- 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 Managerial Responsibilities:
This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.- Diversity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company D&I goals.
- Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.
- Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.
- Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.
- People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.
- Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.
- Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.
- Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work. 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 Job Description Summary 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 accountable 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 individual will be a Compliance and Operational Risk Manager in the Global Markets (GM) Compliance and Operational Risk (COR) Department on the Quality Assurance (QA) team. The primary responsibilities include developing and performing QA routines for adherence to various regulatory commitments and obligations, including new market conduct and surveillance-related standards related to coverage assessments, parameter settings, test scripts and escalated alerts referred to internal investigations. Role Responsibilities: The individual will be expected to assist with:
- Developing, maintaining and overseeing standard operating procedures for QA reviews, including:
- Defining scope, statistical sampling and prioritization of QA reviews
- Establishing minimum requirements and standards for QA reviews
- Documenting QA findings
- Facilitating remediation of deficiencies
- Communicating the results of QA to key stakeholders and management (written reports/oral presentations).
- Establishing and building working relationships with GM COR, GCOR Surveillance / Enterprise Independent Testing and internal audit teams
- Participating in governance routines and meetings with key stakeholders to report on QA findings
- Contributing to metrics reporting related to QA
- Maintaining key records for purposes of audit review
- Organizing and preparing trainings on the QA processes, as needed
- Driving deliverables on special projects and process enhancements for the team Required and Desired Candidate Qualifications Including # of Years Prior Experience Needed: Minimum Years of Business & Functional Experience: 7 Years
Degree Required: Bachelor s Degree; May require regulatory
examination/registration or certification depending on
jurisdiction and role To perform the responsibilities associated with this position, the ideal candidate will have the following qualifications:- 8+ years experience covering global markets compliance for U.S. institutional broker-dealer or bank
- Bachelor's degree or equivalent work experience
- An aptitude for learning and remaining current on industry rules, regulations and best practices impacting to help ensure that the firm s compliance program meets regulatory standards and strives for a best-in-class industry standard
- Understanding of market misconduct behaviors across Global Markets businesses, including Surveillance practices to detect for such behaviors
- Strong oral/written communication skills and ability to effectively engage stakeholders and foster collaboration among GCOR, the business and other control functions
- Ability to challenge and ask the right questions when performing QA and reporting on findings
- Delivery-focused and disciplined approach, with an ability to be proactive
- Strong analytical and organizational skills with a focus on attention to detail and accuracy
- Ability to project confidence and professionalism in all dealings
- Experience in demonstrating and fostering critical and strategic thinking
- Ability to work collaboratively across multiple stakeholders and deliver results in a timely manner
- Self-starter with ability to multitask and manage competing priorities, managing effectively in a dynamic environment
- Proficiency with Microsoft Word, Excel, SharePoint, PowerPoint, Tableau, SMARTS, Actimize
- Experience with QA and statistical sampling a plus
- Experience in an Audit or other testing function a plus Shift:1st shift (United States of America)Hours Per Week: 40
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Compliance & Operational Risk Manager- Quality Assurance - Charlotte, United States - Bank of America
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:
