Compliance & Operational Risk Mgr - Supporting Chief Technology Organization (CTO)

Bank of America Corporation   •  

Jersey City, NJ

Industry: Finance & Insurance

  •  

5 - 7 years

Posted 39 days ago

Job Description:

Specific Job Description

The Compliance Manager is responsible for engaging in activities to contribute to the independent risk oversight of Chief Technology Organization (CTO) performance and any related third party/vendor relationships in alignment with the Risk Management Program. As a member of a GTO Compliance and Operational Risk team, the Compliance Manager demonstrates and applies technology expertise in conjunction with risk acumen to promote a culture of compliance and the identification, escalation and timely mitigation of compliance and operational risks. This role exercises judgment and influence, and may constructively challenge CTO leaders to support the Global Risk program objectives, balancing business strategy with appropriate controls.

• Assist the Compliance Executive 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.

• Engage other compliance officers and horizontal function roles to provide oversight of CTO activities.

• Conduct risk assessments of CTO (annual and targeted).

• Contribute to monitoring and testing coverage plans and related metrics for CTO.

• Monitor and test the effectiveness of CTOs control environment.

• Identify aggregate, report and escalate risks, issues and control enhancements.

• Assist business leaders in preparations for regulatory exams and audits for CTO.

Required Skills:

• 5+ years in Technology infrastructure, cloud services and production services

• Broad understanding of IT or Operations principles and controls

• Experience in communicating effectively with partners

• Advanced analysis, problem solving, and business relationships skills

• Self-motivated, operates with a sense of urgency and strong attention to detail

• Strong analytical and data driven approach to problem solving

• Advanced knowledge in the use of data analytic tools (Excel, Access, Tableau etc.)

General 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.