Compliance & Operational Risk Manager- Global Markets & Fixed Income
Company: Disability Solutions
Location: New York
Posted on: September 28, 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
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:
- Assesses 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
- Engages in activities to 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 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
- Manages inventory of processes, risks, controls, and associated
metrics for risk appetite and limits, reporting violations of
compliance or regulatory activities
- Assists in the development of independent risk management
reporting for respective area(s) of coverage as input into
country/regional governance and management routines
- Analyzes and interprets applicable laws, rules, and regulations
to provide clear and practical advice to stakeholders, and identify
and manage risks
- 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
coverageManagerial Responsibilities:This position may also have
responsibilities for managing associates. At Bank of America, all
managers at this level demonstrate the following responsibilities,
in addition to those specific to the role, listed above.
- Diversity & Inclusion Champion: Models an inclusive environment
for employees and clients, aligned to company D&I goals.
- Manager of Process & Data: Demonstrates deep process knowledge,
operational excellence and innovation through a focus on
simplicity, data based decision making and continuous
improvement.
- Enterprise Advocate & Communicator: Communicates enterprise
decisions, purpose, and results, and connects to team strategy,
priorities and contributions.
- Risk Manager: Ensures proper risk discipline, controls and
culture are in place to identify, escalate and debate issues.
- People Manager & Coach: Provides inspection, coaching and
feedback to motivate, differentiate and improve performance.
- Financial Steward: Actively manages expenses and budgets in
alignment with objectives, making sound financial decisions.
- Enterprise Talent Leader: Assesses talent and builds bench
strength for roles across the organization.
- Driver of Business Outcomes: Delivers results by effectively
prioritizing, inspecting and appropriately delegating team
work.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 CommunicationsThe 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 line's 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.Role Responsibilities:--- Provide real-time
support to the Global Credit Front-Line Unit with regards to the
rules of the relevant products, markets and venues, and other
relevant laws, rules and regulations, including internal policies,
as applicable to the Global Markets Business. --- Develop an
effective working relationship with Front Line Unit ("FLU")
personnel and other internal departments, such as Legal,
Operations, Financial Crimes Compliance, and Regulatory
Reporting.--- Assist with responding to and coordinating regulatory
inquiries. --- Participate in the review and challenge of business
activities in line with BofA Global Compliance and Operational Risk
Program.--- Participate, as required, in internal investigations
into potential breaches of regulatory/venue requirements or Firm
policy.--- Participate, as required, in department initiatives in
respect of regulatory/market developments and impact analysis on
the firm's business and support groups.--- Assist with the review
of new business initiatives, including non-standard
transactions.--- Review and assess activity which is escalated by
Enterprise Independent Testing through surveillance activity
undertaken and/or escalated directly by the FLU for potential
market misconduct.--- Work closely with other regional Compliance
and Operational Risk teams to ensure consistency in approach and
best practices.--- Review/update Compliance & Operational Risk
Policies and ensure they are consistent with global and local
regulatory practices.--- Assist with the development of new and/or
update existing Monitoring and Testing items for the Compliance and
Operational Risk Program from a local and global perspective.---
Assist with the development and delivery of Compliance and
Operational Risk training, both face-to-face and on-line.--- Keep
abreast of regulatory change/developmentsRequired:--- Good
knowledge of fixed income products and services--- Excellent
inter-personal and communication skills, including strong verbal
and written communications, and be a strong and confident
presenter. --- High attention to detail, diligence and
conscientiousness --- Ability to work in a dynamic and fast-paced
trading floor environment--- Bachelor's Degree or equivalent
experienceDesired Qualifications and Competencies:--- 5-7+ years'
experience working with fixed income products and services---
Strong knowledge of Swaps/Derivative Market--- Strong understanding
of SEC, FINRA and CFTC rules and regulations--- Strong experience
in dealing with regulator and exchange inquiries and exams ---
Strong understanding of market misconduct laws, rules and
regulations, as well as applicable surveillance controls--- Ability
to think critically and proactively on the application of controls
to evolving markets, systems, and risks--- Experience of working in
investment bank / financial institution--- Capable of working
effectively both independently and with multiple
teams/individuals--- Ability to interact with staff from different
areas at all levels of seniority--- The ability to work under
pressure and within tight deadlines to a consistently high level of
accuracy.--- Ability to focus attention on detail as well as
multi-task--- Show initiative and react quickly to changes in
priorities--- Operational Risk Management preferably with Fixed
Income product knowledge experience is advantageous--- Advanced
degrees, securities licenses, or regulator experience are
advantageous, but not requiredShift:1st shift (United States of
America)Hours Per Week: 40Pay Transparency detailsUS - NY - New
York - ONE BRYANT PARK - BANK OF AMERICA TOWER (NY1100)Pay and
benefits informationPay range$96,000.00 - $172,000.00 annualized
salary, offers to be determined based on experience, education and
skill set.Discretionary incentive eligibleThis 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.BenefitsThis role is currently
benefits eligible. We provide industry-leading benefits, access to
paid time off, 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.
Keywords: Disability Solutions, New York , Compliance & Operational Risk Manager- Global Markets & Fixed Income, Executive , New York, New York
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