Compliance & Operational Risk Specialist Location Charlotte, NC (First Ward area) : : 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!
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 key CFO functions, including financial regulatory reporting and data management.
The CFO COR Specialist assists in engaging stakeholders across Global Compliance and Operational Risk (GCOR), as well as other risk areas, to provide comprehensive oversight of CFO Group activities, as well as preparing materials for regulatory exams, audits, and other inquiries, and may assist with preparation for FLU/CF, GCOR, and enterprise management and governance routines.
This role will support expansion of Risk's approach to oversight of Financial Regulatory Reporting (FRR), including supporting "in-line" review activities for critical reports (e.g. FR Y-14, FR Y-15) as well as ongoing assessment of control design and operating effectiveness across various critical FRR report production processes and their associated data quality controls upstream of report production.
The candidate will be responsible for developing and executing Risk oversight activities (i.e. monitoring, testing and targeted assessments), interfacing with FLU/CF stakeholders and Enterprise Independent Testing (EIT) on coverage development and execution, supporting planning and execution of tactical and strategic enhancements to the approach/framework for oversight of FRR, executing in-line review activities including control outcomes reviews, coordinating in-line review activities and related work with other stakeholders in Global Risk Management, conducting data analysis and profiling, directly challenging reporting defects and sharing those challenges with report owners prior to submission of the given report.
Responsibilities: The CFO COR Specialist is accountable for the proactive identification, escalation and timely mitigation of compliance and operational risks through the execution of some or all of the following activities:
Develops independent risk management reporting for respective area(s) of coverage as input into governance and management routines
Contributes to the oversight of FLU/CF training which may include content development and/or tracking and communication of employee completion rates
Assists with the development and maintenance of GCOR owned policies and standards and/or the 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 and maintains a comprehensive regulatory inventory; may support communication of regulatory changes to the FLU/CF and ensuring that policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirements
Assists in identifying, aggregating, reporting, escalating, inspecting and challenging remediation plans, and performing thematic analysis on FLU/CF-owned issues and control enhancements
Assists in remediating GCOR "owned" issues and control enhancements
Contributes to risk coverage plan development, executes independent risk monitoring, testing, risk assessments and in-line reviews, communicates results of coverage activities to stakeholders
Reviews and challenges FLU/CF processes, risks, controls , as well as the 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
Required Skills Bachelor's Degree or equivalent experience in related discipline
3+ years of business and/or functional experience in regulatory reporting, data management or related discipline
Ability to collaborate with peers and business partners globally
Desired Skills: 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
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
Shift:
1st shift (United States of America) Hours Per Week:
40
