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Volcker EAC Compliance and Operational Risk Manager

Company: Disability Solutions
Location: New York
Posted on: June 11, 2024

Job Description:

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 the execution of the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy and the Compliance and Operational Risk Management (CORM) Program. Key responsibilities include identifying, escalating, and mitigating risks in a timely manner, engaging with Front Line Units and Control Functions (FLU/CF) leaders globally, coordinating with the FLU/CF Compliance and Operational Risk Officer teams, executing the CORM Program and the Policies, identifying themes and trends, and conducting analysis for new and emerging risks.Job Description SummaryThe Volcker Enterprise Area of Coverage (EAC) Global Compliance & Operational Risk (GCOR) officer is a person who has financial services experience with a knowledge of markets, compliance risk management practices, and trading products. Functional knowledge of the Volcker Rule is a plus. The EAC GCOR Manager will be responsible for the execution of various elements of the Compliance and Operational Risk Management (CORM) Program including but not limited to monitoring, testing, targeted risk assessments, policy updates, report preparation and training. The EAC GCOR officer will identify, escalate, and mitigate risks in a timely manner in alignment with the CORM Program and Volcker Policies. The individual will engage with Front Line Unit (FLU) and Control Function (CF) personnel globally, coordinating with other FLU and CF GCOR teams, to independently advise those individuals on effectively managing the risks related to their respective lines of business. By executing the CORM Program , the EAC GCOR officer identifies compliance and operational risk themes and trends, conducts analysis for new and emerging risks, and recommends approaches to mitigate those risks.Key Requirements: Individual will be part of the Volcker Enterprise Area of Coverage team which covers compliance with the Volcker Program across Bank of America (all business lines) globally; key requirements for the role: --- 5 years' experience covering markets compliance for a major U.S. institutional broker-dealer or bank. working knowledge of the Volcker Rule a plus; --- Strong knowledge of risk and control management frameworks and ability to analyze business results to identify emerging risks--- Detail-oriented and ability to work in a fast-paced environment, under pressure; --- Ability to communicate clearly both orally and in writing with senior stakeholders and external parties; --- Strong interpersonal skills; and--- Ability to independently execute projects and drive change with the business and other control functions. Volcker EAC --- The Enterprise Area of Coverage (EAC) Compliance & Operational Risk (C&OR) Manager is a subject matter expert on specific processes, controls, laws, rules and/or regulations that have enterprise-wide applicability, affecting two or more Front Line Units ("FLU") or Control Functions ("CF"). This role is responsible for the execution of the Global Compliance -- Enterprise Policy, the Operational Risk Management -- Enterprise Policy (collectively "the Policies") and the Compliance and Operational Risk Management ("CORM") Program. The EAC C&OR Manager identifies, escalates and mitigates risks in a timely manner in alignment with the CORM Program and the Policies. The role engages with FLU/CF leaders globally, coordinating with the FLU/CF C&OR Officer teams to independently advise those leaders on effectively managing the risks related to their area of coverage. By executing the CORM Program and the Policies, the EAC C&OR Manager identifies themes and trends, conducts analysis for new and emerging risks and recommends approaches to mitigate these risks.--- The EAC C&OR Manager assists in engaging other C&OR officers, including horizontal coverage owners and EAC, to provide comprehensive oversight of FLU/CF 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 EAC C&OR Manager also assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries--- Activities this role performs for their area of coverage (compliance with the Volcker Rule) include, but are not limited to:

  • Produces and/or oversees the development of independent risk management reporting as input into governance and management routines
  • Identifies regulatory training needs and provides subject matter expertise to support the development of training curriculum
  • Develops and maintains C&OR-owned policies/standards and reviews relevant FLU/CF-owned policies and standards 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 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 monitoring, testing and risk assessments, and communicates results
  • Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA) related to EAC themes or trends
  • 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 remediationResponsibilities:
    • Assesses risks, associated controls and their effectiveness, driving compliance with applicable laws, rules, and regulations and adhering to policies
    • Engages 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 Program and Standard Operating Procedures
    • Identifies and escalates problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses, including opening new issues based on risk severity in the centralized issues tool
    • Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities
    • Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks including monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintaining a comprehensive regulatory inventory, while supporting 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
    • Responds to regulatory inquiries, other audits, and examinations and identifies regulatory training needs supporting the development of the training curriculum
    • Reviews and challenges 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 to identify regulatory changes applicable to area(s) of coverageSkills:
      • Advisory
      • Regulatory Compliance
      • Reporting
      • Risk Management
      • Written Communications
      • Active Listening
      • Analytical Thinking
      • Interpret Relevant Laws, Rules, and Regulations
      • Negotiation
      • Policies, Procedures, and Guidelines Management
      • Adaptability
      • Business Process Analysis
      • Issue Management
      • Monitoring, Surveillance, and TestingRequired and Desired Candidate Qualifications:Minimum Years of Business & Functional Experience: 7 years Degree Required: Bachelor's Degree or Equivalent experienceShift:1st shift (United States of America)Hours Per Week: 40

Keywords: Disability Solutions, New York , Volcker EAC Compliance and Operational Risk Manager, Executive , New York, New York

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