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Dodd Frank EAC Compliance and Operational Risk Executive

Bank of America

Bank of America

Legal
New York, NY, USA · United States · Remote
Posted on Friday, April 12, 2024

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:

The Dodd Frank / Futures Commission Merchant Regulatory Liaison is a person who has a broad financial services experience with a strong knowledge of markets, swaps and futures trading products, compliance risk management practices, and CFTC Rules covering swaps and futures (Dodd-Frank / Title VII). The person will be responsible for interfacing with senior regulators at the CFTC, the NFA, the SEC, and various bank regulators on matters impacting the firm’s swap dealer and FCM. The individual will engage with GCOR teams covering the firm’s swap dealers and FCM, as well as Front Line Unit (FLU) and Control Function (CF) leaders globally, coordinating with Legal and Regulatory Relations on matters of interpretation, advocacy, and on-going regulatory initiatives related to swaps and futures. Through interaction with the various regulators, the individual will identify compliance and operational risk themes and trends, conduct analyses for new and emerging risks, and recommends approaches with the regulators to mitigate those risks.

Key Requirements:

Individual will be part of the GCOR Swaps Enterprise Area of Coverage (“Swap Dealer EAC”) team which covers compliance with the Swaps Program across Bank of America (all business lines) globally; key requirements for the role:

  • 10+ years’ experience covering swaps related legal or compliance matters for or on behalf of a major U.S. institutional swap dealer or bank with a strong knowledge of Title VII / Dodd Frank;

  • Significant experience interfacing with the CFTC, NFA, and/or SEC on swap related matters;

  • Proven ability to communicate clearly both orally and in writing with senior stakeholders and external regulators;

  • Strong knowledge of swap dealer and FCM risk and control frameworks and ability to analyze business risk and results in the context of regulatory priorities and industry norms;

  • Detail-oriented and ability to work in a fast-paced environment, under pressure;

  • Strong collaborative skills;

  • Ability to lead regulatory advocacy initiatives and drive changes with senior business leaders; industry colleagues, and members of the broader Markets GCOR team;

  • JD not required, but a plus, particularly if the candidate has engaged with regulators as counsel on behalf of major institutional swap dealers or banks.

Swap Dealer EAC

  • The Swap Dealer Enterprise Area of Coverage (EAC) Compliance & Operational Risk (C&OR) is made up of subject matter experts on swap dealer processes, controls, laws, rules and/or regulations that have enterprise-wide applicability, affecting Front Line Units (“FLU”) and Control Functions (“CF”). Among other things, the EAC is responsible for the implementation and oversight of the Global Compliance -- Enterprise Policy, the Operational Risk Management -- Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management (“CORM”) Program as applied to the firm’s swap dealers. The EAC identifies, escalates and mitigates risks in a timely manner in alignment with the CORM Program and the Policies, and engages with FLU/CF leaders globally, coordinating with the FLU/CF C&OR coverage officer teams to independently advise them on effectively managing the swap dealer risks related to their line of business coverage areas. The EAC assists in engaging other C&OR officers, to provide comprehensive oversight of FLU/CF activities, and also assists in preparing materials for C&OR regulatory exams/audits/inquiries as well as the preparation for FLU/CF regulatory exams/audits/inquiries. Finally, the EAC engages with regulators on both routine and extraordinary matters related to the swap dealer’s and FCM’s compliance with laws, rules, and regulations.

  • Specific activities this for this role will include, but are not limited to:

    • Engaging senior representatives of the firm’s CFTC, NFA, and SEC regulators on matters of focus or concern to the firm, including formal or informal regulatory findings, settlements, proposed rule-making, industry initiatives, and advocacy.

    • Monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage, advises business leaders on those as well as required amendments to policies, standards, procedures and/or processes to address those regulatory changes

    • Identifies regulatory training needs driven by regulatory interactions or changes

    • Inspects and challenges remediation plans addressing take aways from regulatory interactions.

    • Engaging with peers at other large Swap dealers and FCM’s on key industry issues

    • Engaging with industry working groups including ISDA, ESMA, and SIFMA on key industry initiatives impacting swap dealers and FCM’s.

Shift:

1st shift (United States of America)

Hours Per Week:

40