’s work to review and challenge the FLU/CFs’ Risk & Control Self-Assessments (RCSA)
•Contribute to monitoring and testing coverage plans and related metrics.
•Conduct monitoring and testing activities to check the effectiveness of the front line unit and control function compliance and operational risk controls.
•Identify, aggregate, report and escalate compliance and operational risks, issues and control enhancements for FLU/CF.
•Identify, collect, validate and record internal loss events and “near misses.” Contribute to root cause analyses on internal loss events and develop remediation plans to strengthen controls.
•Identify, review and document relevant external loss events.
•Assist in the execution of governance and management routines.
•Identify compliance and operational risk training needs and inspect FLU/CF and third party participation for FLU/CF.
•Assist with preparations for regulatory exams and audits for FLU/CF.
•Inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed for FLU/CF.
•Escalate regulatory relations concerns to Compliance and Operational Risk Manager or Executive.

This role will support compliance and operational risk for GWIM Banking business transformation projects, including assisting in the development and execution of 2nd line testing, monitoring and assessments.

Required Skills: 

  • 3+ years experience in compliance, operational risk, audit, legal, business controls and/or product management
  • Strong presence and ability to concisely communicate a point of view verbally and in writing.
  • Ability to manage multiple priorities and deliverables.
  • Ability to work collaboratively as part of a team and also function independently when required
  • Experience working in Retail Financial Services or similarly regulated sector
  • Degree Required: Bachelor’s Degree or equivalent experience

Desired Skills:

  • Experience working with laws, rules and/or regulatory requirements, particularly within the banking space
  • Ability to build partnerships and effectively work across the Enterprise to complete responsibilities
  • Ability to analyze business processes, assess risks, identify control gaps and weaknesses

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 (“C&OR”) Specialist assists the C&OR officer team in activities to contribute to the 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 Specialist assists in engaging other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (“EAC”), to provide comprehensive oversight of FLU/CF activities. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The C&OR Specialist assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries.

The C&OR Specialist is accountable for assisting the C&OR Team in the proactive identification, escalation and timely mitigation of compliance and operational risks through the execution of some or all of the following activities:

• Assists in the development of independent risk management reporting for respective area(s) of coverage as input into governance and management routines
• Contributes to the oversight of FLU/CF training which may include content development and/or tracking and communication of employee completion rates
• Assists with the development and maintenance of C&OR owned policies and standards and/or the oversight of FLU/CF-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable
• Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintains a comprehensive regulatory inventory; may support communication of regulatory changes to the FLU/CF and ensuring that policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirements
• Assists in identifying, aggregating, reporting, escalating, inspecting and challenging remediation plans, and performing thematic analysis on FLU/CF-owned issues and control enhancements
• Assists in remediating C&OR “owned” issues and control enhancements
• Contributes to risk coverage plan development, executes independent risk monitoring, testing, and risk assessments, communicates results
• Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA)
• Supports the review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls
• Assists with the development of risk metrics, monitors related performance and breach remediation

The Compliance and Operational Risk (C&OR) Specialist assists the Compliance and Operational Risk Officer Team in activities that contribute to the independent compliance and operational risk oversight of Front Line Unit (“FLU”) and Control Function (“CF”) performance and any related third party/vendor relationships in alignment with the Global Compliance Enterprise Policy, the Operational Risk Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management (“CORM”) Program and Standard Operating Procedures (SOPs)). As a member of a FLU or CF compliance and operational risk officer team, this role applies business acumen to promote a culture of risk management and the identification, escalation and timely mitigation of compliance and operational risks.

The C&OR Specialist will execute the Compliance and Operational Risk program for the Wealth Management Service and Operations business areas. Wealth Management Service and Operations provides substantial services for nearly every area of the Wealth Management platform, including Merrill Lynch, Bank of America Private Bank and the Institutional Retirement platform. Specifically, Wealth Management Service has a footprint in 11 cities across the United States, and is responsible for providing service and fraud detection support for Merrill Lynch & Private Bank clients; institutional retirement participants and plan sponsors; and for front office employees supporting these client populations. The Wealth Management Operations team is (a) responsible for all onboarding and maintenance for Investment, Banking, and Retirement clients (b) provides operational support for Merrill Lynch investment advisory programs, trading systems, Merrill Lynch brokerage accounts, and Private Bank trust and investment platforms; and (c) delivers processing, reconciliation, reporting and plan compliance services for the 401(k), Equity, Non-Qualified Deferred Compensation (NQDC), Defined Benefit (DB), Employee Benefit Trust (EBT), Employee Stock Purchase Plan (ESPP) and Health Benefit Solutions (HBS) product lines offered through Retirement & Personal Wealth Solutions.

Compliance and Operational Risk Officer Teams may partake in any of the following activities:

•Create and maintain a regulatory inventory.
•Update relevant policies to ensure they reflect regulatory requirements for FLU/CF.
•Conduct compliance and operational risk assessments.
•Support group’s work to review and challenge the FLU/CFs’ Risk & Control Self-Assessments (RCSA)
•Contribute to monitoring and testing coverage plans and related metrics.
•Conduct monitoring and testing activities to check the effectiveness of the front line unit and control function compliance and operational risk controls.
•Identify, aggregate, report and escalate compliance and operational risks, issues and control enhancements for FLU/CF.
•Identify, collect, validate and record internal loss events and “near misses.” Contribute to root cause analyses on internal loss events and develop remediation plans to strengthen controls.
•Identify, review and document relevant external loss events.
•Assist in the execution of governance and management routines.
•Identify compliance and operational risk training needs and inspect FLU/CF and third party participation for FLU/CF.
•Assist with preparations for regulatory exams and audits for FLU/CF.
•Inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed for FLU/CF.
•Escalate regulatory relations concerns to Compliance and Operational Risk Manager or Executive.

This role will support compliance and operational risk for GWIM Banking business transformation projects, including assisting in the development and execution of 2nd line testing, monitoring and assessments.

Required Skills: 

  • 3+ years experience in compliance, operational risk, audit, legal, business controls and/or product management
  • Strong presence and ability to concisely communicate a point of view verbally and in writing.
  • Ability to manage multiple priorities and deliverables.
  • Ability to work collaboratively as part of a team and also function independently when required
  • Experience working in Retail Financial Services or similarly regulated sector
  • Degree Required: Bachelor’s Degree or equivalent experience

Desired Skills:

  • Experience working with laws, rules and/or regulatory requirements, particularly within the banking space
  • Ability to build partnerships and effectively work across the Enterprise to complete responsibilities
  • Ability to analyze business processes, assess risks, identify control gaps and weaknesses

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-21027736

Band: H5

Manages People: No

Travel: Yes, 5% of the time

Manager:

Talent Acquisition Contact:

Aubrey Drake

Referral Bonus:

0