Compliance and Operational Risk Specialist - Regulatory Reporting/Finance Risk Oversight
Bank of America
Location: New York, New York
Internal Number: 21045020
Chief Financial Officer Compliance and Operational Risk (CFO COR) seeks to deliver effective independent risk management of the activities and processes associated with managing the Company's capital, liquidity and earnings risks. The team helps Bank of America grow responsibly through developing our teammates, promoting a diverse and inclusive culture and approaching our work with intellectual curiosity and dispassionate objectivity. CFO COR delivers its mission through a steadfast commitment to its values: managing risk well; cultivating diversity of thought and valuing different perspectives and experiences; driving an inclusive culture that promotes learning, fosters relationships and creativity; developing talent, advancing careers and creating leaders within Global Risk Management and across the company.
The CFO COR team is responsible for independent compliance and operational risk oversight of the CFO Group, Enterprise Stress Testing, Global Resolution and Recovery Planning and Regulation W related activities across the firm. The CFO COR Specialist is responsible for executing activities to provide independent compliance and operational risk oversight of key CFO functions responsible for managing the firm's capital, liquidity and earnings risks. The primary focus of this role will be executing activities specific to Finance and Regulatory Reporting.
The C&OR Specialist assists in engaging other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage ("EAC"), to provide comprehensive oversight of CFO activities. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second line's risk management activities. The C&OR Specialist assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries.
The C&OR Specialist is accountable for assisting the C&OR Team in the proactive identification, escalation and timely mitigation of compliance and operational risks through the execution of some or all of the following activities:
Assists in the development of independent risk management reporting for respective area(s) of coverage as input into governance and management routines
Contributes to the oversight of FLU/CF training which may include content development and/or tracking and communication of employee completion rates
Assists with the development and maintenance of C&OR owned policies and standards and/or the 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 and maintains a comprehensive regulatory inventory; may support communication of regulatory changes to the FLU/CF and ensuring that policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirements
Assists in identifying, aggregating, reporting, escalating, inspecting and challenging remediation plans, and performing thematic analysis on FLU/CF-owned issues and control enhancements
Assists in remediating C&OR "owned" issues and control enhancements
Contributes to risk coverage plan development, executes 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)
Supports the review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls
Assists with the development of risk metrics, monitors related performance and breach remediation
Intellectual curiosity - approaches each day with a curious mindset; effectively uses inquiry to uncover facts and circumstances; consistently applies critical thinking.
Communication - ability to communicate effectively and with impact, including strong writing and presentation skills.
Collaboration - Develops networks and builds alliances; collaborates across boundaries to build strategic relationships and achieve common goals. Influencing and negotiating across external stakeholders (regulators) as well as internal groups
Innovative - ability to identify simpler and better ways of doing things; embraces and adapts to change well.
Autonomy - self-starting, able to translate broad-strokes to actions. Actively seeks and executes on value-added opportunities.
Influence - ability to influence stakeholders and drive agenda. Leveraging Diversity- Fosters an inclusive workplace where diversity and individual differences are valued and leveraged to achieve the vision and mission of the organization. Exposure and involvement with Employee Engagement initiatives including supporting Diversity & Inclusion efforts
Bachelor's Degree or equivalent experience in related discipline
3+ years of Business & Functional Experience in Finance, Regulatory Reporting or related disciplines
Ability to collaborate with business and peer partners globally
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.