Credit Risk Manager

Bank of America • New York, NY

3d • Onsite

About The Position

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve. Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us! Job Description: This job is responsible for overall portfolio or product set performance and asset quality and may include credit approval authority. Key responsibilities include focusing on but not limited to credit, market, and reputational risk; as well as adherence to credit risk policies and external/internal reporting, including but not limited to Top of House (TOH) and Line of Business (LOB) specific reports or regulatory related reporting. Job expectations include having detailed knowledge of regulatory issues and providing expertise on highly complex transactions to business/support partners. Responsibilities: Sets or oversees the ongoing management of risk parameters and guardrails for credit risk while ensuring adherence to risk appetite/limits, and actively inspects and/or designs risk scenarios to implement decisions Supports or oversees the credit approval process and therefore is accountable for overall portfolio performance and asset quality, including underwriting, structuring and monitoring tasks Conducts analysis, inspects and/or develops credit risk reporting for specific products, and monitors and reports on key indicators for changes in credit quality to communicate to senior management Sets or oversees adherence to policy and standards and ensures first line credit officers and managers are appropriately performing due diligence that the risk is within the bank's defined risk appetite, using knowledge of stress testing and its applicability to credit risk Monitors for adherence to industry risk governance, as well as monitoring for potential operational, reputational and market risk issues Identifies risks early that could impact the assigned portfolio and coordinates with business counterparts to resolve portfolio issues Translates and manages plans of action to achieve a goal across varying audiences Position is aligned to support the Local Markets Credit Risk team, within the Enterprise Credit Risk organization, and will cover Securities Based Lending (SBL) in margin accounts and/or loan management accounts in GWIM Wealth Management and Consumer Investments (Edge). Job role and responsibility consists of risk management activities including evaluating portfolios of marketable securities and listed equity and index options in order to ensure compliance to risk appetite. Will also ensure adoption and sustainment of new SBL policies and initiatives, support governance routines, contribute to cross-functional projects as well as provide risk coverage as a SME. Individual will be responsible for working with branch office management teams in establishing internal credit limits for margin/LMA accounts, managing limit exceptions, approving policy exceptions. Familiarity with securities markets, GWIM accounts platform and margin policy and procedures knowledge a plus. Familiarity with SBL systems (e.g., AP, Genesis, RASOR, etc.) preferred. This is a highly visible individual contributor role with opportunity to work directly with GWIM branch management teams, as well as interact with key partners across LOB, GT&O, Compliance and Technology.

Requirements

• 5+ years of Securities-based lending (SBL) related work experience
• Understanding of securities asset classes and markets and processes
• Strong analytical skills
• Must have excellent written and verbal communication skills
• Demonstrated strengths in work production, work quality, prioritization and cross-functional collaboration
• Familiarity with SBL credit systems (e.g., AP, Genesis, RASOR, etc.) preferred
• Skills: Credit and Risk Assessment
• Critical Thinking
• Risk Analytics
• Risk Management
• Strategic Thinking
• Decision Making
• Interpret Relevant Laws, Rules, and Regulations
• Issue Management
• Portfolio Analysis
• Regulatory Compliance
• Business Intelligence
• Financial Accounting
• Inclusive Leadership
• Influence
• Presentation Skills

Nice To Haves

• Familiarity with securities markets, GWIM accounts platform and margin policy and procedures knowledge a plus.
• Familiarity with SBL systems (e.g., AP, Genesis, RASOR, etc.) preferred.

Responsibilities

• Sets or oversees the ongoing management of risk parameters and guardrails for credit risk while ensuring adherence to risk appetite/limits, and actively inspects and/or designs risk scenarios to implement decisions
• Supports or oversees the credit approval process and therefore is accountable for overall portfolio performance and asset quality, including underwriting, structuring and monitoring tasks
• Conducts analysis, inspects and/or develops credit risk reporting for specific products, and monitors and reports on key indicators for changes in credit quality to communicate to senior management
• Sets or oversees adherence to policy and standards and ensures first line credit officers and managers are appropriately performing due diligence that the risk is within the bank's defined risk appetite, using knowledge of stress testing and its applicability to credit risk
• Monitors for adherence to industry risk governance, as well as monitoring for potential operational, reputational and market risk issues
• Identifies risks early that could impact the assigned portfolio and coordinates with business counterparts to resolve portfolio issues
• Translates and manages plans of action to achieve a goal across varying audiences
• Position is aligned to support the Local Markets Credit Risk team, within the Enterprise Credit Risk organization, and will cover Securities Based Lending (SBL) in margin accounts and/or loan management accounts in GWIM Wealth Management and Consumer Investments (Edge).
• Job role and responsibility consists of risk management activities including evaluating portfolios of marketable securities and listed equity and index options in order to ensure compliance to risk appetite.
• Will also ensure adoption and sustainment of new SBL policies and initiatives, support governance routines, contribute to cross-functional projects as well as provide risk coverage as a SME.
• Individual will be responsible for working with branch office management teams in establishing internal credit limits for margin/LMA accounts, managing limit exceptions, approving policy exceptions.

Benefits

• This role is eligible to participate in the annual discretionary plan. Employees are eligible for an 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.
• This role is currently benefits eligible.
• We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed
• Number of Employees: 5,001-10,000 employees