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 a diverse and 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. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us! This job is responsible for overseeing a unit or section of a segment for a site, region, or product line within the bank's internal operations. Key responsibilities include identifying, analyzing, and resolving complex problems, ensuring compliance with policies, and identifying opportunities to improve process performance and operating efficiency. Job expectations include knowledge of operations support management and expertise in functional area(s) gained through increasingly more responsible management positions in operations. This role will be responsible for monitoring the completeness and accuracy associated with the firms Deposit Insurance determination and associated compliance to FDIC 370. Bank of America, NA holds over $2 trillion of deposits spanning across 60 million customers holding 95 million accounts. This person will serve as an escalation point to resolve broad and complex operational issues, develops and implements procedures to enhance unit productivity and efficiency, and manage business change. Requires broad business knowledge, thorough knowledge of operations support management and expertise in functional product area(s) gained through increasingly more responsible management positions in operations. This person will be responsible in building relationships with multiple lines of business (Consumer, GWIM, Private Bank) along with multiple technology teams all with an effort to keep the firm compliant to FDIC Regulatory requirements. Employees at this level are often required to interact with senior management within Operations and across the firm as part of the annual certification activities, in addition the associate will be responsible for leading US and India based resources to complete all activities. Decisions made will have significant impact to the firms Regulatory, Financial, Reputational and Operational risk to the Bank. On a tri-annual basis this associate will be responsible for leading regulatory exam preparatory activities while also leading the FDIC examiner through our compliance activities associated with FDIC 370. This role will be responsible for the analysis and resolution of highly complex operations problems and initiatives requiring exceptional handling and/or coordination of multiple operational and/or product specialists to resolve. They may manage projects and/or the introduction of new initiatives, systems, products/services and processes and coordinate necessary expertise across multiple operations functions and/or products.
Responsibilities
- Develops and implements procedures to enhance productivity and efficiency and manage business change
- Serves as an escalation point to resolve broad and complex operational issues
- Responsible for expense management, reporting and forecasting for operations areas managed as well as compensation decisioning, talent planning, and performance management at a senior level
- Ensure delivery of complete, accurate and timely regulatory reports to regulatory agencies
- Executes control practices, including compliance with all regulatory/policy requirements and data quality standards
- Document key risks, performance indicators, desktop procedures including controls and metrics related to reporting
- Execute QA/QC and report production tasks for regulatory reports
- Respond to regulatory agencies and internal control partners on inquiries and reporting breaches
- Participate and represent the reporting function to control partners (e.g., Audit and Compliance)
- Identify, track, and remediate errors/breaches, data issues and control enhancements that impact the respective reports
- Partner with upstream process owners and data providers to improve data quality of regulatory reports
- Partner with NFRR Regulatory Interpretation and Technology teams to review and maintain data dictionaries for completeness of business requirements and ensure completeness of all operational and reporting requirements
- Assist with NFRR report centralization which includes performing current state assessments, understanding the effectiveness of controls, determining process risks, and executing plans to incorporate the reporting process into the NTCO organization
- Ensure smooth transition and cut over of NFRR reports in target state including appropriate hand over and staff transfer
- Partner with technology team and business analysts in providing requirements and user acceptance testing (UAT)
Requirements
- Experience working in the consumer space with detailed knowledge of entity structure (Sole Prop, Estates, Trusts)
- Experience in any of the following areas: Operations/Finance/Risk/Compliance
- Strong technical and data analytical skills (i.e., Excel, and other similar applications) with experience in analyzing, managing and reporting from large sets of structured data (e.g., books and records data)
- Communicates effectively in both oral and written formats and tailors message appropriately to audience
- Demonstrated intellectual curiosity and operational excellence experience
- Able to think critically to quickly analyze and resolve issues
- Influences and delivers results through collaborative relationship with key partners and stakeholders
- Works independently to prioritize work and deliver against regulatory deadlines and a dynamic environment
Nice-to-haves
- Audit experience
- Experience interacting with regulatory agencies and /or reg exams
- Regulatory reporting experience and/or experience in a global markets regulatory reporting environment or exposure to position/transaction processes/life cycle
- Regulatory reporting experience and/or experience in global banking regulatory reporting environment or exposure to deposit/ liability balance reports, payment transactions and anti-money laundering
- Experience in technology implementation projects including involvement in building new systems to meet complex reporting requirements
Benefits
- Industry-leading benefits
- Access to paid time off
- Resources and support to employees
- Discretionary incentive eligible
- Annual discretionary award based on individual performance results and behaviors
