EAC Compliance & Ops Risk Specialist
Company: Disability Solutions
Location: Chicago
Posted on: May 8, 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
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
coverageSkills:
- 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 ManagementThe 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 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 a number of 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 roleThis 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
practicesWhat we are looking forThe successful candidate should
have the following attributes:--- Logical thinker who is able to
make rational, evidence-based decisions whilst 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--- Good data analysis skills are desirableShift:1st shift
(United States of America)Hours Per Week: 40
Keywords: Disability Solutions, Elkhart , EAC Compliance & Ops Risk Specialist, Other , Chicago, Indiana
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