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Compliance and Operational Risk Manager

Bank of America | Jersey City NJ 07310 USA | Full Time | Posted: 03/24/2020

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. Global Banking and Markets (GBAM) Compliance and Operational Risk - Operational Loss Program team.  Responsibilities will include:   

• 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.

•Partner with GBAM Compliance and Operational Risk Officers, Corporate Compliance and Operational Risk, GBAM businesses, and control functions to facilitate the Operational Loss program elements, which includes internal operational losses, external operational losses, and scenario analysis reviews.
•Review, track, and monitor GBAM internal operational loss events and information drafted by GBAM businesses and control functions.
•Create and produce regular GBAM operational loss reporting for Compliance and Operational Risk teams and other key internal and external stakeholders.
•Provide regular updates to the GBAM Compliance and Operational Risk senior leadership teams, businesses, and control functions on the operational loss program areas, including aging events, late action plans, and other significant operational loss program-related information.
•Review external operational loss events, and assist with GBAM Compliance and Operational Risk Officers, businesses, and control functions to disposition events, track associated action steps, and prepare relevant reporting.
•Partner with the GBAM businesses and control functions to facilitate the Horizon Risk Council, which is a governance routine designed to review, analyze, and escalate identified horizon risks with relevant stakeholders.
•Regularly review, identify, and escalate operational losses requiring further review by GBAM Compliance and Operational Risk Officers, businesses, or control functions.
•Assist in the identification of issues or control enhancements as a result of the operational loss program and other routines.
•Manage and assist with other deliverables and projects, respond to regulatory/audit requests, and provide overarching support and structure for the Office of the Chief Compliance Officer (CCO) and Regulatory Compliance and Operational Risk teams.

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.

Required skills:

•Bachelor’s degree
•Excellent oral and written communication skills
•8+ years preferred of compliance, operational risk or regulatory experience in financial industry; May require FINRA registration, Series 7, 14, 24, as indicated by job code
•Delivery focused with ability to prioritize multiple initiatives and request, and meet deadlines in a fast paced environment
•Demonstrate thought leadership, innovation, good judgment and strong strategic, problem solving/analytical skills
•Adept at synthesizing information and providing concise messaging
•Communicate effectively across all levels of the organization globally, with ability to influence and challenge
•Ability to work effectively in a global environment; leveraging and sharing best practices and insights of Compliance and Operational Risk colleagues globally
•Highly effective in engaging and coordinating with cross-functional teams including Line of business partners and control functions
•People skills, leadership qualities, and excellent organizational skills
•Securities and/or futures licenses, a plus

Desired skills:
- Financial Services or similarly regulated sector



1st shift (United States of America)

Hours Per Week:


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

Location Maptop

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Job Code 19071028-1

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