Global Financial Crimes Specialist

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.
 
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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!

This job is responsible for supporting the execution of substantive money laundering, economic sanctions and fraud compliance and operational risk practices. Key responsibilities include assisting Global Financial Crimes executives and managers with activities that support the identification, escalation and timely mitigation of compliance and operational risks in alignment with the Compliance and Operational Risk Management (CORM) Program, the Financial Crimes and Global Compliance - Enterprise Policies and the Enterprise Fraud Risk Management Standards.

Global Economic Sanctions (“GES”) is responsible for dedicated compliance and operational risk management of processes unique to economic sanctions.

The Sanctions Risk Specialist is a function within GES that is responsible for the identification, aggregation, reporting, and escalation of sanction related risks. The Sanctions Risk Specialist is responsible for the execution of risk management responsibilities in areas such as sanctions advisory, issues management, and monitoring and testing from a sanctions compliance and risk perspective. This role is an individual contributor within the Sanctions Technology Oversight Team.

The role will provide oversight of the Sanctions tools, data inventory and end-to-end sanctions data testing. As GFC monitoring covers all FLUs within the bank, this role will have the opportunity to gain exposure to multiple Bank products and systems. 
 
The Sanctions Risk Specialist may engage in the following processes to evaluate and assess FLU/CF controls, sanctions-specific second line functions and controls, and residual risks related to economic sanctions: 

Responsibilities:

• Identify, implement, and execute monitoring and testing routines to verify key controls within the sanctions screening technology and operations teams

• Evaluate and manage monitoring objectives and pertinent details in ORCIT

• Serve as test owner/test owner representative and maintain test plans/scripts in OCP and socializing the information with the appropriate stakeholders

• Determine if Audit Issues or Control Enhancements are warranted based on oversight results

• Draft, own and resolve to completion Audit Issues/CE when warranted

• Oversee screening technology audit issues related to sanctions

• Provide background/summary of key matters identified via oversight functions to GFC management

• Communicate results to key stakeholders, respond to auditors and regulators, prepare presentation to regional and global risk committees and conduct risk analysis and research on economic sanctions related matters

• Execute or assist in executing economic sanctions periodic and/or targeted risk assessments

• Provide priority, business requirements and guidance on technology changes to sanctions technology teams

• Establish, maintain and oversee FLU/CF inventory data feeds to sanctions filters

• Provide guidance and oversee new lists within the sanctions screening technology

• Maintain and oversee lists applicability, in consultation with Money Laundering Reporting Officers, within the sanctions screening technology

• Review and provide approval of new rules, in consultation with Money Laundering Reporting Officers, within the sanctions screening technology

• Supports the development and maintenance of financial crimes owned policies and standards, and reviews relevant Front Line Units/Control Functions-owned policies and standards to ensure that regulatory requirements and operational risks are appropriately addressed

• Assists in the production of independent financial crimes risk management reporting to Global Compliance & Operational Risk (GC&OR) Senior Leaders and FLU/CF Senior Leaders

• Assists in the monitoring of changes in regulations applicable to Global Financial Crimes, including advising business leaders, directing the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenging the implementation plan as needed

• Contributes to risk coverage plans, executes independent risk monitoring, testing, and risk assessments

• Supports with escalating financial crimes related compliance and operational risks and issues to appropriate governance routines, management/board level committees

• Assists in the identification, aggregation, reporting, and escalation of the remediation and thematic analysis of FLU/CF-owned issues and control enhancements related to financial crimes

• Assists in the review of internal and external operational loss events, including the development of remediation plans to strengthen controls and providing oversight to ensure they are addressed appropriately

Required Qualifications:

• Minimum 5 years of business and/or functional experience in financial services industry, risk management, financial crimes, testing, or experience in a related field

• Minimum 3 years of experience in economic sanctions

• Minimum 3 years of experience in monitoring, testing, and/or quality assurance/quality control experience

• Bachelor’s degree or equivalent work experience

Desired Qualifications:

• Financial Services and/or related government entity​

• Ability to handle multiple projects in dynamic environment and global team setting

• Excellent business stakeholder management and communication skills

• Strong Excel skills

Skills:

• Regulatory Compliance

• Monitoring, Surveillance, and Testing

• Critical Thinking

• Risk Management

• Issue Management

• Policies, Procedures, and Guidelines Management

• Written Communications

• Talent Development

• Coaching

• Reporting

Shift:

Hours Per Week: