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Compliance and Operational Risk Manager

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 Description:
This job is responsible for executing second line of defense compliance and operational risk oversight for a Front Line Unit, Control Function, and/or Third Parties. Key responsibilities include ensuring requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy (collectively “the Policies”), the Compliance and Operational Risk Management Program and Standard Operating Procedures are implemented and identifying, challenging, escalating, and mitigating risks in a timely manner.

Responsibilities:

  • Assesses risks and effectiveness of Front Line Unit (FLU) processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinations

  • Engages in activities to provide independent compliance and operational risk oversight of FLU or Control Function (CF) performance and any related third party/vendor relationships in alignment with the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy (collectively the Policies) and the Compliance and Operational Risk Management Program and Standard Operating Procedures

  • Identifies and escalates problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses

  • Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities

  • Assists in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines

  • Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks

  • Reviews and challenges FLU/CF process, risk, Single Process Inventory, and FLU/CF Risk and Control Self-Assessment related to themes or trends, while monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage

Managerial Responsibilities:
This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.

  • Diversity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company D&I goals.

  • Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.

  • Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.

  • Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.

  • People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.

  • Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.

  • Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.

  • Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.

Skills:

  • Advisory

  • Monitoring, Surveillance, and Testing

  • Regulatory Compliance

  • Reporting

  • Risk Management

  • Critical Thinking

  • Influence

  • Interpret Relevant Laws, Rules, and Regulations

  • Issue Management

  • Policies, Procedures, and Guidelines Management

  • Business Process Analysis

  • Decision Making

  • Negotiation

  • Process Management

  • Written Communications

Job Description Summary:

Coordinated risk oversight of electronic trading for FICC, Equities and/or Futures and Options flows focused primarily on AMRS. Working with business & control partners to build uniform standards of execution controls across various platforms so as to mitigate reputational risk and monetary loss. 
 
Some Key Responsibilities Include: 
· Identifying and categorizing the risks associated with all electronically traded flow. 
· In coordination with the Business, technology and control partners establish and/or validate that oversight exists for all identified risks. 
· Ensuring risk oversight feeds into the appropriate governance model. 
· Reviewing intraday trading limits structure/controls and establishing/validating limit setting logic where necessary. 
· Development of metrics and identification of key performance metrics quantifying the effectiveness of the risk framework. 
· Reviewing electronically traded flow in the context of system capacity constraints and the operational environment. 
· Reviewing the use of execution algorithms and the associated risk & control framework. 
· Working with Execution Services Technology to identify and manage control risks. Contribute to test planning and deployment as appropriate. 

Required Qualifications:
· 5 years of prior experience in Compliance and Operational Risk, Market Risk, Technology, or Product Management; supporting electronic trading activities  
· Understanding of market structure. 
· Familiarity with electronic trading strategies and algorithms. 
· Data analysis skills and ability to work with large datasets / spreadsheets. 
· An understanding of Operational Risk issues. 
· Ability to multi-task effectively and manage stakeholder expectations 
· An understanding of electronic trading regulatory trends and future requirements

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-24024498

Manages People: No

Travel: No

New York pay and benefits information

New York pay range:

$96,000 - $172,000 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:
ONE BRYANT PARK, NY, New York, 10036