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Compliance & 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

Required Skills: Minimum Years of Business & Functional Experience: 7 years
Degree Required: Bachelor’s Degree or Equivalent experience

Job Description:
Seeking candidates with a passion for driving change, community impact and fairness through risk management.  The EAC C&OR Manager will have the opportunity to drive meaningful change with the enhancement of the Fair Banking Program.   This new role will provide thought leadership and ideas on how we manage Fairness risk across all products and services at Bank of America.  This individual will help to reinforce the Company’s risk culture and expectations for consumer fairness across the customer/client and product lifecycles.  The Fair Banking program offers a comprehensive approach to managing anti-discrimination risk for all products and services including credit and non-credit, consumer, small business, and state-level prohibited basis in addition to existing Federal laws. This is a unique opportunity to help our lines of business further deepen our impact in the marketplace by aligning the bank’s strategic needs with those of the communities and customers we serve.

The EAC Compliance and Operational Risk Manager, under supervision, is an individual contributor and member of an EAC Compliance and Operational Risk team. This role is responsible for providing enterprise-wide oversight of specific laws, rules, regulations, and regulatory guidance, such as those related to Fair Banking through the identification, escalation, and timely mitigation of compliance risks in alignment with the Compliance Risk Management (CRM) Program and the Global Compliance and Operational Risk Enterprise Policy (GCOR Policy).

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 for Fair Banking
• 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 (SPI) single process 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

The EAC Compliance and Operational Risk Manager will be responsible for but not limited to:

• Executes elements of the bank’s risk wheel (developing and managing a    monitoring and testing portfolio and related metrics including effectiveness of the front line unit, issues (identification, management and escalation), assisting with preparations and responses for frequent regulatory exams, audits and regular challenge of the FLU (initiatives, issue action plans, effectiveness of flu controls and results etc.), managing a Fair banking statistical testing portfolio, Fair banking training content, new products/services/initiatives oversight and reporting/escalation
• Interact directly with FLU and Business Control executives providing direction and oversight
• Completing the annual Global Compliance and Operational Risk Assessment
• Support preparations for regulatory exams and audits, inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed for Front Line Unit
• Identify Fair Banking compliance training needs and inspect FLU/CF and third party participation


Desired Skills:

  • Risk, testing, compliance, audit experience, or consumer regulatory examining experience
  • Leadership experience/capabilities/presentation experience
  • Must be a self-starter, flexible, innovative, and adaptive
  • Highly motivated with strong analytical skills and high attention to detail and accuracy
  • Demonstrated ability to influence, drive change and resolve conflicts
  • Excellent project management and organizational skills and capability to handle multiple projects at one time
  • Knowledge of industry trends, challenges, direction, and regulatory considerations regarding anti-discrimination in consumer protection
  • Knowledge of common/general Banking products, services, and systems
  • Bachelor’s degree Preferred

Required Skills:
• 7+ years’ experience in one or more of the following: banking compliance risk management, banking business controls, audit, regulatory examiner 
• Understanding of the customer and/or product lifecycles
• Understanding of business processes and controls
• Risk assessment skillset to enable evaluation of processes and other operational risks, identification of controls and determination of gaps and weaknesses
• Strong written/verbal communication skills with the ability to communicate issues/concerns and recommend corrective course of action
• Intellectual curiosity and the ability to think out of the box 
• Must be able to exercise independent judgement to identify areas of risk coupled with the ability to analyze data, logical reasoning, and problem solving, risk vs. reward skills to effectively and objectively investigate/evaluate areas of risk
• Must have good time management skills and the ability to manage multiple priorities in a fast-paced environment
• Ability to work well and collaboratively as part of a team and function independently when required
• Capability to effectively influence risk direction and willingness to take a stand when required

Desired Skills:  
• Risk, testing, compliance, audit experience, or consumer regulatory examining experience
• Leadership experience/capabilities/presentation experience
• Must be a self-starter, flexible, innovative, and adaptive
• Highly motivated with strong analytical skills and high attention to detail and accuracy
• Demonstrated ability to influence, drive change and resolve conflicts
• Excellent project management and organizational skills and capability to handle multiple projects at one time
• Knowledge of industry trends, challenges, direction, and regulatory considerations regarding anti-discrimination in consumer protection
• Knowledge of common/general Banking products, services, and systems
• Bachelor’s degree Preferred 

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

Required Skills: Minimum Years of Business & Functional Experience: 7 years
Degree Required: Bachelor’s Degree or Equivalent experience

Job Description:
Seeking candidates with a passion for driving change, community impact and fairness through risk management.  The EAC C&OR Manager will have the opportunity to drive meaningful change with the enhancement of the Fair Banking Program.   This new role will provide thought leadership and ideas on how we manage Fairness risk across all products and services at Bank of America.  This individual will help to reinforce the Company’s risk culture and expectations for consumer fairness across the customer/client and product lifecycles.  The Fair Banking program offers a comprehensive approach to managing anti-discrimination risk for all products and services including credit and non-credit, consumer, small business, and state-level prohibited basis in addition to existing Federal laws. This is a unique opportunity to help our lines of business further deepen our impact in the marketplace by aligning the bank’s strategic needs with those of the communities and customers we serve.

The EAC Compliance and Operational Risk Manager, under supervision, is an individual contributor and member of an EAC Compliance and Operational Risk team. This role is responsible for providing enterprise-wide oversight of specific laws, rules, regulations, and regulatory guidance, such as those related to Fair Banking through the identification, escalation, and timely mitigation of compliance risks in alignment with the Compliance Risk Management (CRM) Program and the Global Compliance and Operational Risk Enterprise Policy (GCOR Policy).

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 for Fair Banking
• 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 (SPI) single process 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

The EAC Compliance and Operational Risk Manager will be responsible for but not limited to:

• Executes elements of the bank’s risk wheel (developing and managing a    monitoring and testing portfolio and related metrics including effectiveness of the front line unit, issues (identification, management and escalation), assisting with preparations and responses for frequent regulatory exams, audits and regular challenge of the FLU (initiatives, issue action plans, effectiveness of flu controls and results etc.), managing a Fair banking statistical testing portfolio, Fair banking training content, new products/services/initiatives oversight and reporting/escalation
• Interact directly with FLU and Business Control executives providing direction and oversight
• Completing the annual Global Compliance and Operational Risk Assessment
• Support preparations for regulatory exams and audits, inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed for Front Line Unit
• Identify Fair Banking compliance training needs and inspect FLU/CF and third party participation


Desired Skills:

  • Risk, testing, compliance, audit experience, or consumer regulatory examining experience
  • Leadership experience/capabilities/presentation experience
  • Must be a self-starter, flexible, innovative, and adaptive
  • Highly motivated with strong analytical skills and high attention to detail and accuracy
  • Demonstrated ability to influence, drive change and resolve conflicts
  • Excellent project management and organizational skills and capability to handle multiple projects at one time
  • Knowledge of industry trends, challenges, direction, and regulatory considerations regarding anti-discrimination in consumer protection
  • Knowledge of common/general Banking products, services, and systems
  • Bachelor’s degree Preferred

Required Skills:
• 7+ years’ experience in one or more of the following: banking compliance risk management, banking business controls, audit, regulatory examiner 
• Understanding of the customer and/or product lifecycles
• Understanding of business processes and controls
• Risk assessment skillset to enable evaluation of processes and other operational risks, identification of controls and determination of gaps and weaknesses
• Strong written/verbal communication skills with the ability to communicate issues/concerns and recommend corrective course of action
• Intellectual curiosity and the ability to think out of the box 
• Must be able to exercise independent judgement to identify areas of risk coupled with the ability to analyze data, logical reasoning, and problem solving, risk vs. reward skills to effectively and objectively investigate/evaluate areas of risk
• Must have good time management skills and the ability to manage multiple priorities in a fast-paced environment
• Ability to work well and collaboratively as part of a team and function independently when required
• Capability to effectively influence risk direction and willingness to take a stand when required

Desired Skills:  
• Risk, testing, compliance, audit experience, or consumer regulatory examining experience
• Leadership experience/capabilities/presentation experience
• Must be a self-starter, flexible, innovative, and adaptive
• Highly motivated with strong analytical skills and high attention to detail and accuracy
• Demonstrated ability to influence, drive change and resolve conflicts
• Excellent project management and organizational skills and capability to handle multiple projects at one time
• Knowledge of industry trends, challenges, direction, and regulatory considerations regarding anti-discrimination in consumer protection
• Knowledge of common/general Banking products, services, and systems
• Bachelor’s degree Preferred 

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-22061718

Band: H4

Manages People: No

Travel: Yes, 5% of the time

Manager:

Talent Acquisition Contact:

Alexander Watkins

Referral Bonus:

0