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Reg W EAC Compliance and Operational Risk Manager

Charlotte, North Carolina;

Job Description:

The EAC C&OR Manager assists in engaging other C&OR officers, including horizontal coverage owners and 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 EAC C&OR Manager also assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries

Activities this role performs for their area of coverage include, but are not limited to:

• Produces and/or oversees the development of independent risk management reporting as input into governance and management routines
• Contributes to participation in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny, litigation and key influencers (trade associations, PACs, lobbyists, consumer groups, and media) in the EAC subject area to identify and mitigate emerging risks
• Identifies regulatory training needs and provides subject matter expertise to support the development of training curriculum
• Develops and maintains C&OR-owned policies/standards and reviews relevant FLU/CF-owned policies and standards 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 monitoring, testing and risk assessments, and communicates results
• Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA) related to EAC themes or trends
• 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 COR) seeks to deliver effective independent risk management of the activities and processes associated with managing the Company’s capital, liquidity and earnings risks. The Regulation W Compliance and Operational Risk (Reg W COR) team sits within CFO COR and implements the Reg W COR program, in accordance with the Global Compliance - Enterprise Policy and Global Compliance Standard Operating Procedures, as well as the Operational Risk Management – Enterprise Policy.

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 of thought 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 COR 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 Reg W Enterprise Area of Coverage (EAC) Compliance & Operational Risk (Reg W COR) Manager is a subject matter expert on Reg W processes, controls, and regulation.. This role is responsible for the execution of the Global Compliance --Enterprise Policy, the Operational Risk Management -- Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management (“CORM”) Program.

The Reg W COR Manager identifies, escalates and mitigates risks in a timely manner in alignment with the CORM Program and the Policies. The role engages with FLU/CF leaders globally, coordinating with the FLU/CF COR Officer teams to independently advise those leaders on effectively managing the risks related to their area of coverage. By executing the CORM Program and the Policies, the Reg W COR Manager identifies themes and trends, conducts analysis for new and emerging risks and recommends approaches to mitigate these risks.

This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of Reg W COR’s risk management activities. The Reg W COR Manager also assists in preparing materials for COR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries

Activities this role performs for their area of coverage include, but are not limited to:

• Produces and/or oversees the development of independent risk management reporting as input into governance and management routines
• Identifies regulatory training needs and provides subject matter expertise to support the development of training curriculum
• Reviews relevant FLU/CF Reg W-owned policies and standards 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 Reg W, 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 Reg W-owned issues and control enhancements
• Ensures COR “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 monitoring, testing and risk assessments, and communicates results
• Reviews and challenges the FLU/CF process, risk, control inventory and FLU/CF Risk & Control Self- Assessment (RCSA) related to Reg W themes or trends
• Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation
• Contributes to participation in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny and litigation in Reg W to identify and mitigate emerging risks

Required Skills
• Bachelor’s Degree or equivalent experience in related discipline
• 7+ years of experience in one or more of the following disciplines

Desired Skills
• 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 EAC C&OR Manager assists in engaging other C&OR officers, including horizontal coverage owners and 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 EAC C&OR Manager also assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries

Activities this role performs for their area of coverage include, but are not limited to:

• Produces and/or oversees the development of independent risk management reporting as input into governance and management routines
• Contributes to participation in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny, litigation and key influencers (trade associations, PACs, lobbyists, consumer groups, and media) in the EAC subject area to identify and mitigate emerging risks
• Identifies regulatory training needs and provides subject matter expertise to support the development of training curriculum
• Develops and maintains C&OR-owned policies/standards and reviews relevant FLU/CF-owned policies and standards 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 monitoring, testing and risk assessments, and communicates results
• Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA) related to EAC themes or trends
• 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 COR) seeks to deliver effective independent risk management of the activities and processes associated with managing the Company’s capital, liquidity and earnings risks. The Regulation W Compliance and Operational Risk (Reg W COR) team sits within CFO COR and implements the Reg W COR program, in accordance with the Global Compliance - Enterprise Policy and Global Compliance Standard Operating Procedures, as well as the Operational Risk Management – Enterprise Policy.

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 of thought 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 COR 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 Reg W Enterprise Area of Coverage (EAC) Compliance & Operational Risk (Reg W COR) Manager is a subject matter expert on Reg W processes, controls, and regulation.. This role is responsible for the execution of the Global Compliance --Enterprise Policy, the Operational Risk Management -- Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management (“CORM”) Program.

The Reg W COR Manager identifies, escalates and mitigates risks in a timely manner in alignment with the CORM Program and the Policies. The role engages with FLU/CF leaders globally, coordinating with the FLU/CF COR Officer teams to independently advise those leaders on effectively managing the risks related to their area of coverage. By executing the CORM Program and the Policies, the Reg W COR Manager identifies themes and trends, conducts analysis for new and emerging risks and recommends approaches to mitigate these risks.

This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of Reg W COR’s risk management activities. The Reg W COR Manager also assists in preparing materials for COR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries

Activities this role performs for their area of coverage include, but are not limited to:

• Produces and/or oversees the development of independent risk management reporting as input into governance and management routines
• Identifies regulatory training needs and provides subject matter expertise to support the development of training curriculum
• Reviews relevant FLU/CF Reg W-owned policies and standards 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 Reg W, 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 Reg W-owned issues and control enhancements
• Ensures COR “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 monitoring, testing and risk assessments, and communicates results
• Reviews and challenges the FLU/CF process, risk, control inventory and FLU/CF Risk & Control Self- Assessment (RCSA) related to Reg W themes or trends
• Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation
• Contributes to participation in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny and litigation in Reg W to identify and mitigate emerging risks

Required Skills
• Bachelor’s Degree or equivalent experience in related discipline
• 7+ years of experience in one or more of the following disciplines

Desired Skills
• 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-21056984

Band: H4

Manages People: No

Travel: No

Manager:

Talent Acquisition Contact:

Aubrey Drake

Referral Bonus:

0