Back to search results

Business Control Manager-Broker Dealer Customer Protection Manager-Global Market Operations

New York, New York

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

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!

Job Summary

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 liaison 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 incumbent will also report and advise on pertinent incidents and regulatory requirements with senior stakeholders and engage with auditors and/or regulators.

Responsibilities:
• 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

Job Description:
This job is responsible for leading and executing on internal control discipline and operational excellence within a Line of Business (LOB) or Enterprise Control Function (ECF). Key responsibilities include executing LOB or ECF processes and tools to drive adherence to enterprise-wide standards. Job expectations include supporting the implementation of quality assurance and quality control processes within the LOB or ECF through ongoing monitoring and testing of controls, identifying issues and control improvements for remediation, and building out actions plans and milestones.

Responsibilities:

  • Leads the assessment of the design and effectiveness of the risk and control environment to support Client Operational Services and ensure adherence to enterprise-wide standards
  • Performs monitoring and testing of controls, identifying issues and control improvements for remediation
  • Leads the implementation of optimized controls and enhanced Quality Assurance (QA) practices to support business continuity efforts
  • Manages the performance and productivity of team members that conduct quality inspection reviews
  • Ensures timely execution of QA activities including control execution, case management, and results reporting
  • Manages and reviews all operations front line unit responses for regulatory exams, internal audits, and other monitoring and inspection reviews
  • Ensures accuracy of data and that relevant information is captured for inspection metrics to support governance for dashboard reporting

Required Skills

• 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.
• Prioritization
• Research

Desired Skills:
• FINRA Series 99 a plus
• Experience with the change management Lifecyle.

Skills:

  • Controls Management
  • Oral Communications
  • Risk Management
  • Stakeholder Management
  • Strategy Planning and Development
  • Continuous Improvement
  • Drives Engagement
  • Influence
  • Strategic Thinking
  • Talent Development
  • Data and Trend Analysis
  • Decision Making
  • Monitoring, Surveillance, and Testing
  • Problem Solving
  • Quality Assurance

Minimum Education Requirement: Null

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-24009909

Manages People: No

Travel: Yes, 5% of the time

New York pay and benefits information

New York pay range:

$89,100 - $160,000 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

Benefits

This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

Street Address

Primary Location:
1100 Ave Of The Americas, NY, New York, 10036