Compliance and Operational Risk Specialist

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!

The team

The NFRR EAC has enterprise-wide responsibility for Compliance & Operational Risk (C&OR) coverage of regulatory reporting aligned to and in support of bank’s business segments such as trading, banking, and consumer. The team is based in several locations globally, including New York, Charlotte, and London.

The team operates in a technically complex, fast-changing, and dynamic environment with an excellent culture of growth, learning and development. By joining this team, you will gain exposure to colleagues and senior managers in many business segments (Global Markets, Consumer, Global Wealth, and Investment Management, etc.), Operations, Technology, Risk, Legal and Audit globally.

Overview of the role

This role is responsible for C&OR coverage of the end-to-end activities related regulatory reporting for the AMRS region, which include understanding of how the business segments operate (e.g. trading) and the underlying regulatory requirements which govern those activities. This primarily includes, but is not limited to, Futures industry reporting covering Large Trader, Open Interest, Customer Gross Margin, Client Segregation Requirements, etc., as well as other specific NFRRs covering primarily Securities Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) jurisdictions.

Day-to-day activities will include (but not limited to):

• Advising the Business, Operations, and other stakeholders with the interpretation of NFRR regulatory requirements

• Coordinating and engaging with other C&OR officers to provide comprehensive oversight of NFRR FLU/CF activities.

• Reviewing & challenging the bank’s implementation of NFRR, including the control framework

• Assessing new NFRR regulations, including interpretation and communication of changes, to ensure effective implementation by the bank.

• Assisting the FLU/CF with the development of risk metrics, monitors related performance and breach remediation.

• Developing new monitoring and testing activities covering NFRR accuracy, completeness and/or timeliness

• Conducting monitoring and targeted assessments

• Reviewing results of tests executed by the Enterprise Independent Testing team.

• Assessing additional training needs relating to NFRR

• Reviewing the bank’s policies relating to NFRR, including the development and maintenance of C&OR-owned policies

• Working with Business and Operations stakeholders and C&OR teammates globally to promote consistency and best-in-class practices.

What we are looking for

The successful candidate should have the following attributes:

• Minimum 3-5 years of work experience in a Compliance and/or Operational Risk function

• Exposure to the Futures industry, with 3-5 years of work experience within a Futures Commission Merchant (FCM) or in support of FCM activities, having familiarity with regulatory reporting obligations and respective Futures industry Rules & Regulations.

• Logical thinker who can make rational, evidence-based decisions while knowing when to escalate, as necessary.

• A flexible and solution driven perspective, and a determination and desire to find answers to complex issues.

• Ability to understand the translation of laws, rules and regulations into business requirements, processes, and controls.

• Strong written and oral communication, including the ability to articulate complex issues in a simple way and to interact with senior stakeholders effectively, confidently and with empathy. Keen attention to detail

• Enthusiastic, responsible, and dependable team player who is also able to work independently and take ownership of their area.

• Collaborator with good interpersonal skills who proactively builds relationships, with the agility and resilience to deliver results in a fast-paced, evolving space.

• Strong knowledge of financial markets, banking industry, equities, and derivative products

• Strong technical and data analytical skills (i.e., Excel and similar applications) with experience in analyzing, managing, and reporting from large sets of structured data (e.g., books and records data)

• Demonstrates intellectual curiosity and drives operational excellence.

• Ability to demonstrate a high level of integrity with a mature approach to work.

Desired Qualifications:

• Experience interacting with regulatory agencies and/or regulatory exams.

• Regulatory reporting experience and/or experience in a global markets regulatory reporting environment.

• Experience in technology implementation projects including involvement in building new or enhancing existing systems to meet complex reporting requirements .

Skills:

• Analytical Thinking

• Regulatory Compliance

• Reporting

• Risk Management

• Written Communications

• Active Listening

• Adaptability

• Issue Management

• Monitoring, Surveillance, and Testing

• Policies, Procedures, and Guidelines Management

• Advisory

• Business Process Analysis

• Interpret Relevant Laws, Rules, and Regulations

• Process Management

Shift:

Hours Per Week: