Compliance and Operational Risk Manager- Credit Card Products

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
Skills :
• Advisory
• 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

Job Description Summary

The Compliance and Operational Risk (C&OR) Manager is responsible for engaging in activities to provide independent compliance and operational risk oversight of Front Line Unit or Control Function ("FLU / 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 ("CORM") Program and Standard Operating Procedures (SOPs).

As a member of an FLU or CF C&OR officer team, the C&OR Manager is accountable for proactive identification, management and escalation of compliance and operational risks through the execution of some or all of the below identified activities.

This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.

The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage ("EAC"), to provide comprehensive oversight of FLU / CF activities.

This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second line's risk management activities.

The C&OR Manager prepares materials for C&OR regulatory exams / audits / inquiries and may provide consultation to business leaders in preparation for FLU / CF regulatory exams / audits / inquiries.

The C&OR Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs.

This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.

The C&OR Manager contributes to the requirements of the CORM Program requirements including, but not limited to the following activities :

• Produces and / or oversees the development of independent risk management reporting for respective area(s) of coverage as input governance and management routines
• Provides subject matter expertise to assist the FLU / CF in establishing an annual learning plan, may be accountable for developing and delivering training content
• Develops and maintains C&OR-owned policies and standards and / or provides oversight of FLU / CF-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable
• Monitors 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 inventory

• Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU / CF-owned issues and control enhancements
• Ensures C&OR "owned" issues and control enhancements are identified and addressed appropriately and timely
• Contributes to or leads development of risk coverage plans, executes and / or oversees execution of independent risk monitoring, testing and risk assessments, communicates results
• Reviews and challenges the FLU / CF process, risk, control (PRC) inventory and FLU / CF Risk & Control Self-Assessment (RCSA)
• Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate
• Participates in Scenario Analysis activities for coverage areas and challenges as appropriate
• Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation

The C&OR Manager contributes to the requirements in the GCOR Policy aligned to compliance and operational risk officers, including but not limited to the following activities :

• Takes an active leadership role in maintaining and communicating regulatory changes, advising and directing business leaders to ensure that regulatory requirements are addressed in their respective process and controls so that their day-to-day activities operate in a compliant manner.
• Proactively engages other C&OR officers, Enterprise Areas of Coverage (EAC) roles, and horizontal function roles to provide comprehensive oversight of FLU and CF activities.
• Identify, collect, validate and record internal loss events and "near misses." Perform root cause analyses on internal loss events and develop remediation plans to strengthen controls.
• Identify, review and document relevant external loss events.
• Conduct compliance and operational risk assessments of FLU and CF, incorporating review of external loss events to assess control effectiveness.
• Provides independent review and challenge of the FLU / CF's Risk & Control Self-Assessment (RCSA).
• Leads the efforts and / or contributes to monitoring and testing coverage plans and related metrics for Front Line Unit ("FLU") or Control Function ("CF").
• Monitor and test the effectiveness of the front line unit and control function compliance and operational risk controls.
• Identify aggregate, report and escalate compliance and operational risks, issues and control enhancements.
• Contribute to Scenario Analyses to provide a forward-looking estimate of hypothetical operational losses.
• Executes and / or provides oversight of governance and management routines.
• Identify compliance and operational risk training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU / CF and third party participation.
• Provides consultation to business leaders in preparations for regulatory exams and audits for FLU / CF and related Enterprise Areas of Coverage.
• Inspect that commitments made regarding actions in response to Matters Requiring Attention ("MRAs") and other actions are completed.
• Escalate regulatory relations concerns to Compliance and Operational Risk Executive.

Required Skills : Experience in Credit Card Industry, Business Controls, Reg Relations, and / or Compliance and Operational Risk

Minimum Years of Business & Functional Experience : 7 Years

Degree Required or equivalent experience

Shift :

1st shift (United States of America)

Hours Per Week :