CFO Compliance and Operational Risk Specialist
Charlotte, North Carolina
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 contributing to the Compliance and Operational Risk team to execute second line of defense compliance and operational risk oversight for a Front Line Unit, Control Function, and/or Third Parties. Key responsibilities include ensuring requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy (collectively -the Policies-), the Compliance and Operational Risk Management Program and Standard Operating Procedures are implemented and identifying, challenging, escalating, and mitigating risks in a timely manner.
Responsibilities:
Assists in assessing risks, associated controls and their effectiveness, while driving compliance with applicable laws, rules, and regulations, adhering to policies, and developing reporting and documentation
Engages in activities to provide support to the Compliance and Operational Risk teams in order to provide independent compliance and operational risk oversight of Front Line Unit or Control Function 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
Assists in the development of independent risk management reporting for respective area(s) of coverage as input into management routines
Assists in responding to regulatory inquiries and other audits and examinations
Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintains a comprehensive regulatory inventory
Skills:
Monitoring, Surveillance, and Testing
Process Management
Regulatory Compliance
Reporting
Risk Management
Attention to Detail
Critical Thinking
Interpret Relevant Laws, Rules, and Regulations
Issue Management
Policies, Procedures, and Guidelines Management
Active Listening
Advisory
Business Process Analysis
Written Communications
Business Unit Overview:
Chief Financial Officer Compliance and Operational Risk (CFO COR) seeks to deliver effective independent compliance and operational risk oversight of the CFO Group, which is responsible for the overall financial management of our company, including managing the company's capital, liquidity and earnings risks and publishing its financial statements, as well as providing financial planning, analysis and support to all of the company's Front Line Units (FLUs) and Control Functions (CFs). CFO COR drives responsible growth at Bank of America by developing our teammates, promoting a diverse and inclusive culture and approaching our work with intellectual curiosity and dispassionate objectivity. CFO COR delivers its mission through a steadfast commitment to its values: managing risk well; cultivating diversity of thought and valuing different perspectives and experiences; driving an inclusive culture that promotes learning, fosters relationships and creativity; developing talent, advancing careers and creating leaders within Global Risk Management and across the company.
Role Overview:
The CFO COR Specialist is responsible for executing activities to provide independent compliance and operational risk oversight of the firm's Treasury organization, including key functions such as, Capital, Liquidity, and Funding.
The CFO COR Specialist assists in engaging stakeholders across the CFO Group, Global Compliance and Operational Risk (GCOR), as well as other risk areas, to provide comprehensive oversight of firm's Treasury function, including Capital, Liquidity, and Funding. This includes preparing materials for regulatory exams, audits, and other inquiries, and may assist with preparation for internal management and governance routines.
The candidate will be responsible for developing and executing Risk oversight activities (i.e. monitoring, testing and targeted assessments), interfacing with CFO Group and Corporate Treasury stakeholders on coverage development and execution, and supporting planning and execution of tactical and strategic enhancements to the approach/framework for risk oversight of the CFO Group.
Additional Responsibilities:
The CFO COR Specialist is accountable for assisting the CFO COR Team in the proactive identification, escalation and timely mitigation of compliance and operational risks through the execution of some or all of the following activities:
Contributes to development of risk coverage plans and executes of independent risk monitoring, testing and risk assessments
Supports the development of independent risk management monitoring and testing activities to assess the Treasury organization, including Capital, Liquidity and Funding.
Assists in the development of independent risk management reporting for respective area(s) of coverage as input into governance and management routines
Assists with the development, maintenance and oversight of policies and standards to ensure regulatory and operational risk requirements are appropriately addressed
Monitors the regulatory environment to identify regulatory changes applicable to Capital and Liquidity
Assists in identifying, aggregating, reporting, escalating, inspecting and challenging remediation plans, and performing thematic analysis on issues and control enhancements
Assists in remediating CFO COR -owned- issues and control enhancements
Reviews and challenges CFO's Single Process Inventory (SPI) and FLU/CF Risk & Control Self-Assessment (RCSA)
Supports the review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls
Assists with the development of risk metrics, monitors related performance and breach remediation
Desired Skills:
Demonstrates bias for action in order to execute team priorities
Intellectual curiosity - approaches each day with a curious mindset; effectively uses inquiry to uncover facts and circumstances; consistently applies critical thinking
Communication - ability to communicate effectively and with impact, including strong writing and presentation skills
Understands the Bank of America Compliance and Operational Risk Program and how it applies to daily work activity
Applies the context to work deliverables; demonstrates understanding of the "why"
Collaboration - Develops networks and builds alliances; collaborates across boundaries to build strategic relationships and achieve common goals. Influencing and negotiating across external stakeholders (regulators) as well as internal groups
Innovative - ability to identify simpler and better ways of doing things; embraces and adapts to change well Autonomy - self-starting, able to translate broad-strokes to actions. Actively seeks and executes on value-added opportunities Influence - ability to influence stakeholders and drive agenda
Leveraging Diversity - fosters an inclusive workplace where diversity and individual differences are valued and leveraged to achieve the vision and mission of the organization. Exposure and involvement with Employee Engagement initiatives including supporting Diversity & Inclusion efforts
Required Skills:
Bachelor's Degree or equivalent experience in related discipline
3+ years of experience in financial services such as Corporate Treasury, Capital, Liquidity and Funding
Shift:
1st shift (United States of America)
Hours Per Week:
40
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
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Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (-Policy-) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
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This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.
