Compliance and Operational Risk Manager, Workplace Benefits

Bank of America • Jersey City, NY

1d • Onsite

About The Position

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. Second line coverage will primarily focus on Workplace Benefits, which develops and maintains a diverse product offering of integrated Retirement and Benefit Plan solutions for institutional clients to assist in meeting the retirement or health savings goals and needs of their employees and/or plan participants. 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.

Requirements

• Minimum of seven years of relevant experience in a compliance, risk related, or GWIM coverage area
• May require regulatory examination/registration or certification, depending on jurisdiction and role

Nice To Haves

• Bachelor’s Degree in a related field
• Experience in financial services and/or a similarly regulated sector
• Experience in product offerings associated with Fiduciary or ERISA requirements
• May require regulatory examination/registration or certification, depending on jurisdiction and role

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

Benefits

• Access to paid time off
• Resources and support to our employees
• Discretionary incentive eligible
• Annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior