Compliance and Operational Risk Manager
New York, New York;Jersey City, New Jersey
**Job Description:**
The 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 C&OR 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 lines 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 remediation
Required Skills: Minimum Years of Business & Functional Experience: 7 Years
Degree Required: Bachelors Degree; May require regulatory examination/registration or certification depending on jurisdiction and role
The Compliance and Operational Risk (C&OR) Manager for Capital Markets is responsible for engaging in activities to provide independent compliance and operational risk oversight of Front Line Unit (FLU) and Control Function (CF) performance in alignment with the Global Compliance Enterprise Policy, the Operational Risk 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 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 and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.
The COR Manager contributes to the requirements in the GCOR Policy aligned to compliance and operational risk officers, including but not limited to the following activities:
Takes an active leadership role in maintaining and communicating regulatory changes, advising and directing business leaders to ensure that regulatory requirements are addressed in their respective process and controls so that their day-to-day activities operate in a compliant manner.
Proactively engages other C&OR officers, Enterprise Areas of Coverage (EAC) roles, and horizontal function roles to provide comprehensive oversight of FLU and CF activities.
Identify, collect, validate and record internal loss events and near misses. Perform root cause analyses on internal loss events and develop remediation plans to strengthen controls.
Identify, review and document relevant external loss events.
Conduct compliance and operational risk assessments of FLU and CF, incorporating review of external loss events to assess control effectiveness.
Provides independent review and challenge of the FLU/CFs Risk & Control Self-Assessment (RCSA).
Leads the efforts and/or contributes to monitoring and testing coverage plans and related metrics for Front Line Unit (FLU) or Control Function (CF).
Monitor and test the effectiveness of the front line unit and control function compliance and operational risk controls.
Identify aggregate, report and escalate compliance and operational risks, issues and control enhancements.
Contribute to Scenario Analyses to provide a forward-looking estimate of hypothetical operational losses.
Executes and/or provides oversight of governance and management routines.
Identify compliance and operational risk training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation.
Provides consultation to business leaders in preparations for regulatory exams and audits for FLU/CF and related Enterprise Areas of Coverage.
Inspect that commitments made regarding actions in response to Matters Requiring Attention (MRAs) and other actions are completed.
Escalate regulatory relations concerns to Compliance and Operational Risk Executive.
Desired Skills: Financial Services or similarly regulated sector
Bachelor degree holder or equivalent educational experience
Ability to multi-task and independently drive responses to regulatory/exchange compliance issues/queries
Solid awareness of controls and governance
Self-motivated, a team player and results orientated
Ability to work in partnership with business, shared services and other members in Legal and Compliance in the region
Outstanding interpersonal and communication skills
**Job Band:**
H4
**Shift:**
1st shift (United States of America)
**Hours Per Week:**
40
**Weekly Schedule:**
**Referral Bonus Amount:**
0
**Job Description:**
The 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 C&OR 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 lines 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 remediation
Required Skills: Minimum Years of Business & Functional Experience: 7 Years
Degree Required: Bachelors Degree; May require regulatory examination/registration or certification depending on jurisdiction and role
The Compliance and Operational Risk (C&OR) Manager for Capital Markets is responsible for engaging in activities to provide independent compliance and operational risk oversight of Front Line Unit (FLU) and Control Function (CF) performance in alignment with the Global Compliance Enterprise Policy, the Operational Risk 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 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 and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.
The COR Manager contributes to the requirements in the GCOR Policy aligned to compliance and operational risk officers, including but not limited to the following activities:
Takes an active leadership role in maintaining and communicating regulatory changes, advising and directing business leaders to ensure that regulatory requirements are addressed in their respective process and controls so that their day-to-day activities operate in a compliant manner.
Proactively engages other C&OR officers, Enterprise Areas of Coverage (EAC) roles, and horizontal function roles to provide comprehensive oversight of FLU and CF activities.
Identify, collect, validate and record internal loss events and near misses. Perform root cause analyses on internal loss events and develop remediation plans to strengthen controls.
Identify, review and document relevant external loss events.
Conduct compliance and operational risk assessments of FLU and CF, incorporating review of external loss events to assess control effectiveness.
Provides independent review and challenge of the FLU/CFs Risk & Control Self-Assessment (RCSA).
Leads the efforts and/or contributes to monitoring and testing coverage plans and related metrics for Front Line Unit (FLU) or Control Function (CF).
Monitor and test the effectiveness of the front line unit and control function compliance and operational risk controls.
Identify aggregate, report and escalate compliance and operational risks, issues and control enhancements.
Contribute to Scenario Analyses to provide a forward-looking estimate of hypothetical operational losses.
Executes and/or provides oversight of governance and management routines.
Identify compliance and operational risk training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation.
Provides consultation to business leaders in preparations for regulatory exams and audits for FLU/CF and related Enterprise Areas of Coverage.
Inspect that commitments made regarding actions in response to Matters Requiring Attention (MRAs) and other actions are completed.
Escalate regulatory relations concerns to Compliance and Operational Risk Executive.
Desired Skills: Financial Services or similarly regulated sector
Bachelor degree holder or equivalent educational experience
Ability to multi-task and independently drive responses to regulatory/exchange compliance issues/queries
Solid awareness of controls and governance
Self-motivated, a team player and results orientated
Ability to work in partnership with business, shared services and other members in Legal and Compliance in the region
Outstanding interpersonal and communication skills
**Shift:**
1st shift (United States of America)
**Hours Per Week:**
40
Learn more about this role
Full time
JR-22079804
Band: H4
Manages People: No
Travel: No
Manager:
Talent Acquisition Contact:
Alexander Watkins
Referral Bonus:
0
Jersey City pay and benefits information
**Jersey City pay range:**
$70,000 - $160,000
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, 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.
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
To view the "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .
To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP\_EEO\_Supplement\_Final\_JRF\_QA\_508c.pdf) .
Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (Policy) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
To view Bank of Americas Drug-free workplace and alcohol policy, CLICK HERE .
