EFR Global Markets Risk Manager – International IRRBB & Price Risk

Job Description:

Job Title: EFR Global Markets Risk Manager – International IRRBB & Price Risk

Location: Dublin or Paris

Corporate Title: Vice President

Company Overview:

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!

The Team:

You will be joining the Enterprise Financial Risk (EFR) group, which is responsible for delivering effective independent risk management of the activities and processes associated with managing the Bank’s capital, liquidity and interest rate – price risks (collectively “financial risks”).  The EFR team serves as the Chief Risk Officer (CRO) function covering the Chief Financial Officer (CFO) Group thereby providing a holistic point of view across all seven risk types for the Company’s CFO function.  Our goal is to ensure that a healthy and sustainable liquidity, capital, and interest rate risk (IRR) profile is maintained through a range of economic scenarios.

The EFR team is structured as a combination of Line of Business (LOB) and Legal Entity (LE) facing vertical teams, supported by horizontal teams primarily specialising in one of the three financial risks.  The advertised role sits in EFR’s IRR & CFO Price Risk horizontal team, which is responsible for providing an independent assessment and oversight of Bank of America’s IRR & Price Risk within non-US legal entities, branches, and lines of business to ensure the effective and efficient utilization of Bank of America’s international legal entity financial resources in compliance with local and US regulations. 

Responsibilities:

This role is for a senior risk analyst to cover the following:

• Lead risk oversight and analysis for IRR in the Banking Book (IRRBB), and price risks in Treasury’s international legal entity and branch portfolios across Bank of America. The successful candidate will play a key role in ensuring robust risk monitoring and governance across jurisdictions, working closely with the CFO group, technology, and global risk partners.

• Support the execution of the IRR in the Banking Book (IRRBB) and Credit Spread Risk in the Banking Book (CSRBB) risk management program (RMP) for the Dublin based banking entity (BofA Europe), ensuring such is effective at controlling the related risks and in compliance with local regulatory requirements.

• Support the execution of the Liquidity RMP for BofA Europe, also ensuring the related risks are effectively controlled in compliance with local regulatory requirements.   

What will your key responsibilities involve?

• Provide independent risk oversight of IRRBB and Price Risk for CFO-managed portfolios, with a focus on entities and branches, primarily in EMEA & LATAM Canada regions.   Analyze and report exposures across interest rate and FX derivatives, and securities. Lead initiatives to enhance risk analytics and reporting capabilities.

• Contribute to the development and oversight of IRRBB and CSRBB frameworks, including:

  • Quantification and monitoring of Earnings at Risk (EaR), Economic Value of Equity (EVE), Basis Risk, Option Risk and also similar metrics for CSRBB.

  • Assessment of risk scenarios across various rate scenarios and time horizons.

• Collaborate with Treasury and Finance teams to align risk metrics with strategic objectives and regulatory expectations.

• In depth understanding of IRRBB, CSRBB and Liquidity risk drivers for the Dublin based Bank, ensuring modelling of such appropriately reflects the local Dublin entity’s risk profile.

• Conducting gap assessments for BOFA Europe to support articulation or challenge of compliance with local regulatory requirements and internal risk frameworks for IRRBB and CSRBB, Liquidity as well as Price Risk.

• Ensuring healthy and sustainable Liquidity Risk, IRRBB and CSRBB profiles are maintained to support business plans through a business-as-usual environment and during times of stress. 

• Ensuring adherence to the policies and procedures established by the Company. Participate in establishing, maintaining and executing risk management procedures and standards.

• Conduct execution of risk framework activities including independent monitoring and testing of controls and risk management processes for Treasury and the LOBs, as well as review and challenge of front-line deliverables as needed (i.e. regulatory interpretations, ICAAP/ILAAP, recovery plans, risk ID, issue remediation plans and actions, new product reviews, LE capital action requests, model implementation and change, etc).

• Liaising with businesses to understand market trends and impacts on portfolio, using knowledge of stress testing and its applicability to risk categories.

• Managing risk requests, breach remediation's and providing effective challenge of front line units.

• Developing risk management analyses, reports, and approval procedures and guidelines on risk limits by type of product and/or transaction.

Experience and Skills:

• This role requires deep expertise in fixed income and foreign exchange products, including derivative and securities.

• Indepth familiarity with industry and EU rules relating to EFR’s focus areas, and also standard measures for IRRBB, CSRBB, Price Risk and Liquidity Risk.

• Candidates expected to have between 7 to 10 years of relevant experience in the financial industry, ideally in US or EU based organisations.

• Ability to communicate with and effectively challenge senior stakeholders. 

• Capable of independently leading initiatives and projects.

• Effective time management skills, with the ability to manage multiple high priority deliverables simultaneously

• Highly motivated individual who fully understands the demands of a financial risk professional with ability to work in a fast-paced environment

• Intellectually curious with the ability to investigate and develop root cause analysis for issues and propose corresponding process or technology changes

• Understanding of implications associated with security and derivative accounting elections would be preferable

Benefits of working at Bank of America:

Ireland

• Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner

• Competitive pension plan, life assurance and group income protection cover if you become unable to work as a result of a disability or health reasons

• 20 days of back-up childcare and 20 days of back-up adult care per annum

• The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a wellbeing account, travel insurance, critical illness etc.

• Access to an Employee Assistance Program for confidential support and help for everyday matters

• Access to free counselling through the Employee Assistance Program and virtual GP services through our private health care plan

• Ability to donate to charities of your choice and the bank will match your contribution

• Opportunity to access our Arts & Culture corporate membership program and receive discounted entry to some of Ireland’s most iconic cultural institutions and exhibitions.

• Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local community.

Bank of America:

Good conduct and sound judgment are crucial to our long-term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

We are an equal opportunities employer and ensure that no applicant is subject to less favourable treatment on the grounds of sex, gender identity or gender reassignment, marital or civil partner status, race, religion or belief, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants or physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications, and experience.

We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements.