Dodd Frank EAC Compliance and Operational Risk 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:
This job is responsible for overseeing the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy and the Compliance and Operational Risk Management Program. Key responsibilities include executing on the Enterprise Area of Coverage (EAC) Global Compliance and Operational Risk coverage activities in a timely manner, engaging with the Front Line Unit risk teams and leaders globally to ensure regulatory requirements and operational risks are appropriately addressed. Job expectations include providing an EAC point of view for the specific area of coverage based on the risk management practices executed.

Responsibilities:

• Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, identify and manage risks including monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage, and maintain a comprehensive regulatory inventory; while supporting communication of regulatory changes to the Front Line Unit (FLU) and Control Function (CF) and ensuring that policies, standards, procedures, and processes are appropriately implemented or amended to address regulatory requirements

• Oversees independent risk management reporting to Global Compliance and Operational Risk senior leaders and FLU and CF senior leaders via established governance and management routines

• Oversees risk coverage plans, execution of monitoring, testing and risk assessments and communicates results, escalating when applicable

• Ensures effective measurements of key risks are established and monitored in consideration of risk coverage plans, communicates related results to FLU and CF stakeholders, provides oversight of the remediation of out of tolerance results, and escalates as appropriate

• Oversees the identification of regulatory training needs and Compliance and Operational Risk input into the development of training curriculum

• Escalates compliance and operational risks and issues to appropriate governance routines or management and board level committees

•  Ensures appropriate review and challenge of the FLU and CF Process, Risk, and Control inventory and Risk and Control Self-Assessments for Enterprise Area of Coverage specific themes and trends

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.

Skills:

• Active Listening

• Advisory

• Decision Making

• Regulatory Compliance

• Risk Management

• Critical Thinking

• Interpret Relevant Laws, Rules, and Regulations

• Negotiation

• Policies, Procedures, and Guidelines Management

• Written Communications

• Business Process Analysis

• Issue Management

• Planning

Job Description Summary
The Swap and Security-Based Swap (SBS) Enterprise Area of Coverage (EAC) Global Compliance & Operational Risk (GCOR)  Officer is a subject matter expert on Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), and National Futures Association (NFA) swap and SBS dealer requirements.  The EAC GCOR Risk Officer will advise on processes, controls, laws, rules and regulations that have enterprise-wide applicability and that operate across multiple Front Line Units (FLU) and Control Functions (CFs).  The EAC GCOR  Risk Manager will be responsible for the execution of the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy (collectively the Policies) and the Compliance and Operational Risk Management (CORM) Program.  The EAC GCOR Risk Officer will identify, escalate, and mitigates risks in a timely manner in alignment with the CORM Program and the Policies.  The individual will engage with FLU and CF leaders globally, coordinating with other FLU and CF GCOR teams, to independently advise those leaders on effectively managing the risks related to their area of coverage.  By executing the CORM Program and the Policies, the EAC GCOR  Risk Officer identifies themes and trends, conducts analysis for new and emerging risks, and recommends approaches to mitigate those risks.

The EAC GCOR  Risk Officer will be a member of the Swap and SBS Dealer EAC GCOR team.  The individual will advise internal stakeholders on CFTC, SEC, and NFA requirements that pertain to Bank of America’s (Company) swap and SBS dealers.  

Responsibilities include:
•    Support the their Chief Compliance Officers (CCO) in administering their duties to oversee the Company’s swap and SBS dealer compliance and operational risk program;
•    Assist with drafting the CCO Annual Reports for the swap and SBS dealers and develop management reporting for the Boards of Directors and other senior stakeholders at the Company;
•    Advise the FLU and CFs on regulatory requirements, developments, and expectations across various swap and SBS dealer requirements including recordkeeping, transaction reporting, business conduct standards, and capital and margin requirements;
•    Serve as liaison to regulatory examiners, Internal Audit, and external auditors on compliance issues and oversee the implementation of related remediation;
•    Assist in developing Monitoring & Testing to review and challenge controls and the implementation of regulatory requirements;
•    Assist with the development of trainings for associated persons of the swap and SBS dealers to educate and remind those employees of their obligations and expected behaviors; 
•    Provide oversight and guidance over the assessment of complex issues, structure potential solutions and drives effective resolution with other stakeholders; and 
•    Assist in executing governance and management routines.

Required and Desired Qualifications

•    8+ years of experience in and knowledge of CFTC, SEC, and NFA swap and SBS dealer regulations and of over-the-counter derivative products and market structure;
•    Understanding of trade processing systems, technology, and infrastructure;
•    Experience building or having input into the creation of surveillance reports and testing models;
•    Experience writing and implementing policies and procedures;
•    Detail-oriented and ability to work in a fast-paced environment, under pressure; 
•    Ability to communicate clearly both orally and in writing with senior stakeholders and external parties; and
•    Strong interpersonal skills and the ability to lead projects and drive change with senior business and other control functions. 
 

Shift:

Hours Per Week: