Bank of America
EAC Compliance and Operational Risk Manager- Servicemembers Civil Relief Act
Bank of America, Charlotte, North Carolina, United States, 28245
EAC Compliance and Operational Risk Manager- Servicemembers Civil Relief Act
Job Description:This job is responsible for the execution of the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy and the Compliance and Operational Risk Management (CORM) Program. Key responsibilities include identifying, escalating, and mitigating risks in a timely manner, engaging with Front Line Units and Control Functions (FLU/CF) leaders globally, coordinating with the FLU/CF Compliance and Operational Risk Officer teams, executing the CORM Program and the Policies, identifying themes and trends, and conducting analysis for new and emerging risks.Responsibilities:Assess risks, the associated controls and their effectiveness, driving compliance with applicable laws, rules and regulations, and adhering to policiesEngage 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 ProceduresIdentify and escalate 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 severityPartner with Legal to analyze and interpret applicable laws, rules and regulations to provide clear and practical advice to stakeholders, and identify and manage risksIncludes monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintaining a comprehensive regulatory inventoryCommunicate regulatory changes to the FLU/CF and ensure policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirementsDraft, update and clarify enterprise policy and standards to drive meaningful expectations of front-line unitsDevelop, review and monitor compliance training to educate and inform key stakeholders.Monitor applicable FLU/CF activities, routines and results to actively assess FLU/CF controls.Identify, review, aggregate, report and monitor issues and control enhancements to identify themes and address emerging risks.Plan, execute and report targeted and annual risk assessments of applicable front-line units.Respond to regulatory inquiries, other audits and examinations and identify regulatory training needs supporting the development of related curriculumReview and challenge FLU/CF processes, risks, published documentation 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 coverageSkills:AdvisoryRegulatory ComplianceReportingRisk ManagementWritten CommunicationsActive ListeningAnalytical ThinkingInterpret Relevant Laws, Rules, and RegulationsNegotiationPolicies, Procedures, and Guidelines ManagementAdaptabilityBusiness Process AnalysisIssue ManagementMonitoring, Surveillance, and TestingRequired and Desired Candidate Qualifications:5-7 years of relevant Compliance, Operational Risk or Business Controls experienceBachelor’s Degree or Equivalent experienceIn depth knowledge of or certification in law, rule, regulation or area of coverage (e.g., Fair Credit Reporting Act (FCRA) or Servicemember Civil Relief Act (SCRA))Ability to extract and analyze data to identify gaps and summarize findings for executive managementAbility to perform root cause analysis and recommended improvementsEffective communication skills (written and oral), ability to present complex informationAbility to understand and advise on Laws, Rules and Regulations to applicable business processesKnowledge of control design, test design and testing of operational effectivenessShift:
1st shift (United States of America)Hours Per Week:
40Pay Transparency details:Pay range $95,400.00 - $172,000.00 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.
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Job Description:This job is responsible for the execution of the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy and the Compliance and Operational Risk Management (CORM) Program. Key responsibilities include identifying, escalating, and mitigating risks in a timely manner, engaging with Front Line Units and Control Functions (FLU/CF) leaders globally, coordinating with the FLU/CF Compliance and Operational Risk Officer teams, executing the CORM Program and the Policies, identifying themes and trends, and conducting analysis for new and emerging risks.Responsibilities:Assess risks, the associated controls and their effectiveness, driving compliance with applicable laws, rules and regulations, and adhering to policiesEngage 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 ProceduresIdentify and escalate 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 severityPartner with Legal to analyze and interpret applicable laws, rules and regulations to provide clear and practical advice to stakeholders, and identify and manage risksIncludes monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintaining a comprehensive regulatory inventoryCommunicate regulatory changes to the FLU/CF and ensure policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirementsDraft, update and clarify enterprise policy and standards to drive meaningful expectations of front-line unitsDevelop, review and monitor compliance training to educate and inform key stakeholders.Monitor applicable FLU/CF activities, routines and results to actively assess FLU/CF controls.Identify, review, aggregate, report and monitor issues and control enhancements to identify themes and address emerging risks.Plan, execute and report targeted and annual risk assessments of applicable front-line units.Respond to regulatory inquiries, other audits and examinations and identify regulatory training needs supporting the development of related curriculumReview and challenge FLU/CF processes, risks, published documentation 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 coverageSkills:AdvisoryRegulatory ComplianceReportingRisk ManagementWritten CommunicationsActive ListeningAnalytical ThinkingInterpret Relevant Laws, Rules, and RegulationsNegotiationPolicies, Procedures, and Guidelines ManagementAdaptabilityBusiness Process AnalysisIssue ManagementMonitoring, Surveillance, and TestingRequired and Desired Candidate Qualifications:5-7 years of relevant Compliance, Operational Risk or Business Controls experienceBachelor’s Degree or Equivalent experienceIn depth knowledge of or certification in law, rule, regulation or area of coverage (e.g., Fair Credit Reporting Act (FCRA) or Servicemember Civil Relief Act (SCRA))Ability to extract and analyze data to identify gaps and summarize findings for executive managementAbility to perform root cause analysis and recommended improvementsEffective communication skills (written and oral), ability to present complex informationAbility to understand and advise on Laws, Rules and Regulations to applicable business processesKnowledge of control design, test design and testing of operational effectivenessShift:
1st shift (United States of America)Hours Per Week:
40Pay Transparency details:Pay range $95,400.00 - $172,000.00 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.
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