Enterprise Financial Risk 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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Enterprise Financial Risk (EFR) Overview

Enterprise Financial Risk (EFR) seeks to deliver effective independent risk management of the activities and processes associated with managing the Company’s capital, liquidity and interest rate risks, including price risk in the CFO managed securities portfolio.  As the Chief Risk Officer (CRO) function covering the Chief Financial Officer (CFO) Group, we also bring together a holistic point of view across all seven risk types for the Company’s CFO.

The team helps Bank of America grow responsibly through developing our teammates, promoting a diverse and inclusive culture, and approaching our work with intellectual curiosity. EFR delivers its mission through a steadfast commitment to its values: cultivating diversity of thought and valuing different perspectives and experiences; promoting learning, fostering relationships and creativity; developing talent, advancing careers, and creating leaders within Global Risk Management and across the company.  Our goal is to ensure that a healthy and sustainable liquidity, capital, and interest rate risk (IRR) profile is maintained through baseline economic scenarios, as well as during times of market and idiosyncratic stress.

Job Description

This job is responsible for the identification, measurement, monitoring, controlling, reporting, and analysis of applicable financial risks across the company, including markets risk (interest rate risk and price risk in the CFO managed ALM portfolio), liquidity risk, and capital risk. Cross functional risks related to recovery and resolution planning, climate risks, and end to end risk oversight of the CFO group may also be in scope for the role.

Areas of Focus across the financial risk disciplines include the following:

• Providing risk oversight and advice and counsel to front line units

• Ability to recognize all risk categories and bringing appropriate risk expertise as needed

• Accountable for conducting execution of BAC risk framework activities commensurate with liquidity risk, interest rate risk and price risk, capital risk, and responsibilities of a CRO vertical coverage team

Key responsibilities for the role may include 1 or more of the following financial risk disciplines:

Interest Rate Risk and Price Risk

• Analysis of model risk, analysis and reporting of market risk, distributing the market risk reports, and interfacing with the trading desk and other risk and support groups (i.e., Compliance, Finance, Operations, etc.)

• Review and Challenge of IRR measurements (Independent analysis of 1LOD proposal based on structured criteria, e.g., impact to risk metrics, sensitivity testing, challenger model, regulatory guidance, supporting analysis and justification)

• Price Risk data validation and controls

Capital Risk Management

• Capital Forecasting/Adequacy - enhance review and challenge of end-to-end capital forecasting and adequacy process, including Risk ID and scenario design

• SLR/Numerator/TLAC interpretations, rule compliance and calculator change control reviews

• Maintain ECRM operating model and prioritization. Review and challenge of all capital-related Plans, Policies, Governance documents and Committee materials

• Wholesale/Retail spot RWA and manual adjustment testing, interpretations, rule compliance and calculator change control reviews

• Counterparty/securities spot RWA and manual adjustment testing

• Market risk RWA and manual adjustment testing, as outlined in E&Y recommendations.

• SLR/Numerator/TLAC calculations and manual adjustment testing, as outlined.

Liquidity Risk Management and/or Recovery and Resolution Planning (RRP)

• Review and Challenge of internal liquidity stress testing (ILST) models and related assumptions, FLU new products, Liquidity Forecasting, Funding Plans, Risk ID Inventory, etc.

• Daily limit monitoring and resolution of issues; Limit monitoring is a critical function requiring commentary that may go to regulators or communicated to management stakeholders

• Manage ILST scenario narratives and regularly review the calibration and completeness of existing ILST narratives

• Create liquidity scenario customizations to support recovery planning, resolution planning, climate, and other enterprise-wide scenarios.  Design exploratory liquidity scenarios to measure impacts of risks not captured in the existing ILST scenarios

• Recovery and Resolution Planning - Maintain working knowledge of related regulations in the U.S., Monitor RRP related triggers and metrics, Identify, calibrate, monitor, and report early warning indicators, Lead Risk coverage of GRRP activities in business as usual, regulatory exam meetings and management forums.

• Collaborate across Risk to drive consistent review of RRP related activities, appropriate Risk engagement and challenge documentation

• Assess, measure, monitor the potential liquidity risks driven by climate change and climate related events

Analytics and Reporting

• Works with senior management and other team members to implement enhancements to reporting and analysis packages for senior management forums and committees plus the implementation of improved reporting and data mining tools and metrics

• Ensures that the team produces regulatory and economic risk capital reports and data inputs respectively

• Produces regularly scheduled reports including stress and back testing and responds to ad hoc reporting and analysis requests

• May manage a small team of analysts or own key reports and or processes

Governance and Business Controls

• Establish and oversee the risk management governance structures

• Establish risk management policies, limits, standards, controls, metrics, and thresholds within the defined corporate standards

• Day to Day Operations and Business Controls, including single process inventory, expense management, etc.

Desired Skills

• Strong Excel

• Analytical Thinking

• Critical Thinking

• Portfolio Analysis

• Risk Analytics

• Data & Trend Analysis

• Decision Making

• Oral Communications

• Presentation Skills

• Written Communications

• Active Listening

• Issue Management

• Monitoring, Surveillance & Testing

• Regulatory Compliance

• Technical Documentation

• Quantitative skills with strong Excel

• Attention to Detail

• Data Quality Management

• Data Visualization

• Prioritization

• Reporting

• Controls Management

• Process Design

• Regulatory Relations

Shift:

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