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Compliance and Operational Risk Manager

Charlotte, North Carolina

Job Description:

The Compliance and Operational Risk (C&OR) Manager is responsible for engaging in activities to provide 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). As a member of an FLU or CF C&OR officer team, the C&OR Manager is accountable for proactive identification, management and escalation of compliance and operational risks through the execution of some or all of the below identified activities. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.

The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (“EAC”), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The C&OR Manager prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business leaders in preparation for FLU/CF regulatory exams/audits/inquiries.

The C&OR 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.

The C&OR Manager contributes to the requirements of the CORM Program requirements including, but not limited to the following activities:
• Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input governance and management routines
• Provides subject matter expertise to assist the FLU/CF in establishing an annual learning plan, may be accountable for developing and delivering training content
• Develops and maintains C&OR-owned policies and standards and/or provides 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, advises business leaders on those changes, directs the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; maintains a comprehensive regulatory inventory
• Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancements
• Ensures C&OR “owned” issues and control enhancements are identified and addressed appropriately and timely
• Contributes to or leads development of risk coverage plans, executes and / or oversees execution of 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)
• Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate
• Participates in Scenario Analysis activities for coverage areas and challenges as appropriate
• Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation

Business Unit Overview:
Chief Financial Officer Compliance and Operational Risk (CFO C&OR) seeks to deliver effective independent risk management of the activities and processes associated with managing the Company’s capital, liquidity and earnings risks.

The team helps Bank of America grow responsibly through developing our teammates, promoting a diverse and inclusive culture and approaching our work with intellectual curiosity and dispassionate objectivity.

CFO COR delivers its mission through a steadfast commitment to its values: managing risk well; cultivating diversity and valuing different perspectives and experiences; driving an inclusive culture that promotes learning, fosters relationships and creativity; developing talent, advancing careers and creating leaders within Global Risk Management and across the company.

Role Overview:
The CFO C&OR team is responsible for independent compliance and operational risk oversight of the CFO Group, Enterprise Stress Testing, Global Resolution and Recovery Planning and Regulation W related activities across the firm. The CFO C&OR Manager is responsible for engaging in surveillance and other activities to provide independent compliance and operational risk oversight of Treasury capital markets execution activities intended to manage the firm’s liquidity, funding and balance sheet risks.

Required Skills
• Bachelor’s Degree or equivalent experience in related discipline. May require regulatory examination/registration or certification depending on jurisdiction and role
• 7+ years of experience in capital markets, trading, hedging, liquidity and/or funding management
• 3+ years of experience with the company’s trading surveillance framework, tools and processes

Desired Skills:

•  Financial Services or similarly regulated sector
• Intellectual curiosity – approaches each day with a curious mindset; effectively uses inquiry to uncover facts and circumstances; consistently applies critical thinking.
• Communication - ability to communicate effectively and with impact, including strong writing and presentation skills.
• Collaboration - Develops networks and builds alliances; collaborates across boundaries to build strategic relationships and achieve common goals. Influencing and negotiating across external stakeholders (regulators) as well as internal groups. Comfortable and proficient in navigating an organizational matrix.
• Innovative - ability to identify simpler and better ways of doing things; embraces and adapts to change well.
• Autonomy – self-starting, able to translate broad-strokes to actions. Actively seeks and executes on value-added opportunities.
• Influence - ability to influence stakeholders and drive agenda. Leveraging Diversity- Fosters an inclusive workplace where diversity and individual differences are valued and leveraged to achieve the vision and mission of the organization. Exposure and involvement with Employee Engagement initiatives including supporting Diversity & Inclusion efforts
• Developing Others- Develops the ability of others to perform and contribute to the organization by providing ongoing feedback and by providing opportunities to learn through formal and informal methods

Job Band:

H4

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) Manager is responsible for engaging in activities to provide 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). As a member of an FLU or CF C&OR officer team, the C&OR Manager is accountable for proactive identification, management and escalation of compliance and operational risks through the execution of some or all of the below identified activities. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.

The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (“EAC”), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The C&OR Manager prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business leaders in preparation for FLU/CF regulatory exams/audits/inquiries.

The C&OR 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.

The C&OR Manager contributes to the requirements of the CORM Program requirements including, but not limited to the following activities:
• Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input governance and management routines
• Provides subject matter expertise to assist the FLU/CF in establishing an annual learning plan, may be accountable for developing and delivering training content
• Develops and maintains C&OR-owned policies and standards and/or provides 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, advises business leaders on those changes, directs the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; maintains a comprehensive regulatory inventory
• Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancements
• Ensures C&OR “owned” issues and control enhancements are identified and addressed appropriately and timely
• Contributes to or leads development of risk coverage plans, executes and / or oversees execution of 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)
• Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate
• Participates in Scenario Analysis activities for coverage areas and challenges as appropriate
• Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation

Business Unit Overview:
Chief Financial Officer Compliance and Operational Risk (CFO C&OR) seeks to deliver effective independent risk management of the activities and processes associated with managing the Company’s capital, liquidity and earnings risks.

The team helps Bank of America grow responsibly through developing our teammates, promoting a diverse and inclusive culture and approaching our work with intellectual curiosity and dispassionate objectivity.

CFO COR delivers its mission through a steadfast commitment to its values: managing risk well; cultivating diversity and valuing different perspectives and experiences; driving an inclusive culture that promotes learning, fosters relationships and creativity; developing talent, advancing careers and creating leaders within Global Risk Management and across the company.

Role Overview:
The CFO C&OR team is responsible for independent compliance and operational risk oversight of the CFO Group, Enterprise Stress Testing, Global Resolution and Recovery Planning and Regulation W related activities across the firm. The CFO C&OR Manager is responsible for engaging in surveillance and other activities to provide independent compliance and operational risk oversight of Treasury capital markets execution activities intended to manage the firm’s liquidity, funding and balance sheet risks.

Required Skills
• Bachelor’s Degree or equivalent experience in related discipline. May require regulatory examination/registration or certification depending on jurisdiction and role
• 7+ years of experience in capital markets, trading, hedging, liquidity and/or funding management
• 3+ years of experience with the company’s trading surveillance framework, tools and processes

Desired Skills:

•  Financial Services or similarly regulated sector
• Intellectual curiosity – approaches each day with a curious mindset; effectively uses inquiry to uncover facts and circumstances; consistently applies critical thinking.
• Communication - ability to communicate effectively and with impact, including strong writing and presentation skills.
• Collaboration - Develops networks and builds alliances; collaborates across boundaries to build strategic relationships and achieve common goals. Influencing and negotiating across external stakeholders (regulators) as well as internal groups. Comfortable and proficient in navigating an organizational matrix.
• Innovative - ability to identify simpler and better ways of doing things; embraces and adapts to change well.
• Autonomy – self-starting, able to translate broad-strokes to actions. Actively seeks and executes on value-added opportunities.
• Influence - ability to influence stakeholders and drive agenda. Leveraging Diversity- Fosters an inclusive workplace where diversity and individual differences are valued and leveraged to achieve the vision and mission of the organization. Exposure and involvement with Employee Engagement initiatives including supporting Diversity & Inclusion efforts
• Developing Others- Develops the ability of others to perform and contribute to the organization by providing ongoing feedback and by providing opportunities to learn through formal and informal methods

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-21045280

Band: H4

Manages People: No

Travel: No

Manager:

Talent Acquisition Contact:

Aubrey Drake

Referral Bonus:

0

Street Address

Primary Location:
100 N TRYON ST, NC, Charlotte, 28255