Compliance and Operational Risk Manager, Investment Solutions Group

Bank of America•Jersey City, NJ

5d•$97,200 - $195,000•Onsite

About The Position

At Bank of America, the Compliance and Operational Risk Manager executes second line of defense compliance and operational risk oversight for a Front Line Unit, Control Function, and/or third parties. The role ensures that 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. It identifies, challenges, escalates, and mitigates risks in a timely manner. The role assesses risks and control effectiveness, provides independent oversight and practical regulatory advice, manages risk and control inventories, and supports risk reporting and governance. It also reviews processes and risk assessments for themes or trends and monitors the regulatory environment for changes relevant to its coverage area. Bank of America describes an in-office culture that supports collaboration, engagement, and career development, with flexibility based on role responsibilities and business needs. The position is listed as first shift and 40 hours per week. The stated annual pay range is $97,200 to $195,000, with offers based on experience, education, and skill set. The role is eligible for an annual discretionary incentive plan and benefits, including paid time off.

Requirements

Minimum of seven years of relevant experience in a compliance or risk second-line function.
Experience with Alternative Investments, CIO, or treasury products.
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.
Preferred technical skills include credible challenge, issues management and resolution, process management and inventory, regulatory knowledge, risk identification and assessment, product and service acumen, compliance risk principles, conduct risk principles, Compliance and Operational Risk Program management, and operational risk principles.
Skills include advisory, monitoring, surveillance and testing, regulatory compliance reporting, risk management, critical thinking, influence, interpreting relevant laws, rules and regulations, issue management, policies, procedures and guidelines management, business process analysis, decision making, negotiation, process management, and written communications.

Responsibilities

Assess risks and effectiveness of Front Line Unit processes and controls for compliance with applicable laws, rules, and regulations, and respond to regulatory inquiries, audits, and examinations.
Provide independent compliance and operational risk oversight of Front Line Unit or Control Function performance and related third-party or vendor relationships, in alignment with applicable policies, programs, and procedures.
Identify and escalate problems or issues and drive actions to address root causes of compliance risk issues and operational risk losses.
Manage inventories of processes, risks, controls, and associated risk appetite and limit metrics, and report violations of compliance or regulatory activities.
Assist in developing independent risk management reporting for covered areas as input to country or regional governance and management routines.
Analyze and interpret applicable laws, rules, and regulations to provide clear, practical advice to stakeholders and identify and manage risks.
Review and challenge Front Line Unit or Control Function processes, risks, Single Process Inventory, and Risk and Control Self-Assessments for themes or trends, while monitoring the regulatory environment for applicable changes.