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The Enterprise Privacy Compliance and Operational Risk (C&OR) Executive is responsible for leadership and execution of the Compliance and Operational Risk Management (“CORM”) Program providing strategic direction in identifying, escalating and mitigating risks in a timely manner in alignment with the CORM Program and the Policies. This role ensures there is consistent, proactive engagement with the FLU/CF leaders globally, working with the FLU/CF C&OR officer teams to independently advise those leaders on effectively managing the operational and compliance risks related to Privacy. Additionally, as an expert, the Enterprise Privacy C&OR Executive conducts external benchmarking, participates in industry forums and innovates on emerging trends or topics. The EAC C&OR Executive exercises judgment, influences and constructively challenges the FLU and CF leaders with the C&OR officers, providing timely advice regarding regulatory requirements and expectations, and the implementation of controls to effectively mitigate compliance and operational risk. Where there are centrally managed governance functions in place, the Enterprise Privacy C&OR Executive has relationship management responsibilities, including additional reporting and communication to/with those leaders about the status of compliance and operational risk management. The Enterprise Privacy C&OR Executive is responsible for identifying and recommending standard process, control and risk definitions for like-processes and oversees adoption enterprise-wide. The Enterprise Privacy C&OR Executive engages other C&OR officers to provide comprehensive oversight of FLU/CF activities. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The Enterprise Privacy C&OR Executive assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries. They are accountable for the requirements in the Policies, working with FLU/CF C&OR officers to complete those requirements for their areas of coverage including, but not limited to the following activities:
• Oversees independent risk management reporting to Global Compliance and Operational Risk (“GC&OR”) Senior Leaders and FLU/CF Senior Leaders via established governance and management routines
• Participates in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny, litigation and key influencers (trade associations, PACs, lobbyists, consumer groups, and media) in the EAC subject area to identify and mitigate emerging risks
• Oversees the identification of regulatory training needs and C&OR input into the development of training curriculum
• Oversees the development and maintenance of C&OR-owned policies and standards and the review of relevant FLU/CF-owned policies and standards to ensure that regulatory requirements and operational risks are appropriately addressed, inclusive of conduct risk as applicable
• Advises and directs business leaders coordinating with the FLU/CF compliance and operational risk teams to ensure that regulatory requirements and operational risks are addressed in their respective procedures and controls so that their daily activities operate in a compliant manner
• Oversees changes in regulations applicable to area(s) of coverage, including advising business leaders on those changes, directing the appropriate areas to implement or amend policies, standards, procedures and/or processes 2 Bank of America: Proprietary to address regulatory requirements, and challenging the implementation plan as needed; ensures a comprehensive regulatory inventory
• Oversees the identification, aggregation, reporting, remediation and thematic analysis of FLU/CF-owned issues and control enhancements
• Escalates compliance and operational risks and issues to appropriate governance routines or management/board level committees
• Oversees remediation of C&OR “owned” issues and control enhancements to ensure they are addressed appropriately and timely
• Accountable for risk coverage plans, oversees execution of monitoring, testing and risk assessments, communicates results and escalates when applicable
• Ensures appropriate review and challenge of the FLU/CF process, risk, and control (PRC) inventory and Risk & Control Self-Assessments (RCSA) for EAC-specific themes and trends
• Ensures appropriate review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate
• Oversees Scenario Analysis activities for assigned coverage areas including appropriate challenge and approval
• Ensures effective measurements of key risks are established and monitored in consideration of risk coverage plans, communicates related results to FLU/CF stakeholders, provides oversight of the remediation of out of tolerance results, and escalates as appropriate
Minimum 10 years of risk management or other relevant experience
Must have a minimum of 7 years of direct experience in Privacy including experience building and growing a data privacy program with relevant expertise in privacy laws, rules, regulations
Ability to build relationships internally and externally
Ability to think strategically
Excellent written and oral communication skills
A Self-motivated, hands-on, driven individual
1st shift (United States of America)
Hours Per Week:
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