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Compliance and Operational Risk Manager

Bank of America | Jersey City NJ 07310 USA | Full Time | Posted: 08/20/2019

Job Descriptiontop

Job Description:

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 (“FLU”) and Control Function (“CF”) performance and any related third party/vendor relationships 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 an FLU or CF C&OR officer team, the C&OR Manager demonstrates and applies business acumen to promote a culture of risk management and 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&OR Manager contributes to the requirements in the GCOR Policy aligned to compliance and operational risk officers, including but not limited to the following activities:
• 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 process and controls so that their day-to-day activities operate in a compliant manner.
• Proactively engages other C&OR officers, Enterprise Areas of Coverage (EAC) roles, and horizontal function roles to provide comprehensive oversight of FLU and CF activities.
• Identify, collect, validate and record internal loss events and “near misses.” Perform root cause analyses on internal loss events and develop remediation plans to strengthen controls.
• Identify, review and document relevant external loss events.
• Conduct compliance and operational risk assessments of FLU and CF, incorporating review of external loss events to assess control effectiveness.
• Provides independent review and challenge of the FLU/CF’s Risk & Control Self-Assessment (RCSA).
• Leads the efforts and/or contributes to monitoring and testing coverage plans and related metrics for Front Line Unit (“FLU”) or Control Function (“CF”).
• Monitor and test the effectiveness of the front line unit and control function compliance and operational risk controls.
• Identify aggregate, report and escalate compliance and operational risks, issues and control enhancements.
• Contribute to Scenario Analyses to provide a forward-looking estimate of hypothetical operational losses.
• Executes and/or provides oversight of governance and management routines.
• Identify compliance and operational risk training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation.
• Provides consultation to business leaders in preparations for regulatory exams and audits for FLU/CF and related Enterprise Areas of Coverage.
• Inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed.
• Escalate regulatory relations concerns to Compliance and Operational Risk Executive.

The Compliance and Operational Risk 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.

Additional responsibilities include:

This role will provide independent oversight and challenge to the activities conducted by the Bank of America Private Bank, which offers fiduciary, investments and banking products. In addition, this role will include a focus on ensuring that the business continues to operate within its regulatory and operational risk tolerance while transforming its model through technology. Aspects of focus will include data management, privacy and change management.

Required skills:

  • 5-10 years functional experience
  • Financial services or similarly regulated sector with knowledge of banking, fiduciary and/or investments; experience in, or supporting, sales teams
  • Knowledge of, and experience with, banking, securities and/or fiduciary law and regulations, including Regulation 9
  • High degree of intellectual curiosity; confidence to challenge; eagerness to learn and think innovatively
  • Ability to inspire and motivate, as well as artfully persuade colleagues and others to achieve desired results
  • Excellent oral, written and interpersonal communication skills and analytical skills; attention to detail; self-starter
  • Bachelor's degree or equivalent work experience


Desired skills:

  • Financial Services or similarly regulated sector
  • Philanthropic experience

Shift:

1st shift (United States of America)

Hours Per Week:

40

Job Detailstop

Location Jersey City, NJ, 07310, United States
Categories Education/Instructor/Training

Location Maptop

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Job Code 19053819
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