Compliance & Operational Risk Manager in Charlotte, NC

Bank of America Corporation   •  

Charlotte, NC 28202

Industry: Finance & Insurance

  •  

8 - 10 years

Posted 56 days ago

Job Description:

  • The Compliance and Operational Risk (C&OR)Manager is responsible for engaging in activities to provide independent compliance and operational risk oversight of Front Line Unit ("FLU") and Control Function ("CF") performance and any related third party/vendor relationships in alignment with the Global Compliance Enterprise Policy, the Operational Risk Enterprise Policy (collectively "the Policies") and the Compliance and Operational Risk Management ("CORM") Program and Standard Operating Procedures (SOPs). As a member of an FLU or CF C&OR officer team, the C&OR Manager demonstrates and applies business acumen to promote a culture of risk management and the identification, escalation and timely mitigation of compliance and operational risks. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.

  • The C&OR Manager contributes to the requirements in the GCOR Policy aligned to compliance and operational risk officers, including but not limited to the following activities:

  • • Takes an active leadership role in maintaining and communicating regulatory changes, advising and directing business leaders to ensure that regulatory requirements are addressed in their respective process and controls so that their day-to-day activities operate in a compliant manner.
  • • Proactively engages other C&OR officers, Enterprise Areas of Coverage (EAC) roles, and horizontal function roles to provide comprehensive oversight of FLU and CF activities.
  • • Identify, collect, validate and record internal loss events and "near misses." Perform root cause analyses on internal loss events and develop remediation plans to strengthen controls.
  • • Identify, review and document relevant external loss events.
  • • Conduct compliance and operational risk assessments of FLU and CF, incorporating review of external loss events to assess control effectiveness.
  • • Provides independent review and challenge of the FLU/CF's Risk & Control Self-Assessment (RCSA).
  • • Leads the efforts and/or contributes to monitoring and testing coverage plans and related metrics for Front Line Unit ("FLU") or Control Function ("CF").
  • • Monitor and test the effectiveness of the front line unit and control function compliance and operational risk controls.
  • • Identify aggregate, report and escalate compliance and operational risks, issues and control enhancements.
  • • Contribute to Scenario Analyses to provide a forward-looking estimate of hypothetical operational losses.
  • • Executes and/or provides oversight of governance and management routines.
  • • Identify compliance and operational risk training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation.
  • • Provides consultation to business leaders in preparations for regulatory exams and audits for FLU/CF and related Enterprise Areas of Coverage.
  • • Inspect that commitments made regarding actions in response to Matters Requiring Attention ("MRAs") and other actions are completed.
  • • Escalate regulatory relations concerns to Compliance and Operational Risk Executive.

  • The Compliance and Operational Risk Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.


The Compliance and Operational Risk Manager will be responsible for developing and implementing an effective oversight program for Non-Financial Regulatory Reporting (NFRR) as well as Data Governance. This would include working with other members of Compliance and Operational Risk who may be responsible for oversight of NFRR and data in other parts of the company or who may have oversight responsibility for specific reports or related processes. In addition, the individual will act as the subject matter expert for the GWIM Compliance and Operational Risk team on matters related to Non-Financial Regulatory Reports and data. Coverage activities may include monitoring, testing, and executing targeted risk assessments. The Compliance and Operational Risk Manager may be asked to represent the team on governance forums lead by the business and/or provide independent point of view of proposed activities.

In addition, the Compliance and Operational Risk Manager may be required to:

- Conduct targeted risk assessments on topics within Wealth Management Operations other than NFRR and data

- Provide input on State of Compliance and Operational Risk commentary and other formal communications

- Create reports and presentations for executives

- Identify issues and oversee closure of same

- Special projects, as needed

Required skills:

Minimum Years Business & Functional Experience: 7 Years

Degree Required: Bachelor's Degree or equivalent experience; May require FINRA registration, Series 7, 14, 24, as indicated by job code

Valid Through: 2019-11-12