Global Payments Solutions (GPS) Product Risk Execution

Bank of America • Chicago, IL

1d • $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 team develops best practices, streamlines processes, and enables risk activities by supporting product managers with expertise across product risk management. 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 Global Liquidity Product team and helps ensure high-quality governance across issues management, Single Process Inventory (SPI), audit management, Targeted Risk Assessments, third-party risk, regulatory and clearing rule management, and Product Risk Assessment (PRA) processes. The position engages senior leaders and control partners, supports product risk documentation and assessments, advises on audit and regulatory requests, and monitors key risk indicators across GPS products.

The role directly reports to the Global Head of GPS Product Risk Execution and matrix reports to the Global Liquidity Executive. It is based at the listed Bank of America locations in Chicago or New York. The position is first shift, 40 hours per week, and offers an annualized salary range of $129,500 to $232,400. It is eligible for an annual discretionary incentive plan and benefits.

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 AML.
• 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.
• Ability to work in a demanding, fast-paced global environment and adapt to rapid change.
• Ability to act 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 work through detail and complexity, communicate high-level conclusions to senior management, and recommend workable solutions.
• Strong facilitation and presentation skills, including synthesizing multiple inputs into a cohesive approach.
• Creative thinking and ability to deliver business results independently and as part of a team.
• Strong interpersonal, written and verbal communication, and relationship-building skills across all organizational levels.

Nice To Haves

• Payments background in Transaction Banking or Cash Management product management or development.
• Familiarity with the banking and payments regulatory environment.
• Familiarity with sanctions-related regulations and their impacts on Transaction Banking.
• Familiarity with emerging alternative payment methods and related regulations.
• Intellectual curiosity, confidence, and enthusiasm for continuous improvement and challenging the status quo.

Responsibilities

• Enable risk management execution across the Global Liquidity Product team and ensure high-quality product risk governance across issues management, SPI, audit management, Targeted Risk Assessments, third-party risk, regulatory and clearing rule management, and PRA processes.
• Engage and influence senior leaders and control partners, including Business Controls, COO, Global Banking Risk, GFC, GCOR, Operations, and Technology, on GPS risk matters.
• Manage regular routines with product executives and partners to identify and review open issues, watch items, upcoming regulations, and the pipeline of new product initiatives.
• 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 enterprise expectations.
• Lead SPI owners on risk and controls assessments, including identifying processes and advising on SPI creation and updates.
• Lead regulatory change management activities when needed, including timely assessments, overdue items, and escalations in line with the applicable process; escalate conflicts in legal and regulatory requirements as appropriate.
• Advise product managers on responding to audit questions and information requests, second-line Targeted Risk Assessments, and regulatory engagements such as consultations, inspections, and exams.
• Monitor key risk indicators across GPS products, including key control metrics, operational losses, client complaints, and issues management.

Benefits

• Benefits eligibility.
• Access to paid time off.
• Annual discretionary incentive plan eligibility, with awards based on individual performance and behaviors, line-of-business or group performance and contributions, and overall company success.
• Resources and support to support employee well-being and impact.

What This Job Offers

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