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.
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Global Compliance & Operational Risk
Our Global Compliance and Operational Risk Management function defines requirements for our corporate compliance and operational risk management program across the Bank and its enterprise subsidiaries. These requirements work together to drive a comprehensive approach for the proactive identification, management and escalation of compliance and operational risks throughout the Company.
The Role
This job is responsible for overseeing and reporting on Compliance and Operational Risk (COR) for a sub-region, including leading independent COR oversight of Front-Line Units, Control Functions, and Enterprise Areas of Coverage through setting strategic priorities, and overseeing execution of the COR Program. Key responsibilities include working with Indirect Coverage Areas to obtain a complete view of compliance and operational risk across the country or sub-region, advising business leaders in preparation for regulatory engagements, participating in regulatory meetings, and overseeing the preparation of materials for regulatory engagements on GCOR functions. Job expectations may include Money Laundering Risk Officer activities, which may need to be approved or acknowledged by regulators.
Responsibilities
- Sets strategic priorities for Compliance and Operational Risk (COR) in the country or sub-region, including Global COR (GCOR) strategic priorities, and ensures appropriate resourcing to execute on those priorities and on each element of the GCOR Program
- Leads the execution of the GCOR Program in the country or sub-region, ensuring each element is delivered on time, and to the required standard, including ensuring the effective review and challenge of Front-Line Units and Control Functions
- Oversees independent country COR reporting to GCOR senior leaders, country and regional management, and legal entity management via established governance and management routines
- Understands and maintains knowledge of compliance and operational risks in the country or sub-region, including those covered by Enterprise Area of Coverage
- Engages with regulators in the region, participating in meetings between business leaders and regulators and overseeing responses to regulatory inquiries on COR functions
- Ensures maintenance of a comprehensive regulatory inventory for each Coverage Area in the country or sub-region, including overseeing identification and assessment of law, rule, and regulation changes affecting those areas, advising business leaders of relevant changes, directing appropriate actions by impacted COR teams, and reviewing and challenging the overall implementation plan
- Represents GCOR on country senior management and legal entity governance forums, reporting on current state and escalating issues or concerns, including the communication of emerging compliance and operational risk
- Serve as the Designated Privacy Officer (DPO) for Canada
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.
- Manager of Process & Data: Challenges end-to-end process efficiency and effectiveness, champion data driven decision-making and removes obstacles to optimize operations
- Enterprise Advocate & Communicator: Contributes to enterprise strategy and influence messaging to connect team contributions to business purpose, results, and success
- Risk Manager: Inspects and challenges risk controls, governance and culture to ensure the timely identification, escalation, debate and remediation of risk across the organization
- People Manager & Coach: Coaches to sustain and elevates organizational performance while differentiating to ensure pay for performance
- Financial Steward: Efficiently allocates and manages resources across the organization to drive short and long term profitability
- Enterprise Talent Leader: Inspects and manages the health of the bench to ensure succession for the organization, while supporting enterprise talent needs
- Driver of Business Outcomes: Mobilizes organizational resources to deliver the full range of the bank's capabilities to meet client needs and to gain competitive advantage
Qualifications
- Minimum Bachelor's degree. Additional professional designation, e.g. law, audit or accounting designation will be a definite asset
- 10+ years of industry experience in financial services (i.e.. bank & broker dealer) with expertise developing and/or implementing compliance or other risk management programs, with at least 3 years in a compliance or supervisory capacity
- Successful completion of the Partners, Directors and Senior Officers Course and Chief Compliance Officers Qualifying Examination
- Technical/expert resource with high level of knowledge of regulatory/compliance requirements applicable to revenue and non-revenue generating functions in both bank & broker dealer environments
- Understanding of multi-jurisdictional regulatory environment, frameworks and trends
- Experience of working in close partnership with stakeholders at various levels in a way that maximizes their participation and leverages their support
- Self-motivated, with the ability to plan and organize the Compliance team workload and deliver results on time and to a high degree of accuracy
- Highly developed personal effectiveness skills, including people management, the ability to influence and negotiate, adapt to change, and partner effectively with peers and partners in FLU's, Compliance-Risk teams, and other Control Functions (e.g. Finance, Audit, HR)
- Strong ability to exercise professional judgment, assessing the risk of various issues and balancing several competing priorities
Skills
- Business Acumen
- Corporate Governance Management
- Decision Making
- Regulatory Compliance
- Risk Management
- Active Listening
- Critical Thinking
- Influence
- Issue Management
- Relationship Building
- Attention to Detail
- Interpret Relevant Laws, Rules, and Regulations
- Negotiation
- Policies, Procedures, and Guidelines
- Written Communications
What Bank of America Offers
Bank of America embodies a culture that extends from how we think, to how we behave, and to how we measure performance. By achieving excellence - in everything we do, every time we do it - we deliver the full value of Bank of America for our clients, our shareholders and our employees.
Bank of America places a high value on talent and on maintaining a culture defined by meritocracy. For these reasons, it is deeply committed to professional development, opportunity and accountability at all levels of the organization.
Bank of America is an Equal Opportunity Employer.
Bank of America encourages applications from all qualified individuals. Applicants with disabilities may notify us of any accommodations needed to support your participation in the recruitment process. We wish to thank all applicants for their interest and effort in applying. Please be aware that only candidates selected for interviews will be contacted for this position.