Enterprise Risk Management Specialist

1 month ago

Charlotte, North Carolina, 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. We are committed to being a diverse and inclusive workplace for everyone.

This role 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, and 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 processes and controls to ensure compliance with applicable laws, rules, and regulations.
  • Engages in activities to provide independent compliance and operational risk oversight of Front Line Unit or Control Function performance and any related third party/vendor relationships.
  • 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 Front Line Unit/Control Function process, risk, Single Process Inventory, and Front Line Unit/Control Function 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:

At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.

  • Models an inclusive environment for employees and clients, aligned to company D&I goals.
  • Demonstrates deep process knowledge, operational excellence, and innovation through a focus on simplicity, data-based decision making, and continuous improvement.
  • Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities, and contributions.
  • Ensures proper risk discipline, controls, and culture are in place to identify, escalate, and debate issues.

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

Required Skills:

  • Knowledge of the Global Compliance & Operational Risk Program with an emphasis on monitoring, testing, and risk assessment.
  • Knowledge of governance and reporting practices, including escalation best practices and guidelines.
  • Knowledge of issue management requirements and remediation.
  • Ability to effectively review and challenge work done by the Front Line Unit/Control Function.
  • 15 years of experience in the Financial Services industry, including 5 years in Risk Management.
  • Working knowledge of test development and execution processes.

Desired Skills:

  • Model Risk
  • Vendor management
  • Knowledge of Enterprise Independent Testing (EIT) processes

Shift: 1st shift (United States of America)

Hours Per Week: 40

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law.

The company also prohibits discrimination on other bases such as medical condition, marital status, or any other factor that is irrelevant to the performance of our teammates.

Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse.

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