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Operational Compliance Risk Strategist
2 months ago
Position Overview:
At Bank of America, our mission is to enhance financial well-being through meaningful connections. We are committed to Responsible Growth, which is the foundation of our operations and how we serve our clients, colleagues, communities, and shareholders daily.
We strive to create an inclusive and diverse workplace, recognizing that a variety of backgrounds and experiences enrich our team. We invest significantly in our employees and their families by providing competitive benefits that support their overall well-being—physically, emotionally, and financially.
Bank of America values collaboration while also offering flexibility tailored to the diverse roles within our organization.
Joining Bank of America presents an opportunity for a fulfilling career where you can learn, grow, and make a significant impact.
Role Responsibilities:
This position is accountable for implementing second line of defense compliance and operational risk management for a Front Line Unit, Control Function, and/or Third Parties. Key duties include ensuring adherence to the Global Compliance Enterprise Policy and the Operational Risk Management Enterprise Policy, as well as the Compliance and Operational Risk Management Program and Standard Operating Procedures. You will also be responsible for identifying, challenging, escalating, and mitigating risks promptly.
- Evaluate risks and the effectiveness of Front Line Unit (FLU) processes and controls to ensure compliance with relevant laws, regulations, and standards while addressing regulatory inquiries and audits.
- Provide independent compliance and operational risk oversight of FLU or Control Function (CF) performance and related third-party/vendor relationships, ensuring alignment with established policies and procedures.
- Identify and escalate issues that arise, driving actions to address root causes of compliance and operational risk challenges.
- Maintain an inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting any compliance or regulatory violations.
- Assist in developing independent risk management reporting for the relevant areas, contributing to governance and management routines.
- Analyze and interpret applicable laws and regulations to provide clear, actionable advice to stakeholders and manage risks effectively.
- Review and challenge FLU/CF processes, risks, and related assessments, while monitoring the regulatory landscape for applicable changes.
Managerial Duties:
This role may involve managing associates. All managers at this level are expected to:
- Champion Diversity & Inclusion by fostering an inclusive environment for employees and clients, aligned with company goals.
- Exhibit deep process knowledge and operational excellence, focusing on simplicity and continuous improvement.
- Communicate enterprise decisions and connect team strategy with organizational priorities.
- Ensure robust risk management practices and a culture that encourages issue identification and escalation.
- Provide coaching and feedback to enhance team performance.
- Manage expenses and budgets in alignment with business objectives.
- Assess talent and build a strong pipeline for future roles.
- Drive business outcomes by prioritizing and delegating tasks effectively.
Essential Skills:
- Advisory and Regulatory Compliance
- Monitoring and Testing
- Risk Management and Reporting
- Critical Thinking and Influence
- Policy and Procedure Management
- Business Process Analysis and Decision Making
- Effective Written Communication
This role is pivotal in assessing risks and control effectiveness concerning Global Technology (GT) data management practices, particularly data utilized for operational compliance.
Shift: 1st shift (United States of America)
Hours Per Week: 40