Compliance and Operational Risk Manager
New York, New York
**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
Desired Skills: Financial Services or similarly regulated sector
The Director, Compliance and Operational Risk Manager role is responsible for front line oversight of the Investment Products- Markets (IP Markets) business within Global Wealth and Investment Management. This includes providing an independent and aggregate view of compliance and operational risk management across multiple products and lines of business (LOBs) 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, functional areas, and control partners to ensure risks are being managed effectively and efficiently.
The role, in support of the GCOR IP Markets Executive, provides a high level of support through regular participation and independent reporting to governance and risk management committees, and senior management within Compliance and Operational Risk including the Chief Compliance Officers of Merrill Lynch. The role will have the stature and authority to credibly challenge and enforce line of business compliance to the risk management frameworks and policies.
This role is responsible for maintaining a strong culture through proactive leadership, a balanced approach to risk taking and reward, maintaining strong governance and risk management programs, and consistent communication with other control partners (including Legal and Audit) and, LOB management.
Provide leadership 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.
Provide independent risk management oversight of compliance and operational risk generated within ISG IP Markets. These activities and functions include but are not limited to trade facilitation, product origination, sales and marketing practices, as well as associated processes, operations and technology
Engage in cross-product initiatives and provide overall status for initiatives such as, Non Financial Regulatory Reporting, and regulatory change.
Required skills:
Business & Functional Experience- 10 Years+ industry related experience
Degree Required: Bachelors Degree or equivalent experience
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
Intellectually curious, persistent and tenacious
Desired Skills:
Prior experience in Compliance, Risk, Financial Services or similarly regulated sector or Audit
Advanced Degree a plus but not required
**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
Desired Skills: Financial Services or similarly regulated sector
The Director, Compliance and Operational Risk Manager role is responsible for front line oversight of the Investment Products- Markets (IP Markets) business within Global Wealth and Investment Management. This includes providing an independent and aggregate view of compliance and operational risk management across multiple products and lines of business (LOBs) 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, functional areas, and control partners to ensure risks are being managed effectively and efficiently.
The role, in support of the GCOR IP Markets Executive, provides a high level of support through regular participation and independent reporting to governance and risk management committees, and senior management within Compliance and Operational Risk including the Chief Compliance Officers of Merrill Lynch. The role will have the stature and authority to credibly challenge and enforce line of business compliance to the risk management frameworks and policies.
This role is responsible for maintaining a strong culture through proactive leadership, a balanced approach to risk taking and reward, maintaining strong governance and risk management programs, and consistent communication with other control partners (including Legal and Audit) and, LOB management.
Provide leadership 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.
Provide independent risk management oversight of compliance and operational risk generated within ISG IP Markets. These activities and functions include but are not limited to trade facilitation, product origination, sales and marketing practices, as well as associated processes, operations and technology
Engage in cross-product initiatives and provide overall status for initiatives such as, Non Financial Regulatory Reporting, and regulatory change.
Required skills:
Business & Functional Experience- 10 Years+ industry related experience
Degree Required: Bachelors Degree or equivalent experience
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
Intellectually curious, persistent and tenacious
Desired Skills:
Prior experience in Compliance, Risk, Financial Services or similarly regulated sector or Audit
Advanced Degree a plus but not required
**Shift:**
1st shift (United States of America)
**Hours Per Week:**
40
Learn more about this role
Full time
JR-22079971
Band: H4
Manages People: No
Travel: Yes, 5% of the time
Manager:
Talent Acquisition Contact:
Taylor Pitre
Referral Bonus:
0
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 .
