Compliance and Operational Risk Manager

Job Description:

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

The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (“EAC”), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The C&OR Manager prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business leaders in preparation for FLU/CF regulatory exams/audits/inquiries.

The C&OR Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.

The C&OR Manager contributes to the requirements of the CORM Program requirements including, but not limited to the following activities:

• Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input governance and management routines
• Provides subject matter expertise to assist the FLU/CF in establishing an annual learning plan, may be accountable for developing and delivering training content
• Develops and maintains C&OR-owned policies and standards and/or provides oversight of FLU/CF-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable
• Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage, advises business leaders on those changes, directs the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; maintains a comprehensive regulatory inventory
• Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancements
• Ensures C&OR “owned” issues and control enhancements are identified and addressed appropriately and timely
• Contributes to or leads development of risk coverage plans, executes and / or oversees execution of independent risk monitoring, testing and risk assessments, communicates results
• Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA)
• Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate
• Participates in Scenario Analysis activities for coverage areas and challenges as appropriate
• Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation

The C&OR Manager will execute the Compliance and Operational Risk program for the Wealth Management Operations (WMO) business areas. WMO provides substantial services for nearly every area of the Wealth Management platform, including Merrill Lynch, Bank of America Private Bank and the Institutional Retirement platform. The WMO team is responsible for on boarding and maintenance for Investment, Banking, and Retirement clients; provides operational support for Merrill Lynch investment advisory programs, trading systems, Merrill Lynch brokerage accounts, and Private Bank trust and investment platforms; and delivers processing, reconciliation, reporting and plan compliance services for the all products offered through Retirement & Personal Wealth Solutions.

The C&OR Manager contributes to the requirements in the GCOR Policy aligned to compliance and operational risk officers, including but not limited to the following activities:

• Oversees Retirement Onboarding and Operations, including any initiatives and issues that this FLU may have
• Takes an active leadership role in maintaining and communicating regulatory changes, advising and directing business leaders to ensure that regulatory requirements are addressed in their respective process and controls so that their day-to-day activities operate in a compliant manner
• Proactively engages other C&OR officers, Enterprise Areas of Coverage (EAC) roles, and horizontal function roles to provide comprehensive oversight of FLU/CF activities
• Conduct compliance and operational risk assessments of FLU and CF, incorporating review of external loss events to assess control effectiveness
• Provides independent review and challenge of the FLU/CF’s Risk & Control Self-Assessment (RCSA)
• Leads the efforts and/or contributes to monitoring and testing coverage plans and related metrics for FLU/CF
• Monitor and test the effectiveness of the front line unit and control function compliance and operational risk controls
• Identify aggregate, report and escalate compliance and operational risks, issues and control enhancements

Required Skills:

10+ years industry experience
• Ability to effectively navigate the Bank of America organization to identify key subject matter experts and governance requirements
• Excellent communication skills; able to communicate complex ideas in a clear, direct, concise and simple way; ability to interact with individuals at all levels of the organization
• Ability to work under pressure and meet various competing requirements
• Intellectually curious, persistent and tenacious
• Experience working with FLUs and control functions to manage risk

Desired Skills: Financial Services or similarly regulated sector

Bachelors degree
• Familiarity with Banking, Securities, and Department of Labor regulations
• Knowledge of the Compliance & Operational Risk program, including the Process, Risks, & Control Inventory and the ORCIT tool
• Compliance and Operational Risk or Operations or Business Controls experience is a plus

Shift:

1st shift (United States of America)

Hours Per Week: 

40