Team Leader

Job Description:

About Us

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!

Global Business Services

Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.

Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.

In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.

Process Overview*

Transaction Reporting Control Group is responsible for ensuring the completeness, accuracy and timeliness of the Bank’s transaction reporting obligations across multiple global regulatory jurisdictions.  Completeness, accuracy and timeliness controls are the primary responsibility of 2 core functions within the Transaction Reporting Operations team.  The Submission Control function is responsible for monitoring and remediating the internal validation failures and the rejects (NACKs) from the regulators, the team has to liaise with MO/FO/Tech teams for the root causes of the exceptions. Submission control also monitors the trades which are not getting reported within the compliance time for OTC/ETD/Securities and raise breaches for all timeliness issues that missed the agreed thresholds.  The Enhanced Quality Assurance team perform post process testing to validate the completeness, accuracy, and timeliness of the transaction reports submissions through performing reconciliations and targeted deep dive thematic testing.

Job Description*

The current role is for the Submission Control team within Transaction Reporting Control Group and below is the description of the role.

• Good understanding of Regulatory reporting land scape for CFTC, EMR, MIFID, HKMA, SFTR and APAC so that incumbent can discuss issues with compliance and legal
• Provide strategic steer to the team and take complete ownership of the task allocated
• The incumbent is required to engage with senior stakeholders and should be able to present function well
• Lead various initiatives related to process re-engineering and challenge status quo
• Project manage transition process from different location/team.
• Deliver on project commitments and goals, on-time and with agreed upon scope
• Identify discrepancies/reporting issues in a timely manner and work towards the resolution of those issues
• Create and maintain strong relationships with stakeholders and Business partners.
• Incumbent needs to be proactive and should think strategic to build preventive controls and improve post facto controls
• Deliver on project commitments and goals, on-time and with agreed upon scope.
• Experience in using BI tools like Alteryx and Tableau to automate reports
• Well versed in identifying a regulatory breach and raising it with the compliance team
• Deliver for business partners: FO, BO and Cirrus Development teams, MO change management teams, Regulatory Operations Control team, Business Analyst team, and senior management team.
• Attend and contribute to team meetings

This is a very hand’s on role, ideal for someone with drive and willingness to learn and adapt, is proactive and has very good knowledge about the reporting regulation and the reporting system architecture

Responsibilities*

• Ensuring the completeness, accuracy and timeliness of transaction reporting submissions across multiple regulatory regimes (e.g. Dodd Frank, EMIR, MIFID/MIFIR, etc.)
• Engagement in designing, implementing and maintaining operation process
• Design KPI which can be measured on daily basis to determine performance of the team
• Management reporting and issue escalation and resolution
• Remaining current on the Regulatory Reporting landscape to ensure the firm’s reporting remains in step with changes in regulatory environment
• Responsible for working closely with GTR and Industry Working Groups (WG)
• Host WG calls with various internal groups to implement the industry/regulatory changes
• Track the progress of the implementation of changes and work closely with various team in FO/MO/Dev teams and Reporting Dev team
• Responsible to document the changes and work closely with the compliance teams
• Raise breach as per the guidelines and ensure remediation of the issue
• Investigate and identify the root cause for the Transaction Reporting breaks and coordinate with FO/MO/Tech to fix them
• Review controls on regular basis and challenge status quo
• Escalate issues in a timely manner.
• Execute all the process related admin tasks
• Work with change and initiative team on new changes and provide requirement for controls ahead of going live with new jurisdiction.

 Requirements*

Education : Post-Graduation

Certifications If Any : NA 

Experience Range: 12+ Years of experience

 Foundational skills*

o Knowledge and experience with Global Markets regulations such as Dodd Frank, HKMA, ASIC, MAS and EMIR

o In depth trade processing knowledge; front, middle and back office, (FO, MO, BO).

o Familiarity with counter party clearing:  LCH. Clearnet (London Clearing House), Chicago Mercantile Exchange, Intercontinental Exchange (ICE), CBOE, OCC highly desirable.

o Strong analytical skills and experience working with large data sets in Excel.

o Excellent organizational skills to track many concurrent activities.

o Strong communication skills, both written and verbal.

o Ability to work independently and assess relative priority among competing issues

Desired skills

o Adapts to changes and has a proven track record of working as part of a global team

o Ability to assess and mitigate risks and dependencies.

o Excellent communication and relationship building skills.

o Proactive and self-starter

Work Timings*

12.30 to 21.30

Job Location*

Chennai