Credit Review Senior Portfolio Manager

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:
Establish and execute a risk-based coverage plan for assigned portfolio. Coverage plan to include, at a minimum, examinations, transaction reviews, risk assessments and issue management

Credit Review provides an independent assessment of credit decisions and the effectiveness of credit processes across the bank’s credit platform, identifies existing and emerging risks, and reports its findings to various stakeholders, including executive management, the Board of Directors or committee thereof, external auditors and regulatory agencies.

The Portfolio Manager establishes and executes a risk-based coverage plan for a specific portfolio or a set of portfolios for assessing the quality of credit decisioning and the effectiveness of credit processes and policies. Key responsibilities include assessing the credit control effectiveness of assigned portfolios, executing transaction reviews, preparing quarterly Business Assessment Reports, updating Coverage Plans, and maintaining awareness of current economic trends and its impact on credit portfolios. Coaches, mentors, and reviews the work product of new or junior team members. Establishes working relationships with key stakeholders including Risk and regulatory partners to facilitate ongoing dialogue of key issues and emerging risks.  

We are looking for a Credit Review Senior Portfolio Manager – Counterparty Credit Risk to join our dynamic, high-energy Credit Review team supporting review of Counterparty Credit Risk in traded products and structured financing facilities in Global Markets and horizontally across other lines of business

Responsibilities:

• Establish and execute an annual risk-based coverage plan for covering counterparty credit risk primarily in Hedge Funds, Prime Brokerage, Central Counterparties and Asset Managers portfolios in Global Markets, including transactional testing and examinations
• Collaborate with other Portfolio Managers to ensure end-to-end comprehensive coverage of counterparty credit risk present in all commercial credit portfolios covered by Credit Review
• Perform transactional testing of credit process execution of new and existing clients, secondary reviews of transactional testing completed by others and other portfolio monitoring activities
• Responsible for the ongoing identification of key and emerging risks
• Document findings through quarterly reporting, including assessing and rating credit control effectiveness, direction of controls, and credit riskiness for counterparty credit risk portfolios
• Maintain communication with 1st and 2nd line business partners, including communication of continuous testing and examination results, gaps/remediation needs, and attends meetings and routines as outlined in coverage plan
• Participate in examination activities as a subject matter expert and/or periodically serves as an examiner-in-charge and/or examiner
• Actively participate in regulator meetings, liaise with regulators to provide periodic updates on monitoring/examination results, and respond to inquiries from regulators and other external reviewers
• Provide input to top of house Credit Review reporting for Board and senior management
• Actively engage with Corporate Audit to ensure ongoing awareness of review activity and ongoing risk assessment, and discuss emerging trends
• Monitor front line unit issue remediation progress and coordinates issue validation activities, as needed
• Drive a culture of continuous improvement by leading or participating in complex or multiple projects
• Raise potential areas of concern for QA team to review
• Track and follow observations from exams/monitoring that don’t yet rise to the level of issues
• Produce quality, timely work
• Maintain well-written, easy to follow work papers in accordance with Credit Review guidelines and best practices

Skills:

• Extensive commercial credit related experience including deep understanding of counterparty credit risk products, including traded products and derivative-based financing facilities
• Strong knowledge of key concepts related to ISDA, CSA and other relevant documents as well as metrics and tools utilized to underwrite and manage counterparty risk. Solid understanding of the industry landscape and regulatory framework
• Experience in risk management, lending and/or regulatory agencies
• Excellent credit analysis and project management skills, excellent verbal and written communication, strong interpersonal and leadership skills
• Data manipulation and analysis skills
• Effective process assessment skills - the ability to identify control gaps and their implications to the broader population
• Ability to support conclusions through fact-based analysis and ability to influence senior leaders
• Ability to manage multiple complex tasks while delivering high quality results
• Experience navigating a matrix organization
• Independent and takes initiative
• Resourcefulness in identifying, assessing, and reporting on emerging risks
• Experience with a Credit Review examination process
• Proficiency in Excel
• Ability to work in a team environment, focus on high quality execution
• Critical thinker, high energy and intellectually curious
• Experience with leading without authority
• Ability to coach and develop more junior associates

Required skills:

• Minimum of 8 – 10 years of commercial credit experience (credit review, underwriting, workout, risk management and/or regulatory)
• Ability to support conclusions through fact-based analysis and ability to influence senior leaders
• Excellent credit analysis, project management and leadership skills
• Strong organizational and communication skills, both written and verbal
• Ability to manage multiple complex tasks while delivering high quality results
• Bachelor’s Degree with a preference in finance, accounting, economics or other business concentration

Desired skills:

• 10+ years of direct commercial credit experience in counterparty credit risk related to Hedge Funds, Prime Brokerage, Asset Managers, Financial Institutions, and large Corporates
• Demonstrated experience in identifying, assessing, and reporting on existing and emerging risks
• Experience with direct applicability to Credit Review responsibility
• Ability to coach/mentor new or less experienced associates

Skills:

• Internal Audit Review
• Portfolio Analysis
• Reporting
• Risk Management
• Underwriting
• Business Acumen
• Credit and Risk Assessment
• Critical Thinking
• Issue Management
• Stakeholder Management
• Analytical Thinking
• Executive Presence
• Influence
• Regulatory Compliance
• Relationship Building

Shift:

Hours Per Week: