EFR Capital Risk Manager

Bank of America•Charlotte, NC

7d•Onsite

About The Position

This job is responsible for providing risk oversight and advice to the Line of Business (LOB) on risk management issues. Key responsibilities include identifying risks to which the LOB is exposed, implementing measures to prevent and mitigate losses, and monitoring risk outcomes. Job expectations may include the ability to recognize all risk categories including credit, market, operational and compliance, as well as directing risk staff or participating in establish risk management procedures and standards. Enterprise Financial Risk (EFR) Overview: Enterprise Financial Risk (EFR) seeks to deliver effective independent risk management of the activities and processes associated with managing the Company’s capital, liquidity and interest rate risks, including price risk in the CFO managed securities portfolio. As the Chief Risk Officer (CRO) function covering the Chief Financial Officer (CFO) Group, we also bring together a holistic point of view across all seven risk types for the Company’s CFO. The team helps Bank of America grow responsibly through developing our teammates, promoting an inclusive culture, and approaching our work with intellectual curiosity. EFR delivers its mission through a steadfast commitment to its values: cultivating diversity of thought and valuing different perspectives and experiences; promoting learning, fostering relationships and creativity; and developing talent, advancing careers, and creating leaders within Global Risk Management and across the company. Our goal is to ensure that a healthy and sustainable liquidity, capital, and interest rate risk (IRR) profile is maintained through baseline economic scenarios, as well as during times of market and idiosyncratic stress. Department Overview: Enterprise Capital Risk Management (ECRM) is a department within Enterprise Financial Risk (EFR). This group is responsible for providing an independent assessment of Bank of America’s Capital adequacy and the risks to our capital position, as described within BAC’s Risk Framework. ECRM reviews and challenges key capital management processes across the Company. Role Summary: Operating within BAC’s Risk Framework, understand and drive all components of the end-to-end Capital/Capital Risk management process/program for the Enterprise. As a Risk horizontal team, it is our role to ensure the Enterprise adheres to our Capital Management policy and any resultant standards and guidance. Key components of the Capital/Capital Risk Management program include appropriate risk identification across the 8 lines of business and legal entities, establishment of effective forecasting and stress testing processes across a range of scenarios, and establishment of risk monitoring processes across the 8 lines of business and legal entities, including the review and challenge of Board and Management Level Risk Appetite Limits for our Enterprise and material subsidiaries. In addition to our key Risk Framework responsibilities, ECRM is responsible for completing our independent risk management mandate including ensuring the Company’s capital calculations (spot and forecasted) are appropriate, including any changes to the calculations.

Requirements

Strong analytical skills, including both analysis of financial data and written reports
Knowledge of SEC broker dealer net capital rules and/or FINRA rules
8-12 years of Treasury, Finance, Accounting or Risk Management experience
Proficiency with PowerPoint and Excel.
Writes in a clear, concise, organized, and convincing manner for the intended audience
Strong business-centric mindset with ability to utilize sound business judgment and tailor approach to drive optimal business outcomes

Nice To Haves

Analytical Thinking
Coaching
Critical Thinking
Liquidity Management
Collaboration
Oral Communications
Portfolio Analysis
Presentation Skills
Written Communications
Issue Management
Monitoring, Surveillance, and Testing
Regulatory Compliance
Technical Documentation
Trading Strategy

Responsibilities

Participates in establishing risk management procedures and standards
Conducts execution of risk framework activities including independent monitoring and testing of controls and risk management processes for the Line of Business (LOB)
Liaisons with businesses to understand market trends and impacts on portfolio, using knowledge of stress testing and its applicability to risk categories
Ensures adherence to the policies and procedures established by the company
Manages risk requests, breach remediations and providing risk effective challenges for front line units
Develops risk management analyses, reports, and approval procedures and guidelines on risk limits by type of product and/or transaction
Lead EFR coverage of SEC / FINRA broker dealer net capital rules and requirements, including executing capital calculation testing and review and challenge of FOCUS report filings and calculations
Review and challenge key capital management activities, including capital planning and forecasting for broker dealer entities, capital risk appetite limits, and subsidiary capital actions/dividends
Develop and demonstrate acumen for the identification of capital risks and mitigants (including market and economic environment and connectivity to other risk stripes)
Ensure understanding of the business processes that may increase our risk, as well as the mitigants to that risk
Assist in the establishment and execution of all Enterprise Risk Management Program requirements
Coordinate and conduct execution of risk framework activities that are the responsibility of EFR, including but not limited to independent review and risk assessment of front line owned processes (e.g. capital calculation, capital forecasting, etc.)
Conduct and ensure appropriate and adequate documentation for all independent risk reviews and risk points of view, including appropriate escalation and communication to Senior Management
Conduct and document risk’s acceptance and understanding of the capital impacts from new products and new transactions
Deliver effective review and challenge of front-line owned processes that generate or impact our risk or Capital position
Draft and communicate executive and committee messaging on a regular basis in a variety of formats, including power point and MS Word
Support corporate-wide risk related initiatives, including regulatory change
Enhance the Risk landscape, by ensuring our balance sheet and business model is appropriately stressed across a variety of scenarios, baseline to bankruptcy (resolution)
Provide subject matter expertise related to Capital risk management process and Capital stress testing to the Risk verticals teams, Corporate Treasury, CFO Group and other partners across the enterprise, in order to drive the execution of the stress testing framework and ensure Risks identified are reflected across all scenarios