• Job Description

  Req#: 24031434

  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 assisting the Compliance and Operational Risk officer team to execute second line of defense compliance and operational risk oversight for a Front Line Unit, Control Function, and/or Third Parties. Key responsibilities include 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 identifying, challenging, escalating, and mitigating risks in a timely manner.

  Responsibilities:

  • Assists in assessing risks, associated controls and their effectiveness, while driving compliance with applicable laws, rules, and regulations, adhering to policies, and developing reporting and documentation

  • Engages in activities to provide support to the Compliance and Operational Risk teams in order to 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

  • Assists in identifying and escalating problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses

  • Assists in the development of independent risk management reporting for respective area(s) of coverage as input into management routines

  • Assists in responding to regulatory inquiries and other audits and examinations

  • Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintains a comprehensive regulatory inventory

  Skills:

  • Monitoring, Surveillance, and Testing

  • Process Management

  • Regulatory Compliance

  • Reporting

  • Risk Management

  • Attention to Detail

  • Critical Thinking

  • Interpret Relevant Laws, Rules, and Regulations

  • Issue Management

  • Policies, Procedures, and Guidelines Management

  • Active Listening

  • Advisory

  • Business Process Analysis

  • Written Communications

  The Compliance and Operational Risk (“C&OR”) Specialist assists the C&OR officer team in activities to contribute to the 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 (“CORM”) Program and Standard Operating Procedures (SOPs).
  
  The C&OR Specialist assists in engaging other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (“EAC”), to provide comprehensive oversight of FLU/CF activities. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The C&OR Specialist assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries.
  
  This role will support compliance and operational risk for consumer banking operational units, including assisting in the development and execution of 2nd line testing, monitoring and assessments. The C&OR Specialist is accountable for assisting the C&OR Team in the proactive identification, escalation and timely mitigation of compliance and operational risks through the execution of some or all of the following activities:

  • Assists in the development of independent risk management reporting for respective area(s) of coverage as input into governance and management routines

  • Contributes to the oversight of FLU/CF training which may include content development and/or tracking and communication of employee completion rates

  • Assists with the development and maintenance of C&OR owned policies and standards and/or the oversight of FLU/CF-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable

  • Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintains a comprehensive regulatory inventory; may support 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

  • Assists in identifying, aggregating, reporting, escalating, inspecting and challenging remediation plans, and performing thematic analysis on FLU/CF-owned issues and control enhancements

  • Assists in remediating C&OR “owned” issues and control enhancements

  • Contributes to risk coverage plan development, executes independent risk monitoring, testing, and risk assessments, communicates results

  • Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA)

  • Supports the review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls

  • Assists with the development of risk metrics, monitors related performance and breach remediation

  Required Skills:

  • 3+ years experience in compliance, operational risk, audit, legal, business controls and/or product management.

  • Strong executive presence and ability to concisely communicate a point of view verbally and in writing.

  • Ability to manage multiple priorities and deliverables.

  • Ability to work collaboratively as part of a team and also function independently when required.

  • Bachelor’s degree or equivalent experience

  Desired Skills:

  • Familiarity with the Single Process Inventory at Bank of America

  • Knowledge of or experience in operational units

  • Experience working with laws, rules and/or regulatory requirements, particularly related to consumer products

  • Familiarity with consumer banking products

  • Ability to build partnerships and effectively work across the Enterprise to complete responsibilities

  • Ability to analyze business processes, assess risks, identify control gaps and weaknesses

  Shift:

  1st shift (United States of America)

  Hours Per Week:

  40

• 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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