Global Regulatory Reporting Conformance Program & Observation Management Executive

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 Global Regulatory Reporting (GRR) function, a part of the Global Financial Control organization within the CFO Group, is responsible for accurate filing of non-liquidity related financial regulatory reports. The primary responsibility for this role is to build and manage the in-line compliance and observation management program for GRR high risk reports. This capability does not exist today. This individual would lead a direct team of up to 10 individuals, both locally and in our India locations, as well as partner with a third-party vendor to ensure effective execution of conformance testing.

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: Breaks down barriers to create a more inclusive environment that supports company D&I goals.
• Manager of Process & Data: Challenges end-to-end process efficiency and effectiveness, champion data driven decision-making and removes obstacles to optimize operations.
• Enterprise Advocate & Communicator: Contributes to enterprise strategy and influence messaging to connect team contributions to business purpose, results, and success.
• Risk Manager: Inspects and challenges risk controls, governance and culture to ensure the timely identification, escalation, debate and remediation of risk across the organization.
• People Manager & Coach: Coaches to sustain and elevates organizational performance while differentiating to ensure pay for performance.
• Financial Steward: Efficiently allocates and manages resources across the organization to drive short and long term profitability.
• Enterprise Talent Leader: Inspects and manages the health of the bench to ensure succession for the organization, while supporting enterprise talent needs.
• Driver of Business Outcomes: Mobilizes organizational resources to deliver the full range of the bank’s capabilities to meet client needs and to gain competitive advantage.

Responsibilities:

• Partnering with our third-party vendor, develop a risk-based sampling approach to testing GRR high-risk reports and ensure test scripts are developed and effectively executed to achieve the test objectives
• Develop a sustainable operating model for conformance and observation management which, over time, is not dependent on third-party vendor resources
• Establish program governance routines for monitoring testing progress and results and partner with the Governance & Control team to ensure results are reported in any existing issues routines
• Continuously apply lessons learned to improve effectiveness and efficiency of our testing and observation management approach
• Recruit, train and retain resources with adequate skills for observation management and remediation
• Lead team responsible for observation management, including: root cause analysis, thematic review of findings, partnership with key stakeholders to design and deliver on remediation solution
• Significant partnership with many global stakeholders, including GRR executives, GRR process owners, Global Compliance & Operational Risk, Corporate Audit, CFO Data Management, and CFO Change

Required Qualifications:

• 15+ years experience in regulatory reporting and an understanding of our regulatory environment
• Proven direct leadership experience of managing a team
• Demonstrates a healthy skepticism and ability to partner with a third-party vendor to develop effective testing approaches in a regulatory reporting environment
• Strong controls mindset with ability to perform root cause analysis and design adequate solutions
• Strong written and verbal communication
• Committed to continuous improvement of processes to maximize effectiveness and improve efficiency
• Demonstrated ability to interact with 2nd and 3rd lines of defense in a constructive manner
• Proven ability to work in a collaborative environment to achieve stated objectives

Desired Qualifications:

• Master’s degree, CPA or equivalent work experience
• Prior audit, testing or issue management experience
• Experience in providing thought leadership and ability to lead without direct authority

Skills:

• Critical Thinking
• Decision Making
• Executive Presence
• Talent Development
• Issue Management
• Oral Communications
• Performance Management
• Written Communications
• Analytical Thinking
• Change Management
• Presentation Skills
• Regulatory Compliance

Shift:

Hours Per Week: