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Compliance and Operational Risk Manager- Foreign Exchange Coverage

New York, New York

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Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Job Description:

This job is responsible for executing second line of defense compliance and operational risk oversight for a Front Line Unit, Control Function, and/or Third Parties. Key responsibilities include ensuring requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy (collectively “the Policies”), the Compliance and Operational Risk Management Program and Standard Operating Procedures are implemented and identifying, challenging, escalating, and mitigating risks in a timely manner.

Responsibilities:

+ Assesses risks and effectiveness of Front Line Unit (FLU) processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinations

+ Engages in activities to provide independent compliance and operational risk oversight of FLU or Control Function (CF) performance and any related third party/vendor relationships in alignment with the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy (collectively the Policies) and the Compliance and Operational Risk Management Program and Standard Operating Procedures

+ Identifies and escalates problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses

+ Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities

+ Assists in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines

+ Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks

+ Reviews and challenges FLU/CF process, risk, Single Process Inventory, and FLU/CF Risk and Control Self-Assessment related to themes or trends, while monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage

+ Provide real-time support to the Global Foreign Exchange and Local Currency Trading (“FX and LCT”) Front-Line Unit with regards to the rules of the relevant products, markets and venues, and other relevant laws, rules and regulations, including internal policies, as applicable to the Global Markets Business.

+ Develop an effective working relationship with Front Line Unit (“FLU”) personnel and other internal departments, such as Legal, Operations, Financial Crimes Compliance, and Regulatory Reporting.

+ Assist with responding to and coordinating regulatory inquiries.

+ Participate in the review and challenge of business activities in line with BofA Global Compliance and Operational Risk Program.

+ Participate, as required, in internal investigations into potential breaches of regulatory/venue requirements or Firm policy.

+ Participate, as required, in department initiatives in respect of regulatory/market developments and impact analysis on the firm’s business and support groups.

+ Assist with the review of new business initiatives, including non-standard transactions.

+ Review and assess activity which is escalated by Enterprise Independent Testing through surveillance activity undertaken and/or escalated directly by the FLU for potential market misconduct.

+ Work closely with other regional Compliance and Operational Risk teams to ensure consistency in approach and best practices.

+ Review/update Compliance & Operational Risk Policies and ensure they are consistent with global and local regulatory practices.

+ Assist with the development of new and/or update existing Monitoring and Testing items for the Compliance and Operational Risk Program from a local and global perspective.

+ Assist with the development and delivery of Compliance and Operational Risk training, both face-to-face and on-line.

+ Keep abreast of regulatory change/developments

Managerial Responsibilities:

This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.

+ Diversity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company D&I goals.

+ Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.

+ Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.

+ Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.

+ People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.

+ Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.

+ Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.

+ Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.

Skills:

+ Advisory

+ Monitoring, Surveillance, and Testing

+ Regulatory Compliance

+ Reporting

+ Risk Management

+ Critical Thinking

+ Influence

+ Interpret Relevant Laws, Rules, and Regulations

+ Issue Management

+ Policies, Procedures, and Guidelines Management

+ Business Process Analysis

+ Decision Making

+ Negotiation

+ Process Management

+ Written Communications

Required Qualifications:

+ Minimum of seven years of relevant experience

+ May require regulatory examination/registration or certification, depending on jurisdiction and role​​​

+ Good knowledge of FX products and services

Desired Qualifications:

+ Bachelor’s Degree in a related field

+ Experience in financial services and/or a similarly regulated sector

+ Strong knowledge of Foreign Exchange Market

+ Strong understanding of FX Global Code

+ Strong experience in dealing with regulator and exchange inquiries and exams

+ Strong understanding of market misconduct laws, rules and regulations, as well as applicable surveillance controls

+ Operational Risk Management preferably with FX product knowledge experience is advantageous

Shift:

1st shift (United States of America)

Hours Per Week:

40

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.

To view the "Know your Rights" poster, CLICK HERE (https://www.eeoc.gov/sites/default/files/2023-06/22-088\_EEOC\_KnowYourRights6.12.pdf) .

View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .

Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.

Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations. Should you be offered a role with Bank of America, your hiring manager will provide you with information on the in-office expectations associated with your role. These expectations are subject to change at any time and at the sole discretion of the Company. To the extent you have a disability or sincerely held religious belief for which you believe you need a reasonable accommodation from this requirement, you must seek an accommodation through the Bank’s required accommodation request process before your first day of work.

This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.