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The team is responsible for a diverse body of work concentrated on effectively managing risk for all FMU relationships. As part of this team you will be responsible for:
Counterparty Credit Risk Specialist
Jersey City, New Jersey;
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 Description:
The Financial Market Utility (FMU) Risk Team is committed to responsibly managing the governance and risk oversight for all Bank of America’s FMU memberships and for monitoring compliance with laws, rules and regulations outlining the Bank’s responsibility for managing Risk to FMUs. FMUs are multilateral systems or infrastructures used for transferring, recording, clearing and settling payments, securities, derivatives and other financial transactions or instruments. Examples of FMUs include the Depository Trust Corporation (DTC) a Central Securities Depository and CLS Bank International, a Payment System.
As a team, we oversee both the firm’s direct and indirect memberships to make sure risk is managed well across all lines of business and that risk events are addressed and escalated to senior management. FMUs are critical to the operation of global financial markets and Bank of America is highly dependent on FMUs to pursue its business strategy. As such, the candidate will join a dynamic team whose responsibilities are constantly evolving and aspiring to be best in class in managing FMU Risk.
Given the ever-evolving business environment, we are looking to welcome a high performing candidate to the team to enhance the FMU Risk framework while supporting delivery of BAU governance processes and risk oversight.
As a team, we oversee both the firm’s direct and indirect memberships to make sure risk is managed well across all lines of business and that risk events are addressed and escalated to senior management. FMUs are critical to the operation of global financial markets and Bank of America is highly dependent on FMUs to pursue its business strategy. As such, the candidate will join a dynamic team whose responsibilities are constantly evolving and aspiring to be best in class in managing FMU Risk.
Given the ever-evolving business environment, we are looking to welcome a high performing candidate to the team to enhance the FMU Risk framework while supporting delivery of BAU governance processes and risk oversight.
The FMU Risk team consists of motivated, detail oriented subject matter experts who are excited to welcome a new member to the team. We seek a candidate who is eager to learn, add value and grow in their career. The type of teammate that would thrive in this type of environment should:
Demonstrate a keen interest in financial markets and risk management
Have strong analytical and presentation skills using Microsoft Office suite
Strategically develop and foster communication across the organization
Be able to work independently as well as participating in a cross-functional team environment
Excel at working in a fast-paced environment and demonstrate an ability to navigate new systems and processes quickly
The team is responsible for a diverse body of work concentrated on effectively managing risk for all FMU relationships. As part of this team you will be responsible for:
Risk management oversight for a portfolio of direct/indirect FMU memberships, and coordinating holistic reviews of FMU due diligence
Working with global business partners to bring FMU related initiatives through Risk governance committees
Tracking and escalating risk issues, including operational outages, impacting FMU activities
Identifying and remediating FMU risk management gaps, and contributing to the remediation of existing Issues and Initiatives
Ensuring compliance with regulatory requirements around FMU risk management
Engaging and fostering a network of stakeholders across all major lines of business, such as Global Markets, Global Transaction Services, Corporate Treasury, working with control partners in Compliance & Operational Risk, Global Technology and Operations and Legal
Required Qualifications:
Strong oral and written communications skills to support periodic reporting requirements
Ability to collaborate with broad group of internal stakeholders
Ability to document decisions and maintain accurate records
Intellectual curiosity and willingness to challenge the status quo
Desired Qualifications:
Ability to interpret regulations and their applicability to the Bank
Experience managing Issues (regulatory, Audit or self-identified)
Familiarity with Monitoring, Surveillance, and Testing routines
Familiarity with internal systems for Compliance and Issues management
Shift:
1st shift (United States of America)Hours Per Week:
40Learn more about this role
Full time
JR-24014568
Manages People: No
Travel: No
Jersey City pay and benefits information
Jersey City pay range:
$94,500 - $157,300 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.
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