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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Job Description
Global Economic Sanctions ("GES") is responsible for dedicated compliance and operational risk management of processes unique to economic sanctions. The Sanctions Risk Specialist is a function within GES that is responsible for the identification, aggregation, reporting, and escalation of sanctions related risks. The Sanctions Risk Specialist is responsible for the execution of risk management responsibilities in areas such as sanctions advisory, issues management, and monitoring and testing from a sanctions compliance and risk perspective. This role is an individual contributor in the Sanctions Risk Management function.
The Sanctions Risk Specialist may engage in the following processes to evaluate and assess FLU/CF controls, sanctions-specific second line functions and controls, and residual risks related to economic sanctions:
- Deep understanding of economic sanctions regulations and laws (OFAC, UN, EU, UK etc.), internal sanctions screening processes, and the ability to apply that knowledge for risk analysis, monitoring and testing, and sanctions list management
- Provide oversight of Front Line Units with matters involving economic sanctions concerns
- Ability to have discussions and communicate with senior band 3 executives, respond to auditors and regulators, prepare presentations to regional and global rep risk committees, prepare and conduct sanctions-related training for Front Line Units, and conduct risk analysis and research on economic sanctions matters
- Experience in or ability to identify, draft, own, and resolve to completion audit issues
- Serve as the Risk Officer aligned to FLU-owned issues with economic sanctions impact. This includes ensuring timely and effective resolution of action steps, as well as Global Economic Sanctions review and challenge of action step remediation and evidence.
- Regularly execute and oversee business control functions, including as associated with metrics and governance routines, for effective sanctions program functioning.
- Maintenance and oversight of a comprehensive inventory of all FLU-owned issues with economic sanctions impact. Note, there will be several dozen at any given time.
- Serve as the main point of contact between the FLUs and the Global Financial Crimes Program Team from a Global Economic Sanctions perspective, with particular responsibility to ensure alignment and data sharing related to program execution (e.g. on metrics, QA, SPI, SOPs, Standards, Risk Tolerance & KRI/KPI reporting).
- Ensure necessary oversight, coordination and proactive management of issues within Global Economic Sanctions, across Global Financial Crimes, and with FLUs and other partners.
Required qualifications:
- Minimum 5 years of business and/or functional experience in financial services industry, risk management, financial crimes, testing, or experience in a related field
- Minimum 1 year experience in economic sanctions
- Bachelor's degree or equivalent experience
Desired qualifications:
- Preferred candidates with experience in managing sanctions program issues and metrics
- Preferred candidates with understanding of business, markets, and products
- Ability to handle multiple compliance projects in a dynamic environment with competing priorities across a global team setting
- Excellent business stakeholder management and communication skills
- Financial Services and/or related government entity
Shift:
1st shift (United States of America)
Hours Per Week:
40
Pay Transparency details
US - IL - Chicago - 540 W Madison St - Bank Of America Plaza (IL4540)
Pay and benefits information
Pay range
$75,000.00 - $106,200.00 annualized salary, offers to be determined based on experience, education and skill set.
Discretionary incentive eligible
This 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.
Benefits
This 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.