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Compliance and Operational Risk Manager- Enterprise Architecture

Bank of America

Bank of America

IT, Legal
Charlotte, NC, USA · pennington, nj, usa · United States · Remote
Posted on Wednesday, May 8, 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:
This job is responsible for executing 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:

  • Assesses risks and effectiveness of Front Line Unit (FLU) processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinations

  • Engages in activities to provide independent compliance and operational risk oversight of FLU or Control Function (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 Program and Standard Operating Procedures

  • Identifies and escalates problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses

  • Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities

  • Assists in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines

  • Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks

  • Reviews and challenges FLU/CF process, risk, Single Process Inventory, and FLU/CF Risk and Control Self-Assessment related to themes or trends, while monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage

Managerial Responsibilities:
This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.

  • Diversity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company D&I goals.

  • Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.

  • Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.

  • Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.

  • People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.

  • Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.

  • Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.

  • Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.

Skills:

  • Advisory

  • Monitoring, Surveillance, and Testing

  • Regulatory Compliance

  • Reporting

  • Risk Management

  • Critical Thinking

  • Influence

  • Interpret Relevant Laws, Rules, and Regulations

  • Issue Management

  • Policies, Procedures, and Guidelines Management

  • Business Process Analysis

  • Decision Making

  • Negotiation

  • Process Management

  • Written Communications

Risk manager will be responsible for assessing risks and control effectiveness for enterprise architecture and technology management practices and procedures within Global Technology.

This job is responsible for executing 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:
• Assesses risks and effectiveness of Front-Line Unit (FLU) processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinations
• Engages in activities to provide independent compliance and operational risk oversight of FLU or Control Function (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 Program and Standard Operating Procedures
• Identifies and escalates problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses
• Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities
• Assists in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines
• Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks
• Reviews and challenges FLU/CF process, risk, Single Process Inventory, and FLU/CF Risk and Control Self-Assessment related to themes or trends, while monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage

Role Specific Skills /Managerial Skills:
• This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.
• Models an inclusive environment for employees and clients, aligned to company D&I goals
• Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data-based decision making and continuous improvement
• Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions
• Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues
• Provides inspection, coaching and feedback to motivate, differentiate and improve performance
• Actively manages expenses and budgets in alignment with objectives, making sound financial
• decisions
• Assesses talent and builds bench strength for roles across the organization

• 7+ years of technology experience with a focus on software architecture, software engineering, technology management, or other relevant discipline
• In depth understanding of the software development lifecycle, change management process, and commonly used CI/CD tools
• Experience with software development or design, including security, resiliency, and maintainability of applications
• Understanding of functional and non-functional requirements, business objectives for software, and technology strategy and planning
• Prior hands-on experience developing, deploying, and operating software applications is preferred
• Knowledge of best practices related to data management and data architecture
• Knowledge of architecture frameworks such as TOGAF is also preferable


Degree Required: Bachelor’s Degree; May require regulatory examination/registration or certification depending on jurisdiction and role

Desired Skills:
• Additional Technical/Functional Experience (e.g. Industry type): Financial Services or similarly regulated sector
Communicates and Influences with Impact:
• Communicates complex ideas in a way that is clear, direct, concise, simple and contextual; avoids jargon
• Shapes the opinions and actions of others, gaining trust & commitment for desired outcomes
• Adjusts style and personalizes message to best connect with others; inspires others to follow his/her lead
• Constructively challenges; supports opinion and recommendations with facts and data
• Shares opinion with confidence; is persistent and tenacious for what is right
• Demonstrates productive edge, appropriately voicing and challenging opinions
• Demonstrates productive partnering with various stakeholders across the enterprise at all levels
• Role models effective communication and influence; develops others on this skill

Demonstrated Business Acumen:
• Deep understanding of the organization's overall strategies and how the business operates
• Deep understanding of what drives success through subject matter expertise of the products, customer and channels leveraged within the FLU
• Identifies and influences business improvements and solutions - Proactively engages team/peers to transfer knowledge of the business
• Makes tough business and people decisions
• Demonstrated behaviors may include but are not limited to:
• Demonstrates the ability to remain flexible and adaptable in order to learn/apply new concepts and stay current on emerging trends (i.e. new technology)
• Asks questions in an effort to understand, drawing connections and similarities in order to frame new challenges/opportunities; leverages information to take calculated risks
• Proactively brainstorms and researches a wide range of options to find the best solutions to address opportunities
• Proactively engages others for feedback as an opportunity to drive improvement (for self and the business)

Delivers Results Through Management & Operational Excellence:
• Demonstrates a deep understanding of owned processes and continually seeks opportunities to simplify and improve
• Leads the execution of strategies through establishing clear accountability for self and the team
• Raises performance expectations through planning and establishing routines to ensure goals are achieved
• Proactively identifies and removes barriers
• Leads change and gets team and key stakeholders on board

Cultivate Talent & Organization:
• Creates and leads an environment that values diversity, where people can speak up, share bad news and get better outcomes through dialogue and debate
• Actively builds a pipeline of strong, diverse talent
• Actively manages the growth and development of talent; takes genuine interest in and provides support for their development
• Broadly shares accountability and responsibility with others
• Contributes to building motivated, high performing teams; inspires them to achieve more
• Recruits, develops and aligns talent needed to meet business goals

Delivers Second-Line Risk Management:
• Commanding knowledge of the Compliance & Ops Risk Program and its application to daily work activity and team priorities; educates others
• Commanding knowledge of how laws, rules and regulations apply to businesses, functions, products, jurisdictions and/or the enterprise and stays current on changes; educates others
• Understands and educates others on the business processes (design through execution), the role of effective controls and the potential impact to operational losses
• Directly or via a team, assesses for and identifies compliance and operational risks in the activities of a FLU/ECF or the Company (EAC) through monitoring, assessment and testing activities
• Directly or via a team, documents, analyzes, reports and escalates as needed risk issues (e.g., control weaknesses, violations, metric breaches); synthesizes the data for emerging trends or systemic issues
• Directly or via a team, drives the mitigation of compliance and operational risk through means such as policy reviews and updates, issue remediation/action plans, and training needs; determines approach and possible solutions
• Communicates risks and issues concisely, clearly and timely; drives transparency and accountability with appropriate parties
• Executes risk governance and management routines
• Ensures compliance and operational risks are considered in business activities, including product development and business process changes; uses risk lens when advising the business
• Escalates risks not being mitigated in a timely manner to appropriate leaders and senior management, regulators and Board of Directors as warranted
Demonstrates Analytical Capabilities
• Leads analysis integrating facts, data, and information to draw accurate conclusions in order to identify root cause
• Leverages internal/external perspectives and benchmarking to identify potential solutions
• Develops useful and realistic alternative solutions to problems; selects the best course of action based on pros, cons, timing, and available resource

Shift:

1st shift (United States of America)

Hours Per Week:

40