Job ID:24023861 - Compliance and Operational Risk Specialist - Multiple Locations (2024)

Chicago, Illinois; Charlotte, North Carolina

Additional locations See less

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 supporting the execution of the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy and the Compliance and Operational Risk Management Program. Key responsibilities include assisting with identifying, escalating, and mitigating risks in a timely manner, supporting engagement and Control Functions (FLU/CF) leaders globally, coordinating with the FLU/CF Compliance and Operational Risk Officer teams, identifying themes and trends, conducting analysis for new and emerging risks.

Responsibilities:

  • Assists in assessing risks, associated controls and their effectiveness, driving compliance with applicable laws, rules and regulations and adhering to policies, and developing reporting and documentation
  • 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
  • Assists in identifying and escalating problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses, and may assist with opening new issues in the centralized issues tool
  • Maintains an inventory of processes, risks, and controls and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities
  • Assists in responding to regulatory inquiries and other audits and examinations including monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintain 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
  • 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 coverage

Managerial 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: Creates an inclusive team where members are treated fairly and respectfully.
  • Manager of Process & Data: Demonstrates and expects process knowledge, data driven decisions, simplicity and continuous improvement.
  • Enterprise Advocate & Communicator: Delivers clear and concise messages that motivate, convey the “why” and connects contributions to business results.
  • Risk Manager: Leads and encourages the identification, escalation and resolution of potential risks.
  • People Manager & Coach: Knows and develops team members through coaching and feedback.
  • Financial Steward: Manages expenses and demonstrates an owner’s mindset.
  • Enterprise Talent Leader: Recruits, on-boards and develops talent, and supports talent mobility for career growth.
  • Driver of Business Outcomes: Delivers results through effective team management, structure, and routines.

Skills:

  • Analytical Thinking
  • Regulatory Compliance
  • Reporting
  • Risk Management
  • Written Communications
  • Active Listening
  • Adaptability
  • Issue Management
  • Monitoring, Surveillance, and Testing
  • Policies, Procedures, and Guidelines Management
  • Advisory
  • Business Process Analysis
  • Interpret Relevant Laws, Rules, and Regulations
  • Process Management

The Non-Financial Regulatory Reporting (NFRR) Enterprise Area of Coverage (EAC), within Global Operations Compliance and Operational Risk, is looking for a Compliance and Operational Risk Specialist to provide second-line oversight of NFRR for the America’s (AMRS) region.

The team

The NFRR EAC has enterprise-wide responsibility for Compliance & Operational Risk (C&OR) coverage of regulatory reporting aligned to and in support of bank’s business segments such as trading, banking, and consumer. The team is based in several locations globally, including New York, Charlotte, and London.

The team operates in a technically complex, fast-changing, and dynamic environment with an excellent culture of growth, learning and development. By joining this team, you will gain exposure to colleagues and senior managers in many business segments (Global Markets, Consumer, Global Wealth, and Investment Management, etc.), Operations, Technology, Risk, Legal and Audit globally.

Overview of the role

This role is responsible for C&OR coverage of the end-to-end activities related regulatory reporting for the AMRS region, which include understanding of how the business segments operate (e.g. trading) and the underlying regulatory requirements which govern those activities. This primarily includes, but is not limited to, Futures industry reporting covering Large Trader, Open Interest, Customer Gross Margin, Client Segregation Requirements, etc., as well as other specific NFRRs covering primarily Securities Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) jurisdictions.

Day-to-day activities will include (but not limited to):

  • Advising the Business, Operations, and other stakeholders with the interpretation of NFRR regulatory requirements
  • Coordinating and engaging with other C&OR officers to provide comprehensive oversight of NFRR FLU/CF activities.
  • Reviewing & challenging the bank’s implementation of NFRR, including the control framework
  • Assessing new NFRR regulations, including interpretation and communication of changes, to ensure effective implementation by the bank.
  • Assisting the FLU/CF with the development of risk metrics, monitors related performance and breach remediation.
  • Developing new monitoring and testing activities covering NFRR accuracy, completeness and/or timeliness
  • Conducting monitoring and targeted assessments
  • Reviewing results of tests executed by the Enterprise Independent Testing team.
  • Assessing additional training needs relating to NFRR
  • Reviewing the bank’s policies relating to NFRR, including the development and maintenance of C&OR-owned policies
  • Working with Business and Operations stakeholders and C&OR teammates globally to promote consistency and best-in-class practices.

What we are looking for

The successful candidate should have the following attributes:

  • Minimum 3-5 years of work experience in a Compliance and/or Operational Risk function
  • Exposure to the Futures industry, with 3-5 years of work experience within a Futures Commission Merchant (FCM) or in support of FCM activities, having familiarity with regulatory reporting obligations and respective Futures industry Rules & Regulations.
  • Logical thinker who can make rational, evidence-based decisions while knowing when to escalate, as necessary.
  • A flexible and solution driven perspective, and a determination and desire to find answers to complex issues.
  • Ability to understand the translation of laws, rules and regulations into business requirements, processes, and controls.
  • Strong written and oral communication, including the ability to articulate complex issues in a simple way and to interact with senior stakeholders effectively, confidently and with empathy. Keen attention to detail
  • Enthusiastic, responsible, and dependable team player who is also able to work independently and take ownership of their area.
  • Collaborator with good interpersonal skills who proactively builds relationships, with the agility and resilience to deliver results in a fast-paced, evolving space.
  • Strong knowledge of financial markets, banking industry, equities, and derivative products
  • Strong technical and data analytical skills (i.e., Excel and similar applications) with experience in analyzing, managing, and reporting from large sets of structured data (e.g., books and records data)
  • Demonstrates intellectual curiosity and drives operational excellence.
  • Ability to demonstrate a high level of integrity with a mature approach to work.

Desired Qualifications:

  • Experience interacting with regulatory agencies and/or regulatory exams.
  • Regulatory reporting experience and/or experience in a global markets regulatory reporting environment.
  • Experience in technology implementation projects including involvement in building new or enhancing existing systems to meet complex reporting requirements .

Shift:

1st shift (United States of America)

Hours Per Week:

40

Job ID:24023861 - Compliance and Operational Risk Specialist - Multiple Locations (2024)

FAQs

What is the role of a compliance and operational risk specialist? ›

Assists in assessing risks, associated controls and their effectiveness, driving compliance with applicable laws, rules and regulations and adhering to policies, and developing reporting and documentation.

What is the role of a risk and compliance specialist? ›

Job Description

We design & recommend effective controls to mitigate risks and help service delivery team prepare for upcoming client / external audits. You will be working as a part of the Risk & compliance team which is responsible for helping clients and organizations identify risks and create mitigation plans.

What is the role of an operational risk specialist? ›

Operational risk specialist provides oversight of the Enterprise Operations liaison for new law and regulation applicability analysis and implementation within Operations.

Is risk and compliance a good career? ›

A career in audit, risk and compliance can be a highly rewarding and fulfilling choice for individuals who have an interest in ensuring that organisations and businesses operate in a responsible, ethical, and compliant manner.

What skills do you need to be a risk and compliance specialist? ›

6 skills every compliance officer should possess
  • Industry knowledge. ...
  • Understanding of the regulatory landscape. ...
  • Risk assessment. ...
  • Collaboration and influence. ...
  • Communication, perseverance and patience. ...
  • Data analysis and IT skills.

How do I become a risk and compliance specialist? ›

What do compliance officers study?
  1. A bachelor's degree major in business, finance, or a related field.
  2. Certified Risk and Compliance Management Professional (CRCMP) preferred.
  3. A minimum of 2 years of experience in the field of compliance.
  4. Knowledge of regulatory laws, legal codes, procedures, and other standards.
May 8, 2024

What is the salary of risk and compliance specialist in Uber? ›

Uber pay FAQs

The average salary for a Risk and Compliance Specialist II is ₹5,75,000 per year (estimate) in India, which is 8% higher than the average Uber salary of ₹5,30,000 per year (estimate) for this job.

What does a compliance specialist do? ›

Compliance specialists, also known as compliance officers, monitor the policies and practices of businesses and organizations to make sure they conform to laws and regulations, as well as to the contracts they have with clients. Typically, compliance officers specialize in a particular type of investigation.

Is compliance a good career path? ›

Successful compliance officers are highly valued by their companies. They are often compensated generously with paths to advancement and attractive salary and benefit packages.

Is operational risk a good career? ›

Career progression is excellent within operational risk, and getting overseas roles is relatively straightforward due to the universal nature of operational risk.

What is operational risk and compliance function? ›

While operational risk looks at understanding and managing the risks associated with the achievement of strategic objectives, the related topic of compliance risk can be considered as managing minimum requirements and the 'ticket to play' of a business.

What is the job description for a risk specialist? ›

Identifies potential risks by analyzing data, observing processes, and talking to staff. Drafts and delivers reports and presentations outlining findings, identifying and explaining potential risks, and recommending solutions. Selects or develops and implements appropriate risk assessment models or methodologies.

Does risk management make a lot of money? ›

The salary of a Risk Manager can change depending on where you are. Here are some typical numbers to consider: United States: They might earn between $100,000 and $120,000 a year. Europe: In places like the UK or Germany, the average is around €60,000 to €80,000.

What are the highest paying compliance jobs? ›

High Paying Compliance Specialist Jobs
  • Compliance Examiner. Salary range: $73,000-$123,500 per year. ...
  • Compliance Review Specialist. Salary range: $67,500-$112,000 per year. ...
  • Senior Compliance Analyst. ...
  • Compliance Testing Analyst. ...
  • IT Compliance Analyst. ...
  • Compliance Associate. ...
  • Compliance Analyst. ...
  • Regulatory and Compliance Technician.

How much do risk and compliance managers make in the US? ›

Risk Compliance Manager Salary
Annual SalaryMonthly Pay
Top Earners$143,500$11,958
75th Percentile$116,500$9,708
Average$95,103$7,925
25th Percentile$70,000$5,833

What is a compliance operations specialist job description? ›

Monitor and evaluate the organization's compliance with legal and regulatory requirements. Assist in drafting and updating various legal documents, including client agreements, leases, and contracts. Develop and implement comprehensive compliance processes and procedures.

What is the function of operational risk and compliance? ›

While operational risk looks at understanding and managing the risks associated with the achievement of strategic objectives, the related topic of compliance risk can be considered as managing minimum requirements and the 'ticket to play' of a business.

What does a compliance and risk officer do? ›

This entails monitoring a company's activities, developing and implementing compliance programmes and policies and conducting risk assessments. They also perform regular procedures and policy reviews. They may hold regular staff training sessions to update them about regulation changes or new legislation.

What does someone in risk and compliance do? ›

They are accountable for ensuring all the essential guidelines are put in proper place accurately adhering to industry rules and regulations. They conduct internal audits and reviews at regular intervals to ensure that compliance procedures are regularly followed.

References

Top Articles
Craigslist Mansfield Ohio Garage Sales
No Cable Schedule
The Suns On Scoreboards Crossword
Hannibal Mo Craigslist Pets
Chicago Tribune from Chicago, Illinois
Shands Mail
145 Alexander St, Hagerstown, MD 21740 - MLS MDWA2024632 - Coldwell Banker
Account Now Login In
Orderacuvue.com
The Standard from St. Catharines, Ontario, Canada
Polycythaemia vera, Hautveränderungen - Altmeyers Enzyklopädie - Fachbereich Dermatologie
City of Asheville Hurricane Helene information and updates - The City of Asheville
Cnn Premarket Stock Futures
Patient Care Technician
Roasted Cauliflower Sweet Potato Salad
Nonuforum Models
Elemental Movie Regal
Tirage Rapid Georgia
Whatever Happened to Goldeneye Bond Girl, Izabella Scorupco? - Ned Hardy
Mychart Cdh Northwestern
Benefits of geographic information systems for state and regional ocean management : final report to the Coastal Services Center, National Oceanic and Atmospheric Administration, Charleston, South Carolina
Little Known Tools To Find Lenovo Parts - Upgrades And Options
Rochester Animal Services: Outdoor cats and kittens
12 Facial Steaming Benefits And How To Do It At Home - The Moms Co.
Southcoast Craigslist Ma
Scrotal Support Walgreens
Marine Forecasts BOX
833-510-0332
Brittney Griner has been freed from a Russia in a prisoner exchange. This is how her journey to bask
Owam International Safety
2022 Basketball 247
Swgoh Darth Vader Mods
Workday Okta Nordstrom
The Mystery of PO Box 247001 Omaha NE and Credit Cards Explained
8.7 Increase Of 841
How To Build an A-frame House Step-By-Step - AVRAME Kit Homes
Reality TV legend Natalie Nunn looks UNRECOGNIZABLE in new snap
New High School Boundary Process - Pasco School District
Obnjgolf
Dragon Ball Rage Codes - Roblox (October 2024) [DBR codes]
More Apt To Complain Crossword
Rory Riggs Net Worth (2024) – wallmine.com
Sodium Carbonate Sds Fisher
Synchrony Premier Mastercard | Synchrony Bank
Why Is 365 Market Troy Mi On My Bank Statement
Carlton Arms Bradenton Resident Portal
Warren T Rodgers
List of Dyes in SkyBlock
Job Shop Hearthside Schedule
Richmond Fbsm
Latest Posts
Article information

Author: Prof. Nancy Dach

Last Updated:

Views: 5259

Rating: 4.7 / 5 (57 voted)

Reviews: 80% of readers found this page helpful

Author information

Name: Prof. Nancy Dach

Birthday: 1993-08-23

Address: 569 Waelchi Ports, South Blainebury, LA 11589

Phone: +9958996486049

Job: Sales Manager

Hobby: Web surfing, Scuba diving, Mountaineering, Writing, Sailing, Dance, Blacksmithing

Introduction: My name is Prof. Nancy Dach, I am a lively, joyous, courageous, lovely, tender, charming, open person who loves writing and wants to share my knowledge and understanding with you.