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Compliance & Operational Risk Manager- Private Bank Trust Administration
3 months ago
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.
As a member of the Private Bank Compliance and Operational Risk Team, you will provide risk management oversight of Bank of America Personal Trust Services, the largest provider of personal trust services in the country, including compliance and operational risk coverage of distinct trust and fiduciary solutions such as Trusteed IRA, Philanthropic Solutions, Charitable Gift Fund, Fiduciary & Personal Tax Services, Trust and Estate Settlement Services, Wealth Planning, and Specialty Fiduciary Solutions.
An understanding and prior knowledge of trust administration activities: New Account Acceptance, Discretionary Actions, UPIA Adjustment Provisions, Overdrafts in Fiduciary Accounts, General Fee Administration, Administrative Review System, and Terminating Accounts including the ability to monitor processes related to these activities are essential to the role. The successful candidate will be expected to execute all aspects of the Compliance and Operational Risk Management Program as part of their oversight activities.
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
- 3 + years prior experience with fiduciary administration or trust dept. operations.
- Professional Certification: Certified Trust Fiduciary Advisor (CTFA) is a plus.
- Utilize working knowledge of 12 CFR Part 9 fiduciary standards that a national bank applies to fiduciary activities.
- Perform monitoring & testing activities including Targeted Risk Assessments for compliance with BANA Fiduciary Policies & Procedures.
- Work collaboratively with Business Management, Office Chief Fiduciary, Enterprise Areas of Coverage, and Enterprise Independent Testing.
- Conduct impact assessment of applicable law, state, federal, uniform trust laws and OCC rules & regulations.
- 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
1st shift (United States of America)
Hours Per Week:
40
