Thursday , March 23 2023

Bank of America Openings – Compliance Risk Executive

Website Bank of America

Job Description:

The Compliance and Operational Risk (C&OR) Executive 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 team, the C&OR Executive 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.

Job Responsibilities:

  • Identifies, aggregates, reports, and escalates compliance and operational risks, issues and control enhancements.
  • Provides guidance to the FLU on regulatory requirements.
  • Provides consultation to business leaders in preparation for regulatory exams and audits.
  • Monitors and tests the effectiveness of FLU compliance and operational risk controls.
  • Executes and/or provides oversight of governance and management routines.
  • Owns and updates the relevant C&OR Policies, working with the relevant stakeholders to update regularly.
  • Identifies compliance and operational risk training needs and provides subject matter expertise to support development of training curriculum.
  • Takes an active leadership role in maintaining and communicating regulatory changes, advising and directing business leaders to on regulatory requirements for their respective processes and controls.
  • Inspects that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed.
  • Proactively engages other C&OR officers, Enterprise Areas of Coverage (EAC) roles, and horizontal function roles to provide comprehensive oversight of FLU activities.
  • Reviews and responds to regulatory inquiries.
  • Provides independent review and challenge of the FLU’s Risk & Control Self-Assessment (RCSA).
  • Escalates regulatory-related concerns and other issues to senior management.
  • Leads the efforts and/or contributes to monitoring and testing coverage plans and related metrics.
  • Conducts targeted and risk assessments of the FLUs, incorporating review of loss events to assess control effectiveness.

Job Details:

Company: Bank of America

Vacancy Type: Full Time

Job Location: New York, NY, US

Application Deadline: N/A

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