Global Payments Solutions (GPS) Product Risk Execution

Bank of America • Chicago, IL

22h • $129,500 - $232,400 • Onsite

About The Position

The Product Risk Execution team is part of Bank of America’s Global Payments Solutions (GPS) organization. The organization supports responsible growth by developing risk-management best practices, streamlining processes, and helping product managers execute risk activities through specialized expertise. Product managers remain responsible for risk in their products, while product executives retain responsibility for their governance routines.

This role enables risk-management execution across the CashPro Product team and helps ensure high-quality product risk governance. It works with product managers, product executives, control partners, and other stakeholders across the organization, including Business Controls, COO, Global Banking Risk, Global Financial Crimes Compliance, Global Compliance and Operational Risk, and Operations & Technology. The role reports directly to the Global Head of GPS Product Risk Execution and has a matrix reporting relationship to the CashPro Risk Executive.

The position is based at Bank of America Tower, One Bryant Park, New York, NY. It is a first-shift role with 40 hours per week. The annualized salary range is $129,500 to $232,400, 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

• Proven experience in both Transaction Banking product management and risk management.
• At least 3 years of Transaction Banking or Cash Management product management or product development experience; payments experience is preferred.
• At least 3 years of risk management experience in business controls, operational risk, compliance, financial crimes, audit, sanctions, or anti-money laundering.
• Experience managing discussions with internal Audit, Compliance, or external regulators.
• Experience leading and executing large-scale projects across cross-functional partners within a large global financial institution.
• Bachelor’s degree required.

Nice To Haves

• Familiarity with the banking and payments regulatory environment.
• Familiarity with sanctions-related regulations and impacts relevant to Transaction Banking.
• Familiarity with emerging alternative payment methods and related regulations.
• Ability to work in a demanding, fast-paced global environment and adapt to rapid change.
• Self-starter who can work independently, drive execution, follow through on commitments, and recognize when group consensus is needed.
• Ability to leverage globally distributed cross-functional teams to prioritize, plan, and execute while adapting to changing priorities.
• Ability to navigate complex details and present clear high-level conclusions and workable recommendations to senior management.
• Strong facilitation and presentation skills, including synthesizing multiple inputs into a cohesive approach.
• Ability and desire to think creatively and deliver business results independently and as part of a team.
• Intellectual curiosity, confidence, strong communication and work ethic, and interest in continuous improvement and challenging the status quo.
• Excellent interpersonal, written and verbal communication, and relationship-building skills across organizational levels.

Responsibilities

• Enable risk-management execution across the CashPro Product team and ensure high-quality governance across Issues Management, Single Process Inventory (SPI), Audit Management, Targeted Risk Assessments, Third Party, Law Rule Reg & Clearing Rule Management, and Product Risk Assessment (PRA) processes.
• Engage and influence senior leaders in control partner organizations and other key stakeholders on GPS risk matters.
• Manage regular routines with product executives and partners to identify and review open issues, watch items, upcoming regulations, and the new product initiatives pipeline.
• Drive and quality-assure the development of Product Intake assessments, PRAs, SPIs, issue documentation, action plans, closure documentation, and other risk deliverables, using product manager inputs and aligning with enterprise expectations.
• Lead SPI owners in risk and controls assessments, including identifying processes and advising on the creation and updating of SPIs.
• Lead regulatory change management activities when needed, including timely assessments, past-due items, and escalations in alignment with the applicable process; escalate conflicts or issues involving legal and regulatory requirements as appropriate.
• Advise product managers, when needed, on responses to audit questions and information requests, Targeted Risk Assessments from second-line partners, and regulatory engagements such as consultations, inspections, and exams.
• Monitor key risk indicators across GPS products, including key control metrics, operational losses, client-related complaints, and issues management.

Benefits

• Annual discretionary incentive plan eligibility.
• Benefits eligibility.
• Paid time off.
• Resources and support for employees.

What This Job Offers

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