Compliance and Operational Risk Manager - Global Markets and Financial Risk
Company: Disability Solutions
Location: Charlotte
Posted on: October 13, 2024
Job Description:
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
executing second line of defense compliance and operational risk
oversight for Global Markets Risk and Financial Risk. 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:
- Assesses risks and effectiveness of Global Markets Risk and
Financial Risk processes and controls to ensure compliance with
applicable laws, rules, and regulations, while responding to
regulatory inquiries, other audits, and examinations
- Engages in activities to provide independent compliance and
operational risk oversight of Global Markets Risk and Financial
Risk 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
- Manages inventory of processes, risks, controls, and associated
metrics for risk appetite and limits, reporting violations of
compliance or regulatory activities
- Assists in the development of independent risk management
reporting for respective area(s) of coverage as input into
country/regional governance and management routines
- Analyzes and interprets applicable laws, rules, and regulations
to provide clear and practical advice to stakeholders, and identify
and manage risks
- 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
- Ensures proper risk discipline, controls and culture are in
place to identify, escalate and debate issues.Skills:
- Advisory
- Monitoring, Surveillance, and Testing
- Regulatory Compliance
- Reporting
- Risk Management
- Critical Thinking
- Influence
- Interpret Relevant Laws, Rules, and Regulations
- Issue Management
- Policies, Procedures, and Guidelines Management
- Business Process Analysis
- Decision Making
- Negotiation
- Process Management
- Written CommunicationsThe 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 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). As a member of an FLU or
CF C&OR officer team, the C&OR Manager is accountable for
proactive identification, management and escalation of compliance
and operational risks through the execution of some or all of the
below identified activities. 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 proactively engages
with other Market and/or Financial Risk officers, including
horizontal coverage owners and Enterprise Areas of Coverage
("EAC"), to provide comprehensive oversight of FLU/CF activities.
This role develops and maintains a global coverage plan which
defines the scope and risk-based focus of the second line's risk
management activities. The C&OR Manager prepares materials for
C&OR regulatory exams/audits/inquiries and may provide
consultation to business leaders in preparation for FLU/CF
regulatory exams/audits/inquiries. The C&OR 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.The C&OR Manager contributes to the
requirements of the CORM Program requirements including, but not
limited to the following activities:
- Produces and/or oversees the development of independent risk
management reporting for respective area(s) of coverage as input
governance and management routines
- Provides subject matter expertise to assist the FLU/CF in
establishing an annual learning plan, may be accountable for
developing and delivering training content
- Develops and maintains C&OR-owned policies and standards
and/or provides 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, advises business leaders
on those changes, directs the appropriate areas to implement or
amend policies, standards, procedures and/or processes to address
regulatory requirements, and challenges the implementation plan as
needed; maintains a comprehensive regulatory inventory
- Identifies, aggregates, reports, escalates, inspects and
challenges remediation plans, and performs thematic analysis on
FLU/CF-owned issues and control enhancements
- Ensures C&OR "owned" issues and control enhancements are
identified and addressed appropriately and timely
- Contributes to or leads development of risk coverage plans,
executes and / or oversees execution of 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)
- Reviews and challenges internal and external operational loss
events, including development of remediation plans to strengthen
controls, and approves where appropriate
- Participates in Scenario Analysis activities for coverage areas
and challenges as appropriate
- Ensures metrics are designed to measure key risks and control
performance, monitors and reports on metric performance and breach
remediationTo be successful in this role, the candidate should have
Information Market Risk and Enterprise Financial Risk (EFR)
knowledge as outlined below. These skills will allow the risk
officer to successfully review and challenge issue remediation
efforts as well as build out additional coverage of the these
areas.Required Skills
- Knowledge of the Risk Program with an emphasis on monitoring,
testing and risk assessment
- Knowledge of governance and reporting practices including
escalation best practices and guidelines
- Knowledge of issue management requirements
- Ability to effectively review and challenge work done by the
FLU/CF
- Global Markets Risk and/or Financial Risk related
experienceDesired Skills
- 10+ Years experience in Risk Management with 5+ years related
to Markets or Financial Risk Management
- Working knowledge of Market Risk and/or Financial Risk policy
and standard requirements
- Bachelor's Degree or equivalent experienceShift:1st shift
(United States of America)Hours Per Week: 40
Keywords: Disability Solutions, Huntersville , Compliance and Operational Risk Manager - Global Markets and Financial Risk, Executive , Charlotte, North Carolina
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