Compliance and Operational Risk Manager

2 weeks ago

Toronto, Canada Bank of America Full time

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.

Responsibilities
  • Review Investment Banking (“IB”) transactions for potential addition(s) to the Watch List and/or Restricted List. Follow up with IB to receive deal updates.
  • Review of Global Research reports prior to public dissemination against the Watch or Restricted List in accordance with Laws, Rules, and Regulations.
  • Provide Global Markets principal/firm trade preclearance on restricted list issuers.
  • Manage Wall crossings.
  • Respond to Americas regulatory inquiries, facilitate meetings with Research Legal and Investment Banking Legal.
  • Contribute to global technology initiatives via idea generation, User Acceptance Testing or working alongside Global Tech and Operations support partners.
  • Assess risks and effectiveness of Front Line Unit (FLU) processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinations.
  • Provide independent compliance and operational risk oversight of FLU or Control Function (CF) performance and any related third party/vendor relationships in alignment with the Policies.
  • Identify and escalate problems or issues that arise and drive actions to address root causes leading to compliance risk issues and/or operational risk losses.
  • Manage inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities.
  • Assist in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines.
  • Analyze and interpret applicable laws, rules, and regulations to provide clear and practical advice to stakeholders and identify and manage risks.
  • Review and challenge 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 for applicable changes.
  • Point of Contact for Enterprise Information Wall (Policy and Standard) for all Vertical Lines of Business in region.
  • Evidencing up-to-date List of Associates subject to the Watch List, Quarterly (List may grow to 35,000 Associates, globally).
  • Creation and Maintenance of additional SPI (Controls, Metrics, and Thresholds) to be aligned with new processes.
  • Documented training for all employees, including new hires, annually.
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 Communications
What Bank of America Offers

Bank of America embodies a culture that extends from how we think, to how we behave, and to how we measure performance. By achieving excellence - in everything we do, every time we do it - we deliver the full value of Bank of America for our clients, our shareholders, and our employees.

Bank of America places a high value on talent and on maintaining a culture defined by meritocracy. For these reasons, it is deeply committed to professional development, opportunity, and accountability at all levels of the organization.

Bank of America is an Equal Opportunity Employer. Bank of America encourages applications from all qualified individuals. Applicants with disabilities may notify us of any accommodations needed to support your participation in the recruitment process.

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