Compliance and Operational Risk Manager- Consumer Vehicle Lending Underwriting and Funding

3 weeks ago

Jacksonville, Florida, United States Bank of America Full time
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 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.

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


Managerial 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: Models an inclusive environment for employees and clients, aligned to company D&I goals.
  • Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.
  • Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.
  • Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.
  • People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.
  • Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.
  • Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.
  • Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.


Skills:
  • 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


Job Description Summary

This role is specifically responsible for Compliance and Operational Risk for Consumer Vehicle Lending Underwriting and Funding. CORM Program coverage includes accountability for owning or partnering to perform Compliance and Operational risk monitoring, risk assessments, and testing for this large, complex business. The Risk Manager is an independent oversight and challenge role that exercises intellectual curiosity, judgment, objectivity, functional knowledge, and influence to identify, evaluate, and mitigate of risk across the business, balancing business strategy with appropriate controls. As a member of the Consumer Risk team, this role applies business acumen to promote a culture of compliance and operational risk management while working with the FLU to identify, debate, escalate and mitigate risk by:

• Building relationships and discussing projects and programs with FLU partners

• Collaborating with other control partners (Compliance and Operational Risk, EACs, Legal, Credit Risk) for holistic risk evaluation

• Determining and reporting on the health of the FLU's control environment through annual Risk Assessment and RCSA process

• Overseeing the identification, maintenance and performance of the FLU's Single Process Inventory

• Contributing to and/or managing compliance and operational risk assessments

• Monitoring and testing the FLU's quality assurance results and process/control performance, including development of tests, ongoing test management and reporting

• Identifying, aggregating, reporting and escalating compliance and operational risks, issues and control enhancements for FLU

• Assessing risk and trends related to both internal and external operational losses

• Participating in the execution of governance and management routines

• Updating relevant policies to ensure they reflect regulatory and operational requirements for Consumer Lending

• Identifying compliance and operational risk training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation

• Third party risk oversight

• Preparing for regulatory exams and audits

• Escalating regulatory relations concerns to the appropriate risk executive

• Supporting the development and maintenance of key risk indicator metrics

Required and Desired Candidate Qualifications:

• 7+ years relevant functional experience - operational risk management, compliance, business controls, and/or consumer vehicle lending related experience preferred

• Strong written/verbal communication skills with the ability to communicate issues/concerns and recommend corrective course of action

• Intellectual curiosity to identify areas of risk coupled with the analytic, logical reasoning, and problem solving, risk vs. reward skills to effectively and objectively investigate/evaluate areas of risk.

• Must be have good time management skills and the ability manage multiple priorities in a fast paced environment

• Ability to work well and collaboratively as part of a team and function independently when required

• Capability to effectively influence risk direction and willingness to take a stand when required

• Risk assessment skillset to enable evaluation of processes and other operational risks, identification of controls, and determination of gaps and weaknesses

• Effective ability to influence, drive change and resolve Conflicts

• Knowledge of Bank of America's various products and Systems a plus

• Bachelor's Degree Preferred

Shift:
1st shift (United States of America)

Hours Per Week:
40

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