Bank of America Corporation
Compliance and Operational Risk Manager- Private Bank
Bank of America Corporation, Charlotte, NC
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 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.
Job Description Summary:
The Private Bank Sales Global Compliance and Operational Risk Manager ("Risk Manager") role is responsible for front line oversight of the Bank of America Private Bank Supervision and Business Controls operations and business areas. This includes providing an independent and aggregate view of compliance and operational risk management across multiple business lines such as Private Bank Controls and COO functions and SME support oversight for Privacy and Data Risk EACs and Digital Strategy, as well as to ensure execution of the Global Risk Framework. Additionally, this position will be responsible for effectively collaborating with key stakeholders across Bank of America lines of business, and control partners to ensure risks are being managed effectively and efficiently.
The role of Risk Manager, provides a high level of engagement with management on both the FLU and business control partners of GWIM through regular participation in and independent reporting to governance and risk management committees, senior management within Compliance and Operational Risk including the Head of GWIM Compliance and Operational Risk. The role will have the stature and authority to credibly challenge and enforce line of business compliance to the risk management frameworks and policies.
The GCOR PB Sales Executive demonstrates and applies business acumen to promote a culture of risk management and the identification, escalation and timely mitigation of compliance and operational risks. This role exercises judgment and influence, and may constructively challenge FLU to support the Global Risk Management Program objectives, balancing business strategy with appropriate controls.
Responsibilities:
Qualifications:
Skills:
Shift:
1st shift (United States of America)
Hours Per Week:
40
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 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.
Job Description Summary:
The Private Bank Sales Global Compliance and Operational Risk Manager ("Risk Manager") role is responsible for front line oversight of the Bank of America Private Bank Supervision and Business Controls operations and business areas. This includes providing an independent and aggregate view of compliance and operational risk management across multiple business lines such as Private Bank Controls and COO functions and SME support oversight for Privacy and Data Risk EACs and Digital Strategy, as well as to ensure execution of the Global Risk Framework. Additionally, this position will be responsible for effectively collaborating with key stakeholders across Bank of America lines of business, and control partners to ensure risks are being managed effectively and efficiently.
The role of Risk Manager, provides a high level of engagement with management on both the FLU and business control partners of GWIM through regular participation in and independent reporting to governance and risk management committees, senior management within Compliance and Operational Risk including the Head of GWIM Compliance and Operational Risk. The role will have the stature and authority to credibly challenge and enforce line of business compliance to the risk management frameworks and policies.
The GCOR PB Sales Executive demonstrates and applies business acumen to promote a culture of risk management and the identification, escalation and timely mitigation of compliance and operational risks. This role exercises judgment and influence, and may constructively challenge FLU to support the Global Risk Management Program objectives, balancing business strategy with appropriate controls.
Responsibilities:
- Ensures the consistent application of the risk framework throughout the FLU organization including the effective mitigation of conflicts risk which may be present in these activities.
- Provide independent risk management oversight of compliance and operational risk generated within the Private Bank. These activities and functions include but are not limited to Data Risk Management, Digital Strategy, Privacy, Client acquisition strategies, client onboarding, sales and marketing practices, as well as associated processes, operations and technology
- Engage other GCOR officers, Enterprise Areas of Coverage roles, and horizontal function roles to provide oversight of Front Line Unit ("FLU") and Control Function activities.
- Develop and execute plans to address gaps and improve the effectiveness of risk management, while considering best practices financial services and other highly regulated industries.
- Provide independent review and challenge of the Process inventory
- Identify, aggregate, report and escalate compliance and operational risks, issues and control enhancements
- Drive development of compliance and operational risk assessments, monitoring and testing the effectiveness related product business controls
- Identify compliance training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation
- Participate in and assist business leaders in preparations for regulatory exams (e.g., OCC, FRB, SEC etc.) and audits for FLU/CF and related Enterprise Areas of Coverage
- Escalate regulatory relations concerns to the PB GCOR Executive, and other control partner leadership as necessary
Qualifications:
- Business & Functional Experience- 10 Years+ wealth management related experience (preferably private banking, broker-dealer, or asset management).
- Working knowledge of relevant laws rules and regulations (E.g., Reg 9, Reg W, FINRA, etc.)
- Technical understanding or familiarity with Bank of America systems and platform integration (operations and data management related experience, a plus
- Degree Required: Bachelor's Degree (MBA, J.D. a plus) or comparable experience
- Intellectually curious, proactive, persistent and tenacious
- Ability to effectively navigate the Bank of America organization to identify key subject matter experts and governance requirements
- Excellent communication skills; able to communicate complex ideas in a clear, direct, concise and simple way; ability to interact with individuals at all levels of the organization
- Ability to work under pressure and meet various competing requirements
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
Shift:
1st shift (United States of America)
Hours Per Week:
40