Compliance and Operational Risk Analyst

3 weeks ago

Newark, New Jersey, United States Bank of America Full time
Job Description:

At Bank of America, we strive to create a workplace that is inclusive and diverse. As a Compliance and Operational Risk Specialist, you will play a key role in helping us achieve this goal. Your primary responsibility will be to assist the Compliance and Operational Risk officer team in executing second-line defense compliance and operational risk oversight for Front Line Units, Control Functions, and/or Third Parties.

Key responsibilities include ensuring the requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy, 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:
  • Assist in assessing risks, associated controls, and their effectiveness while driving compliance with applicable laws, rules, and regulations, adhering to policies, and developing reporting and documentation.
  • Engage in activities to provide support to the Compliance and Operational Risk teams to provide independent compliance and operational risk oversight of Front Line Unit or Control Function 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.
  • Assist in identifying and escalating problems or issues that arise and drive actions to address the root causes that lead to compliance risk issues and/or operational risk losses.
  • Assist in the development of independent risk management reporting for respective area(s) of coverage as input into management routines.
  • Assist in responding to regulatory inquiries and other audits and examinations.
  • Monitor the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintain a comprehensive regulatory inventory.
Key Skills:
  • Monitoring, Surveillance, and Testing
  • Process Management
  • Regulatory Compliance
  • Reporting
  • Risk Management
  • Attention to Detail
  • Critical Thinking
  • Interpret Relevant Laws, Rules, and Regulations
  • Issue Management
  • Policies, Procedures, and Guidelines Management
  • Active Listening
  • Advisory
  • Business Process Analysis
  • Written Communications
About the Role:
This role will support compliance and operational risk for consumer banking operational units, including assisting in the development and execution of 2nd line testing, monitoring, and assessments. The Compliance and Operational Risk Specialist is accountable for assisting the Compliance and Operational Risk Team in the proactive identification, escalation, and timely mitigation of compliance and operational risks through the execution of some or all of the following activities:
  • Assist in the development of independent risk management reporting for respective area(s) of coverage as input into governance and management routines.
  • Contribute to the oversight of Front Line Unit or Control Function training which may include content development and/or tracking and communication of employee completion rates.
  • Assist with the development and maintenance of Compliance and Operational Risk owned policies and standards and/or the oversight of Front Line Unit or Control Function-owned policies, standards, and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable.
  • Monitor the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintain a comprehensive regulatory inventory; may support communication of regulatory changes to the Front Line Unit or Control Function and ensuring that policies, standards, procedures, and/or processes are appropriately implemented or amended to address regulatory requirements.
  • Assist in identifying, aggregating, reporting, escalating, inspecting, and challenging remediation plans, and performing thematic analysis on Front Line Unit or Control Function-owned issues and control enhancements.
  • Assist in remediating Compliance and Operational Risk owned issues and control enhancements.
  • Contribute to risk coverage plan development, execute independent risk monitoring, testing, and risk assessments, communicate results.
  • Reviews and challenges the Front Line Unit or Control Function process, risk, control (PRC) inventory and Front Line Unit or Control Function Risk & Control Self-Assessment (RCSA).
  • Supports the review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls.
  • Assist with the development of risk metrics, monitors related performance, and breach remediation.
Requirements:
  • 3+ years of experience in compliance, operational risk, audit, legal, business controls, and/or product management.
  • Strong executive presence and ability to concisely communicate a point of view verbally and in writing.
  • Ability to manage multiple priorities and deliverables.
  • Ability to work collaboratively as part of a team and also function independently when required.
  • Bachelor's degree or equivalent experience.
Desired Skills:
  • Familiarity with the Single Process Inventory at Bank of America.
  • Knowledge of or experience in operational units.
  • Experience working with laws, rules, and/or regulatory requirements, particularly related to consumer products.
  • Familiarity with consumer banking products.
  • Ability to build partnerships and effectively work across the Enterprise to complete responsibilities.
  • Ability to analyze business processes, assess risks, identify control gaps, and weaknesses.
Work Schedule:
1st shift (United States of America)

Hours Per Week:
40

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