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Sweden Compliance Officer and MLRO

Stockholm, SE

Job Description:

Job Title:  Sweden Compliance Officer and MLRO

Corporate Title: Vice President

Location: Stockholm, Sweden

Role Description:

The Senior Country Compliance and Operational Risk (C&OR) Manager is responsible for ensuring the identification, escalation and timely mitigation of compliance and operational risks in relation to Sweden and Bank of America Europe DAC, Stockholm branch (“Stockholm branch”) 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 Senior Country C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage, 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 Senior Country 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.

Activities this role performs include, but are not limited to:

  • Conducts compliance and operational risk assessments in the country and contributes to the risk assessment for the region, incorporating review of external loss events to assess control effectiveness.

  • Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines

  • Provides country/regional regulators with output of coverage activities when requested

  • 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

  • Plans, develops and executes Compliance and operational risk monitoring and testing as applicable

  • 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, communicates results to FLU/CF Stakeholders

  • Reviews and challenges the country/regional contributions to the Single Process Inventory (SPI) and FLU/CF Risk & Control Self-Assessments (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

  • Partnering with all LOBs and control Functions in country.

  • Execute governance and management routines (amongst which participation in the local management team meetings of the Stockholm Branch).

  • Supporting Enterprise Compliance, EACs, Control Functions and other support functions including: Client Services, Fulfilment and client on-boarding teams, AIM, Information Wall and Wall Crossing, Equity Aggregation disclosures, Foreign Corrupt Practices Act / UK Bribery Act or Conflicts Management.

  • As appointed MLRO of the Stockholm Branch, the candidate will be responsible for:

  • local MLRO responsibilities and support the evolution of the GFC program.

  • Regulatory framework/ Policy and Standards implementation – understand current regulatory requirements and take action to ensure the “what” and “why” of those requirements are clearly reflected in the Country Standards, as appropriate, and have been implemented by the businesses in the jurisdiction.  Further, complete mandated risk assessments and oversee the regulatory change management process and engage appropriate persons to track and incorporate new requirements.  Oversee, as appropriate, implementation of enterprise wide and local requirements and coordinate monitoring and testing with the Global Financial Crimes (GFC) Coverage Execution Team.  Ensure appropriate economic sanction screening is conducted per local requirements.  Develop and conduct training on  financial crimes related topics as required by local law and in consultation with the GFC Coverage Execution Team. The training responsibility includes identifying required audience, which encompasses bank and applicable vendor employees, if any, whether in or out of specified country.

  • Liaison – act as a liaison with the business, operations, law enforcement, regulatory bodies and peer institutions under consultation with the GFC Regional Executive.  In consultation and conjunction with the GFC Regional Executive, provide advice and counsel on local requirements during on boarding, customer selection/review and new product/transaction processes.

  • Regulatory reporting – conduct investigations, decision and report pursuant to regulatory obligations in the local jurisdiction using Enterprise approved tools and processes.  Share as appropriate information on trends.  Liaise with the GFC Economic Sanctions (ES) team to coordinate reporting under local sanctions regimes.  To the extent required by local regulation, prepare and disseminate, in consultation with the GFC Regional Executive, required reports such as annual reports.

  • Manage audits and examinations in coordination with the GFC Regional Executive.  Actively participate in issue identification and remediation.

  • Ensure Monitoring and Testing is conducted as required by local regulations and in consultation with the GFC Regional Executive and the GFC Coverage Execution Team.  Provide feedback on the annual plan development.  Develop testing scripts in consultation with the GFC Coverage Execution Team and share reports and results with the appropriate stakeholders. Record results and work papers in the appropriate tool designated by GFC.

  • “Oversee the RRP/CDD Related Processes”:

  • Oversee relevant aspects of the GBAM RRP though conducting appropriate monitoring and testing.

  • Ensure that local management, boards, and regulators are kept apprised of progress through appropriate reporting.

  • Ensure sustainability of processes

  •  Additional activities this role may perform include:

  • Ensures that any inquiries and exams by regulators in the country are appropriately managed by the relevant Compliance & Operational Risk Officers

  • Promotes participation on Environmental, Social, & Governance (ESG) initiatives and programs

  • Escalates any key issues to the appropriate level of management

The Team:

  • The new employee will be part of the EU Country C&OR team

  • Currently there is no C&OR or GFC employees in Sweden. The new hire will be supported remotely by the GBAM C&OR and GFC teams.

  • Bank of America is committed to diversity and inclusion. We support staff to bring their whole self to work.

  • Team members have shown great support for initiatives relating to volunteer activities as well as on diversity and inclusion.

  • The Bank has a great offering of online as well as person-lead training courses and staff are encouraged to continue to develop their careers throughout.

  • The EU C&OR team has a mixed tenure with the Bank, which provides for good legacy knowledge and good exchange of ideas. We are proud of the high commitment to excellence and the culture of compliance. The team members are good advisors to the business and assist in steering consistent good results.

Key skills:

  • Master degree, preferably in legal

  • Deep knowledge and level of experience in the Swedish banking and financial regulatory landscape relating to Compliance and Operational Risk.

  • Relevant work experience in the compliance area of banks or consultancy firms with financial services focus risk area  

  • Excellent organisational skills and attention to detail

  • Ability to navigate in matrix organizations

  • Good communication skills, strong analytical skills

  • Ability to prioritize multiple tasks and work schedule in advance to meet tight deadlines

  • Team player and ability to establish and maintain excellent working relationships with central and business aligned functions across the region

  • Fluent in both Swedish and English

Bank of America:

Every day, across the globe, our employees bring a commitment to our purpose and to driving responsible growth by living our values: deliver together, act responsibly, realize the power of our people and trust the team. A key aspect of driving responsible growth is doing so in a sustainable manner, a critical pillar of which is being a great place to work for our teammates.

In line with these values, in EMEA we have 9 Employee Networks, a wide range of Sports & Social clubs, and other development and networking opportunities so that you can enjoy a range of experiences and connect with colleagues across the bank. We also offer exclusive discounts to some of the most iconic cultural experiences for you to enjoy in your spare time outside of work. Learn more about our benefits here.

Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

We are an equal opportunities employer, and ensure that no applicant is subject to less favourable treatment on the grounds of gender, gender identity, marital status, race, colour, nationality, ethnic or national origins, age, sexual orientation, socio-economic background, responsibilities for dependants, physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.

We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements. As part of our standard hiring process to manage risk, please note background screening checks will be conducted on all hires before commencing employment.

Job Band:

H5

Shift: 

Hours Per Week:

39

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

Job Title:  Sweden Compliance Officer and MLRO

Corporate Title: Vice President

Location: Stockholm, Sweden

Role Description:

The Senior Country Compliance and Operational Risk (C&OR) Manager is responsible for ensuring the identification, escalation and timely mitigation of compliance and operational risks in relation to Sweden and Bank of America Europe DAC, Stockholm branch (“Stockholm branch”) 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 Senior Country C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage, 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 Senior Country 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.

Activities this role performs include, but are not limited to:

  • Conducts compliance and operational risk assessments in the country and contributes to the risk assessment for the region, incorporating review of external loss events to assess control effectiveness.

  • Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines

  • Provides country/regional regulators with output of coverage activities when requested

  • 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

  • Plans, develops and executes Compliance and operational risk monitoring and testing as applicable

  • 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, communicates results to FLU/CF Stakeholders

  • Reviews and challenges the country/regional contributions to the Single Process Inventory (SPI) and FLU/CF Risk & Control Self-Assessments (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

  • Partnering with all LOBs and control Functions in country.

  • Execute governance and management routines (amongst which participation in the local management team meetings of the Stockholm Branch).

  • Supporting Enterprise Compliance, EACs, Control Functions and other support functions including: Client Services, Fulfilment and client on-boarding teams, AIM, Information Wall and Wall Crossing, Equity Aggregation disclosures, Foreign Corrupt Practices Act / UK Bribery Act or Conflicts Management.

  • As appointed MLRO of the Stockholm Branch, the candidate will be responsible for:

  • local MLRO responsibilities and support the evolution of the GFC program.

  • Regulatory framework/ Policy and Standards implementation – understand current regulatory requirements and take action to ensure the “what” and “why” of those requirements are clearly reflected in the Country Standards, as appropriate, and have been implemented by the businesses in the jurisdiction.  Further, complete mandated risk assessments and oversee the regulatory change management process and engage appropriate persons to track and incorporate new requirements.  Oversee, as appropriate, implementation of enterprise wide and local requirements and coordinate monitoring and testing with the Global Financial Crimes (GFC) Coverage Execution Team.  Ensure appropriate economic sanction screening is conducted per local requirements.  Develop and conduct training on  financial crimes related topics as required by local law and in consultation with the GFC Coverage Execution Team. The training responsibility includes identifying required audience, which encompasses bank and applicable vendor employees, if any, whether in or out of specified country.

  • Liaison – act as a liaison with the business, operations, law enforcement, regulatory bodies and peer institutions under consultation with the GFC Regional Executive.  In consultation and conjunction with the GFC Regional Executive, provide advice and counsel on local requirements during on boarding, customer selection/review and new product/transaction processes.

  • Regulatory reporting – conduct investigations, decision and report pursuant to regulatory obligations in the local jurisdiction using Enterprise approved tools and processes.  Share as appropriate information on trends.  Liaise with the GFC Economic Sanctions (ES) team to coordinate reporting under local sanctions regimes.  To the extent required by local regulation, prepare and disseminate, in consultation with the GFC Regional Executive, required reports such as annual reports.

  • Manage audits and examinations in coordination with the GFC Regional Executive.  Actively participate in issue identification and remediation.

  • Ensure Monitoring and Testing is conducted as required by local regulations and in consultation with the GFC Regional Executive and the GFC Coverage Execution Team.  Provide feedback on the annual plan development.  Develop testing scripts in consultation with the GFC Coverage Execution Team and share reports and results with the appropriate stakeholders. Record results and work papers in the appropriate tool designated by GFC.

  • “Oversee the RRP/CDD Related Processes”:

  • Oversee relevant aspects of the GBAM RRP though conducting appropriate monitoring and testing.

  • Ensure that local management, boards, and regulators are kept apprised of progress through appropriate reporting.

  • Ensure sustainability of processes

  •  Additional activities this role may perform include:

  • Ensures that any inquiries and exams by regulators in the country are appropriately managed by the relevant Compliance & Operational Risk Officers

  • Promotes participation on Environmental, Social, & Governance (ESG) initiatives and programs

  • Escalates any key issues to the appropriate level of management

The Team:

  • The new employee will be part of the EU Country C&OR team

  • Currently there is no C&OR or GFC employees in Sweden. The new hire will be supported remotely by the GBAM C&OR and GFC teams.

  • Bank of America is committed to diversity and inclusion. We support staff to bring their whole self to work.

  • Team members have shown great support for initiatives relating to volunteer activities as well as on diversity and inclusion.

  • The Bank has a great offering of online as well as person-lead training courses and staff are encouraged to continue to develop their careers throughout.

  • The EU C&OR team has a mixed tenure with the Bank, which provides for good legacy knowledge and good exchange of ideas. We are proud of the high commitment to excellence and the culture of compliance. The team members are good advisors to the business and assist in steering consistent good results.

Key skills:

  • Master degree, preferably in legal

  • Deep knowledge and level of experience in the Swedish banking and financial regulatory landscape relating to Compliance and Operational Risk.

  • Relevant work experience in the compliance area of banks or consultancy firms with financial services focus risk area  

  • Excellent organisational skills and attention to detail

  • Ability to navigate in matrix organizations

  • Good communication skills, strong analytical skills

  • Ability to prioritize multiple tasks and work schedule in advance to meet tight deadlines

  • Team player and ability to establish and maintain excellent working relationships with central and business aligned functions across the region

  • Fluent in both Swedish and English

Bank of America:

Every day, across the globe, our employees bring a commitment to our purpose and to driving responsible growth by living our values: deliver together, act responsibly, realize the power of our people and trust the team. A key aspect of driving responsible growth is doing so in a sustainable manner, a critical pillar of which is being a great place to work for our teammates.

In line with these values, in EMEA we have 9 Employee Networks, a wide range of Sports & Social clubs, and other development and networking opportunities so that you can enjoy a range of experiences and connect with colleagues across the bank. We also offer exclusive discounts to some of the most iconic cultural experiences for you to enjoy in your spare time outside of work. Learn more about our benefits here.

Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

We are an equal opportunities employer, and ensure that no applicant is subject to less favourable treatment on the grounds of gender, gender identity, marital status, race, colour, nationality, ethnic or national origins, age, sexual orientation, socio-economic background, responsibilities for dependants, physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.

We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements. As part of our standard hiring process to manage risk, please note background screening checks will be conducted on all hires before commencing employment.

Learn more about this role

Full time

JR-22036934

Band: H5

Manages People:

Manager:

Talent Acquisition Contact:

Josh Littlemore

Referral Bonus:

0

Street Address

Primary Location:
Regeringsgatan 59, Stockholm, 11156