Compliance and Operational Risk Specialist
Company: Disability Solutions
Location: Chicago
Posted on: October 2, 2024
Job Description:
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
supporting the execution of the Global Compliance - Enterprise
Policy, the Operational Risk Management - Enterprise Policy and the
Compliance and Operational Risk Management Program. Key
responsibilities include assisting with identifying, escalating,
and mitigating risks in a timely manner, supporting engagement and
Control Functions (FLU/CF) leaders globally, coordinating with the
FLU/CF Compliance and Operational Risk Officer teams, identifying
themes and trends, conducting analysis for new and emerging
risks.Responsibilities:
- Assists in assessing risks, associated controls and their
effectiveness, driving compliance with applicable laws, rules and
regulations and adhering to policies, and developing reporting and
documentation
- Engages 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 Program and Standard Operating Procedures
- Assists in identifying and escalating problems or issues that
arise and drives actions to address the root causes that lead to
compliance risk issues and/or operational risk losses, and may
assist with opening new issues in the centralized issues tool
- Maintains an inventory of processes, risks, and controls and
associated metrics for risk appetite and limits, reporting
violations of compliance or regulatory activities
- Assists in responding to regulatory inquiries and other audits
and examinations including monitoring the regulatory environment to
identify regulatory changes applicable to area(s) of coverage and
maintain a comprehensive regulatory inventory, while supporting
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
- 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
coverageManagerial 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: Creates an inclusive team where
members are treated fairly and respectfully.
- Manager of Process & Data: Demonstrates and expects process
knowledge, data driven decisions, simplicity and continuous
improvement.
- Enterprise Advocate & Communicator: Delivers clear and concise
messages that motivate, convey the "why" and connects contributions
to business results.
- Risk Manager: Leads and encourages the identification,
escalation and resolution of potential risks.
- People Manager & Coach: Knows and develops team members through
coaching and feedback.
- Financial Steward: Manages expenses and demonstrates an owner's
mindset.
- Enterprise Talent Leader: Recruits, on-boards and develops
talent, and supports talent mobility for career growth.
- Driver of Business Outcomes: Delivers results through effective
team management, structure, and routines.Skills:
- Analytical Thinking
- Regulatory Compliance
- Reporting
- Risk Management
- Written Communications
- Active Listening
- Adaptability
- Issue Management
- Monitoring, Surveillance, and Testing
- Policies, Procedures, and Guidelines Management
- Advisory
- Business Process Analysis
- Interpret Relevant Laws, Rules, and Regulations
- Process ManagementThe Non-Financial Regulatory Reporting (NFRR)
Enterprise Area of Coverage (EAC), within Global Operations
Compliance and Operational Risk, is looking for a Compliance and
Operational Risk Specialist to provide second-line oversight of
NFRR for the America's (AMRS) region. The teamThe NFRR EAC has
enterprise-wide responsibility for Compliance & Operational Risk
(C&OR) coverage of regulatory reporting aligned to and in
support of bank's business segments such as trading, banking, and
consumer. The team is based in several locations globally,
including New York, Charlotte, and London.The team operates in a
technically complex, fast-changing, and dynamic environment with an
excellent culture of growth, learning and development. By joining
this team, you will gain exposure to colleagues and senior managers
in many business segments (Global Markets, Consumer, Global Wealth,
and Investment Management, etc.), Operations, Technology, Risk,
Legal and Audit globally.Overview of the roleThis role is
responsible for C&OR coverage of the end-to-end activities
related regulatory reporting for the AMRS region, which include
understanding of how the business segments operate (e.g. trading)
and the underlying regulatory requirements which govern those
activities. This primarily includes, but is not limited to, Futures
industry reporting covering Large Trader, Open Interest, Customer
Gross Margin, Client Segregation Requirements, etc., as well as
other specific NFRRs covering primarily Securities Exchange
Commission (SEC) and Financial Industry Regulatory Authority
(FINRA) jurisdictions.Day-to-day activities will include (but not
limited to):
- Advising the Business, Operations, and other stakeholders with
the interpretation of NFRR regulatory requirements
- Coordinating and engaging with other C&OR officers to
provide comprehensive oversight of NFRR FLU/CF activities.
- Reviewing & challenging the bank's implementation of NFRR,
including the control framework
- Assessing new NFRR regulations, including interpretation and
communication of changes, to ensure effective implementation by the
bank.
- Assisting the FLU/CF with the development of risk metrics,
monitors related performance and breach remediation.
- Developing new monitoring and testing activities covering NFRR
accuracy, completeness and/or timeliness
- Conducting monitoring and targeted assessments
- Reviewing results of tests executed by the Enterprise
Independent Testing team.
- Assessing additional training needs relating to NFRR
- Reviewing the bank's policies relating to NFRR, including the
development and maintenance of C&OR-owned policies
- Working with Business and Operations stakeholders and C&OR
teammates globally to promote consistency and best-in-class
practices.What we are looking forThe successful candidate should
have the following attributes:
- Minimum 3-5 years of work experience in a Compliance and/or
Operational Risk function
- Exposure to the Futures industry, with 3-5 years of work
experience within a Futures Commission Merchant (FCM) or in support
of FCM activities, having familiarity with regulatory reporting
obligations and respective Futures industry Rules &
Regulations.
- Logical thinker who can make rational, evidence-based decisions
while knowing when to escalate, as necessary.
- A flexible and solution driven perspective, and a determination
and desire to find answers to complex issues.
- Ability to understand the translation of laws, rules and
regulations into business requirements, processes, and
controls.
- Strong written and oral communication, including the ability to
articulate complex issues in a simple way and to interact with
senior stakeholders effectively, confidently and with empathy. Keen
attention to detail
- Enthusiastic, responsible, and dependable team player who is
also able to work independently and take ownership of their
area.
- Collaborator with good interpersonal skills who proactively
builds relationships, with the agility and resilience to deliver
results in a fast-paced, evolving space.
- Strong knowledge of financial markets, banking industry,
equities, and derivative products
- Strong technical and data analytical skills (i.e., Excel and
similar applications) with experience in analyzing, managing, and
reporting from large sets of structured data (e.g., books and
records data)
- Demonstrates intellectual curiosity and drives operational
excellence.
- Ability to demonstrate a high level of integrity with a mature
approach to work.Desired Qualifications:
- Experience interacting with regulatory agencies and/or
regulatory exams.
- Regulatory reporting experience and/or experience in a global
markets regulatory reporting environment.
- Experience in technology implementation projects including
involvement in building new or enhancing existing systems to meet
complex reporting requirements .Shift:1st shift (United States of
America)Hours Per Week: 40
Keywords: Disability Solutions, Mount Prospect , Compliance and Operational Risk Specialist, Accounting, Auditing , Chicago, Illinois
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