• Job Description

  Req#: 24044288

  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!

  Job Description:
  This job is responsible for leading and executing the second line of defense compliance and operational risk oversight for a Front Line Unit, Control Function, and/or Third Parties. Key responsibilities include leading a compliance and operational risk team and ensuring requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy (collectively “the Policies”), the Compliance and Operational Risk Management Program and Standard Operating Procedures are implemented and the team is identifying, challenging, escalating, and mitigating risks in a timely manner.

  Responsibilities:

  • Oversees the assessment of risks, associated controls and their effectiveness, while driving compliance with applicable laws, rules, and regulations and adhering to policies

  • Oversees engagement in activities which provide independent compliance and operational risk oversight of Front Line Unit or Control Function 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

  • Oversees identification and escalation of problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses

  • Oversees and manages inventory of risks and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities

  • Manages the development of independent risk management reporting for respective area(s) of coverage for inputs into management routines which could include country/regional governance

  • Oversees monitoring of the regulatory environment to identify regulatory changes applicable to area(s) of coverage

  Managerial Responsibilities:
  This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.

  • Diversity & Inclusion Champion: Breaks down barriers to create a more inclusive environment that supports company D&I goals.

  • Manager of Process & Data: Challenges end-to-end process efficiency and effectiveness, champion data driven decision-making and removes obstacles to optimize operations.

  • Enterprise Advocate & Communicator: Contributes to enterprise strategy and influence messaging to connect team contributions to business purpose, results, and success.

  • Risk Manager: Inspects and challenges risk controls, governance and culture to ensure the timely identification, escalation, debate and remediation of risk across the organization.

  • People Manager & Coach: Coaches to sustain and elevates organizational performance while differentiating to ensure pay for performance.

  • Financial Steward: Efficiently allocates and manages resources across the organization to drive short and long term profitability.

  • Enterprise Talent Leader: Inspects and manages the health of the bench to ensure succession for the organization, while supporting enterprise talent needs.

  • Driver of Business Outcomes: Mobilizes organizational resources to deliver the full range of the bank’s capabilities to meet client needs and to gain competitive advantage.

  Skills:

  • Advisory

  • Decision Making

  • Interpret Relevant Laws, Rules, and Regulations

  • Regulatory Compliance

  • Risk Management

  • Executive Presence

  • Issue Management

  • Policies, Procedures, and Guidelines Management

  • Prioritization

  • Written Communications

  • Business Acumen

  • Business Process Analysis

  • Critical Thinking

  • Negotiation

  • Resource Management

  Required Skills:

  • Degree Required: Bachelor’s Degree or equivalent experience;

  • Demonstrated leadership to partner across various levels in the organization

  • Strong written and verbal communication skills and the ability to communicate and work with all levels within the organization

  • Experience responding to Audits and/or Regulatory Examinations

  • Must work across a matrix organization

  • Identify, own and escalate data issues as needed

  • Must be able to engage and leverage teams and business partners to efficiently deliver business solutions

  • Risk management mindset with the ability to balance risk/reward, create processes and controls to manage risk, and monitor control effectiveness through metrics and outcome.

  • Proven ability to interact with senior domestic and international regulators both verbally and in writing

  • An inclusive leader who actively engages with diverse groups of individuals and demonstrates role-model leadership qualities.

  Desired Skills:

  • Additional Technical/Functional Experience (e.g. Industry type): Financial Services or similarly regulated sector

  • Communicates complex ideas in a way that is clear, direct, concise, simple and contextual; avoids jargon

  • Shapes the opinions and actions of others, gaining trust & commitment for desired outcomes

  • Constructively challenges; supports opinion and recommendations with facts and data

  • Shares opinion with confidence; is persistent and tenacious for what is right

  • Demonstrates productive edge, appropriately voicing and challenging opinions

  • Demonstrates productive partnering with various stakeholders across the enterprise at all levels

  Shift:

  1st shift (United States of America)

  Hours Per Week:

  40

  Pay Transparency details

  US - IL - Chicago - 540 W Madison St - Bank Of America Plaza (IL4540)

  Pay and benefits information

  Pay range

  $144,500.00 - $275,000.00 annualized salary, offers to be determined based on experience, education and skill set.

  Discretionary incentive eligible

  This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

  Benefits

  This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

• About the company

  Bank of America is one of the world's largest financial institutions, serving individuals, 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.

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