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Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
This job is responsible for driving and executing on internal control discipline and operational excellence within a Line of Business (LOB) or Enterprise Control Function (ECF). Key responsibilities include providing analytical and administrative support for LOB or ECF specific processes and tools to drive adherence to enterprise-wide standards. Job expectations include monitoring and testing controls and implementing quality assurance and quality control processes within the LOB or ECF by evaluating data to help identify, track, and report issues and control improvements for remediation.
The role resides within the Client Asset Control Group (CACG) Americas (AMRS) region. CACG AMRS is a Global Markets Operations team which provides front-to-back oversight of customer protection regulatory requirements across two Bank of America SEC registered broker dealers.
The role will serve as an individual contributor, acting as a subject matter expert (SME) and liason for front office and operations partners regarding firm specific queries on treatment for custody, processing flows and/or new business proposals under the US broker dealer regulatory customer protection rules, with specific focus on SEA Rule 15c3-3: Possession or Control. The role will support large scale change initiatives, and help with provisioning of training on existing and emerging regulatory rules to impacted stakeholders. The incumbant will also report and advise on pertinent incidents and regulatory requirements with senior stakeholders and engage with auditors and/or regulators.
• Oversees the design and effectiveness of the risk and control environment to support Client Operational Services and ensure adherence to enterprise-wide standards
• Supports the monitoring and testing of controls by evaluating data to identify issues and control improvements for remediation
• Implements optimized controls and enhanced Quality Assurance (QA) practices to support business continuity efforts
• Conducts and coordinates quality inspection reviews to enhance employee performance and control effectiveness
• Performs QA activities including executing on controls, managing cases, and reporting results
• Executes initiatives by identifying areas of potential testing automation, procedural updates, thematic trends, test script updates, and coaching opportunities to enhance QA program success
• Supports the overall management of and research required for regulatory exams, internal audits, and other monitoring and inspection reviews and evaluates data and information relevant to inspection metrics to support governance activities for dashboard reporting
• Work with Possession or Control and Regulatory Reporting teams to ensure systems and connected processes operated within requirements.
• Liase with front office lines of business on new product designs with impact to client seg and rehypothecation process.
• Provide audit assistance and guidance during internal/external reviews of segregation process.
• Support internal process training to key stakeholders infrastructure
• Controls Management - Previous experience with DTC settlement and the Customer Protection Rule / SEA Rule 15c3-3.
• Issue Management
• Monitoring, Surveillance, and Testing
• Risk Management - 5+ years of experience in US Broker Dealer operations or front office or related regulatory/compliance expertise.
• Quality Assurance - Working knowledge of equities clearing, broker dealer operations, and Securities and Exchange Act Regulations.
• Analytical Thinking
• Attention to Detail
• Critical Thinking
• Problem Solving - Self-motivated and able to work unsupervised. Candidate will be able to manage own time and know when to escalate.
• Written Communications - Presentable, confident and client focused. Comfortable leading meetings, creating presentation documents, and speaking to senior stakeholders.
• Recording/Organizing Information
• Decision Making
• Innovative Thinking - Ability to work collaboratively and challenge current processes in clear, logical manner.
• FINRA Series 99 a plus
• Experience with the change management Lifecyle.
Minimum Education Requirement: Bachelor's Degree or equivalent experience
Shift:1st shift (United States of America)
Hours Per Week:40
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