The Compliance and Operational Risk (C∨) 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∨ officer team, the C∨ 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 C∨ Manager proactively engages with other C∨ 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∨ Manager prepares materials for C∨ regulatory exams/audits/inquiries and may provide consultation to business leaders in preparation for FLU/CF regulatory exams/audits/inquiries.
The C∨ 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.
The C∨ Manager contributes to the requirements of the CORM Program requirements including, but not limited to the following activities:
Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input governance and management routines
Provides subject matter expertise to assist the FLU/CF in establishing an annual learning plan, may be accountable for developing and delivering training content
Develops and maintains C∨-owned policies and standards and/or provides oversight of FLU/CF-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable
Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage, advises business leaders on those changes, directs the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; maintains a comprehensive regulatory inventory
Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancements
Ensures C∨ "owned" issues and control enhancements are identified and addressed appropriately and timely
Contributes to or leads development of risk coverage plans, executes and / or oversees execution of independent risk monitoring, testing and risk assessments, communicates results
Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA)
Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate
Participates in Scenario Analysis activities for coverage areas and challenges as appropriate
Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation
Required Skills: 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
Desired Skills: Financial Services or similarly regulated sector
The Equities Compliance and Operational Risk (C∨) Manager is responsible for engaging in activities to provide independent compliance and operational risk oversight of the Equities Sales and Trading Front Line Units (FLUs) in alignment with the Global Compliance Enterprise Policy, the Operational Risk Enterprise Policy (collectively "the Policies") and the Compliance and Operational Risk Management ("CORM") Program and Standard Operating Procedures (SOPs). As a member of the Equities C∨ officer team, the C∨ Manager demonstrates and applies business acumen to promote a culture of risk management and supports the identification, escalation, and timely mitigation of compliance and operational risks. 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∨ Manager contributes to the requirements in the GCOR Policy aligned to compliance and operational risk officers, including but not limited to the following activities related to Equities Sales and Trading:
Proactively engages other C∨ officers, Enterprise Areas of Coverage (EAC) roles, and horizontal function roles to provide comprehensive oversight of FLU activities.
Owns and updates the relevant C∨ Policies, working with the relevant stakeholders to update regularly.
Provides guidance to the FLU on regulatory requirements..
Reviews and responds to regulatory inquiries.
Takes an active leadership role in maintaining and communicating regulatory changes, advising and directing business leaders to ensure that regulatory requirements are addressed in their respective processes and controls so that their day-to-day activities operate in a compliant manner.
Conducts targeted and risk assessments of the Sales and Trading FLUs, incorporating review of external loss events to assess control effectiveness.
Provides independent review and challenge of the FLU's Risk & Control Self-Assessment (RCSA).
Leads the efforts and/or contributes to monitoring and testing coverage plans and related metrics.
Monitors and tests the effectiveness of the FLU compliance and operational risk controls.
Identifies, aggregates, reports, and escalates compliance and operational risks, issues and control enhancements.
Executes and/or provides oversight of governance and management routines.
Identifies compliance and operational risk training needs and provides subject matter expertise to support development of training curriculum.
Provides consultation to business leaders in preparation for regulatory exams and audits.
Inspects that commitments made regarding actions in response to Matters Requiring Attention ("MRAs") and other actions are completed.
Escalates regulatory-related concerns and other issues to the C∨ Executive.
B4; Bachelor's degree;
8-10 years working in Sales and Trading, Equities, or relevant risk management experience;
Knowledge of equities market structure;
Understanding of trade processing systems, technology, and /or infrastructure;
Risk management skills / experience;
Has knowledge of laws, rules, and regulations applicable to Sales and Trading;
Has experience building or having input into the creation of surveillance reports and testing models;
Has first-hand experience in the area of risk assessment and policy creation for Sales and Trading or a similar business;
Detail-oriented and ability to work in a fast-paced environment and under pressure; and
Is able to independently lead projects and drive change with senior business and Risk Management teams.
1st shift (United States of America)
Hours Per Week:
Internal Number: 21040185
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.