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    Compliance and Operational Risk Manager - Charlotte, United States - Bank of America

    Bank of America
    Bank of America Charlotte, United States

    6 days ago

    Bank of America background
    OTHER
    Description
    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 executing second line of defense compliance and operational risk oversight for a Front Line Unit, Control Function, and/or Third Parties. Key responsibilities include ensuring requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy (collectively "the Policies"), the Compliance and Operational Risk Management Program and Standard Operating Procedures are implemented and identifying, challenging, escalating, and mitigating risks in a timely manner.

    Responsibilities:
    • Assesses risks and effectiveness of Front Line Unit (FLU) processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinations
    • Engages in activities to provide independent compliance and operational risk oversight of FLU or Control Function (CF) performance and any related third party/vendor relationships in alignment with the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy (collectively the Policies) and the Compliance and Operational Risk Management Program and Standard Operating Procedures
    • Identifies and escalates problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses
    • Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities
    • Assists in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines
    • Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks
    • Reviews and challenges FLU/CF process, risk, Single Process Inventory, and FLU/CF Risk and Control Self-Assessment related to themes or trends, while monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage


    Skills:
    • Advisory
    • Monitoring, Surveillance, and Testing
    • Regulatory Compliance
    • Reporting
    • Risk Management
    • Critical Thinking
    • Influence
    • Interpret Relevant Laws, Rules, and Regulations
    • Issue Management
    • Policies, Procedures, and Guidelines Management
    • Business Process Analysis
    • Decision Making
    • Negotiation
    • Process Management
    • Written Communications


    The Compliance and Operational Risk (C&OR) Manager is responsible for engaging in activities to provide independent compliance and operational risk oversight of Front Line Unit or Control Function ("FLU/CF") performance and any related third party/vendor relationships in alignment with the Global Compliance -- Enterprise Policy, the Operational Risk Management -- Enterprise Policy (collectively "the Policies") and the Compliance and Operational Risk Management ("CORM") Program and Standard Operating Procedures (SOPs). As a member of an FLU or CF C&OR officer team, the C&OR Manager is a countable for proactive identification, management and escalation of compliance and operational risks through the execution of some or all of the below identified activities. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls. The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage ("EAC"), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second line's risk management activities. The C&OR Manager prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business leaders in preparation for FLU/CF regulatory exams/audits/inquiries. The C&OR Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.

    Requirements:
    • Bachelor's degree or equivalent in Mathematics, Statistics, Finance, or related; and 5 years of experience in the job offered or a related occupation.
    • Must have 5 years of experience in each of the following:

    - Identifying and assessing risk to support developing coverage activities that measure control effectiveness and product/process performance by reviewing and reporting out of data, metrics, quantitative and qualitative information

    - Utilizing knowledge of the Global Transaction Services businesses, including product risk management and sales to effectively execute targeted risk assessments and identify applicable Laws, Rules and Regulations;

    - Using Tableau to automate manual reporting of monitoring & testing results; and,

    - Coordinating with team members to present and implement recommendations and solutions for business oversight, issue identification and submission.

    Shift:
    1st shift (United States of America)

    Hours Per Week:
    40
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