|Job Description :
The EAC C&OR Manager assists in engaging other C&OR officers, including horizontal coverage owners and EAC, to provide comprehensive oversight of FLU/CF activities. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The EAC C&OR Manager also assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries
Activities this role performs for their area of coverage include, but are not limited to:
Produces and/or oversees the development of independent risk management reporting as input into governance and management routinesContributes to participation in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny, litigation and key influencers (trade associations, PACs, lobbyists, consumer groups, and media) in the EAC subject area to identify and mitigate emerging risksIdentifies regulatory training needs and provides subject matter expertise to support the development of training curriculumDevelops and maintains C&OR-owned policies/standards and reviews relevant FLU/CF-owned policies and standards to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicableMonitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage, advises business leaders on those changes, directs the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; maintains a comprehensive regulatory inventoryIdentifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancementsEnsures C&OR “owned” issues and control enhancements are identified and addressed appropriately and timelyContributes to or leads development of risk coverage plans, executes and / or oversees execution of monitoring, testing and risk assessments, and communicates resultsReviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA) related to EAC themes or trendsReviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriateParticipates in Scenario Analysis activities for coverage areas and challenges as appropriateEnsures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation
The Enterprise Area of Coverage (EAC) Compliance & Operational Risk (C&OR) Manager is a subject matter expert on specific processes, controls, laws, rules and/or regulations that have enterprise-wide applicability, affecting two or more Front Line Units (FLU) or Control Functions (CF).
The EAC Compliance and Operational Risk Manager, under supervision, is an individual contributor and member of an EAC Compliance and Operational Risk team. This role is responsible for providing enterprise wide oversight of specific laws, rules, regulations, and regulatory guidance, such as those related to Fair Lending through the identification, escalation and timely mitigation of compliance risks in alignment with the Compliance Risk Management (CRM) Program and the Global Compliance and Operational Risk Enterprise Policy (GCOR Policy).
The EAC Compliance and Operational Risk Manager will be responsible for but not limited to:
Executes elements of the wheel (managing a monitoring and testing portfolio and related metrics including effectiveness of the front line unit, issues (identification, management and escalation), assisting with preparations and responses for frequent regulatory exams, audits and regular challenge of the FLU (initiatives, issue action plans, effectiveness of flu controls and results etc.), managing a fair lending statistical testing portfolio, fair lending training content, new products/services/initiatives oversight and reporting/escalationInteract directly with FLU and Business Control executives providing direction and oversightCompleting the annual Fair Lending Risk Assessment and the Global Compliance and Operational Risk AssessmentSupport preparations for regulatory exams and audits, inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed for Front Line UnitIdentify Fair Lending compliance training needs and inspect FLU/CF and third party participation
7+ years experience in Small Business, business controls and/or risk management experienceRisk assessment skillset to enable evaluation of processes and other operational risks, identification of controls and determination of gaps and weaknessesStrong written/verbal communication skills with the ability to communicate issues/concerns and recommend corrective course of actionIntellectual curiosity to identify areas of risk coupled with the analytic, logical reasoning, and problem solving, risk vs. reward skills to effectively and objectively investigate/evaluate areas of riskMust be have good time management skills and the ability manage multiple priorities in a fast paced environmentAbility to work well and collaboratively as part of a team and function independently when requiredCapability to effectively influence risk direction and willingness to take a stand when required
Risk, testing, compliance or audit experienceFinancial center strategy experienceEffective ability to influence, drive change and resolve conflictsKnowledge of Bank of America’s various products and systemsBachelor’s Degree Preferred
1st shift (United States of America)
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