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Compliance and Operational Risk Specialist - - Broker-Dealer Governance

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

Job Descriptiontop

Job Description:

Specific Job Description

The C&OR Specialist will execute the Compliance and Operational Risk program for the Wealth Management Service and Operations business areas.  Wealth Management Service and Operations provides substantial services for nearly every area of the Wealth Management platform, including Merrill Lynch, Bank of America Private Bank and the Institutional Retirement platform.  Specifically, Wealth Management Service has a footprint in 11 cities across the United States, and is responsible for providing service and fraud detection support for Merrill Lynch & Private Bank clients; institutional retirement participants and plan sponsors; and for front office employees supporting these client populations.

The Wealth Management Operations team is (a) responsible for all onboarding and maintenance for Investment, Banking, and Retirement clients (b) provides operational support for Merrill Lynch investment advisory programs, trading systems, Merrill Lynch brokerage accounts, and Private Bank trust and investment platforms; and (c) delivers processing, reconciliation, reporting and plan compliance services for the 401(k), Equity, Non-Qualified Deferred Compensation (NQDC), Defined Benefit (DB), Employee Benefit Trust (EBT), Employee Stock Purchase Plan (ESPP) and Health Benefit Solutions (HBS) product lines offered through Retirement & Personal Wealth Solutions.

Compliance and Operational Risk Officer Teams may partake in any of the following activities:

•Create and maintain a regulatory inventory.
•Update relevant policies to ensure they reflect regulatory requirements for FLU/CF.
•Conduct compliance and operational risk assessments.
•Support group’s work to review and challenge the FLU/CFs’ Risk & Control Self-Assessments (RCSA)
•Contribute to monitoring and testing coverage plans and related metrics.
•Conduct monitoring and testing activities to check 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 for FLU/CF.
•Identify, collect, validate and record internal loss events and “near misses.” Contribute to root cause analyses on internal loss events and develop remediation plans to strengthen controls.
•Identify, review and document relevant external loss events.
•Assist in the execution of governance and management routines.
•Identify compliance and operational risk training needs and inspect FLU/CF and third party participation for FLU/CF.
•Assist with preparations for regulatory exams and audits for FLU/CF.
•Inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed for FLU/CF.
•Escalate regulatory relations concerns to Compliance and Operational Risk Manager or Executive

Required skills:
•3-5 Years Business & Functional Experience
•Degree Required: Bachelor’s Degree or equivalent experience
• Ability to effectively navigate the Bank of America organization to identify key subject matter experts and governance requirements
• Excellent communication skills; able to communicate complex ideas in a clear, direct, concise and simple way; ability to interact with individuals at all levels of the organization
• Ability to work under pressure and meet various competing requirements
• Intellectually curious, persistent and tenacious
• Prior experience in Compliance, Risk or Audit
• Advanced Degree

General Job Description

  • The Compliance and Operational Risk Specialist assists the Compliance and Operational Risk officer team in activities to contribute to the 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 a FLU or CF compliance and operational risk officer team, this role applies business acumen to promote a culture of risk management and the identification, escalation and timely mitigation of compliance and operational risks by assisting FLU or CF Compliance and Operational Risk teams with any of the following activities:

    • Create and maintain a regulatory inventory.
    • Update relevant policies to ensure they reflect regulatory requirements for FLU/CF.
    • Conduct compliance and operational risk assessments.
    • Support group’s work to review and challenge the FLU/CFs’ Risk & Control Self-Assessments (RCSA)
    • Contribute to monitoring and testing coverage plans and related metrics.
    • Conduct monitoring and testing activities to check 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 for FLU/CF.
    • Identify, collect, validate and record internal loss events and “near misses.” Contribute to root cause analyses on internal loss events and develop remediation plans to strengthen controls.
    • Identify, review and document relevant external loss events.
    • Assist in the execution of governance and management routines.
    • Identify compliance and operational risk training needs and inspect FLU/CF and third party participation for FLU/CF.
    • Assist with preparations for regulatory exams and audits for FLU/CF.
    • Inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed for FLU/CF.
    • Escalate regulatory relations concerns to Compliance and Operational Risk Manager or Executive.

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

Contact Informationtop

Contact Name -
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Job Code 20003983-2
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