EAC Compliance and Operational Risk Manager- Regulation E
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!
Responsibilities:
- Assesses risks, associated controls and their effectiveness, driving compliance with applicable laws, rules, and regulations and adhering to policies.
- Engages 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 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, including opening new issues based on risk severity in the centralized issues tool.
- Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities.
- Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks including monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintaining a comprehensive regulatory inventory, while supporting communication of regulatory changes to the FLU/CF and ensuring that policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirements.
- Responds to regulatory inquiries, other audits, and examinations and identifies regulatory training needs supporting the development of the training curriculum.
- 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.
Required Skills:
- 7+ years’ experience in one or more of the following: financial services, financial technology, payments, audit, regulatory management and/or risk management.
- Understanding of business process, risks, and controls.
- Strong written/verbal communication and presentation skills with the ability to communicate issues/concerns and recommend corrective course of action.
- Must be able to exercise independent judgement to identify areas of risk coupled with the ability to think critically and effectively communicate areas of risk or concern.
- Must have good time management skills and the ability to manage multiple priorities in a fast-paced environment.
- Ability to work well and collaboratively as part of a team and function independently when required.
- Intellectual curiosity, out of the box thinking and the ability to exercise independent judgement to identify areas of risk coupled with the ability to analyze data, logical reasoning, and problem solving, risk vs. reward skills to effectively and objectively investigate/evaluate areas of risk.
- Capability to effectively influence risk direction and willingness to take a stand when required.
Desired Skills:
- Ability to independently evaluate business processes for inherent compliance and operational risk, identify appropriate controls and determine gaps or opportunities for improved coverage.
- Risk, testing, compliance or audit experience.
- Demonstrated ability to influence, drive change and resolve conflicts.
- Self-starter, flexible, innovative, and adaptable.
- Proficiency in creating and delivering presentations to stakeholders of all levels.
- Excellent project management and organizational skills and capability to handle multiple projects at one time.
Shift: 1st shift (United States of America)
Hours Per Week: 40
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