Legal Entity Financial Risk Manager

Bank of America; Greater London; On-site; GBP 120,000 - 180,000; Full time

Benefits offered by this job

UK Private healthcare for you and your

Private health insured for family

Competitive pension plan

Flexible benefits

Wellbeing support

Job summary

Bank of America in London seeks a Director-level Legal Entity Financial Risk Manager in the Enterprise Financial Risk group. You will lead risk oversight for the London broker-dealer entity (MLI) and related London entities, focusing on capital and liquidity resources, IRRBB, and regulator interactions.

The role requires strong analytical skills, regulatory understanding, and ability to influence across CFO teams and LOBs.

Qualifications

• Oversee risk management across liquidity, capital and IRRBB for London entities.
• Interpret and apply Basel III.1 and other regulatory requirements.
• Provide clear risk insights to CFO teams and LOBs.

Responsibilities

• Maintain healthy Capital, Liquidity and IRRBB risk profiles for the London broker-dealer entity and related units.
• Challenge and implement risk framework practices; support regulatory interactions as needed.
• Develop risk analyses, reports and guidelines on risk limits by product/type.

Skills

Risk oversight

Regulatory communication

Strategic decision making

Stakeholder engagement

Tools

PowerPoint

Excel

Job description

Job Description:

Job Title: Legal Entity Financial Risk Manager Corporate Title: Director Location: London

Company Overview:

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!

Location Overview:

Our London office is based just a stone’s throw from the magnificent St. Paul’s Cathedral on bustling King Edward Street. Here you’ll find modern workspaces and a state-of-the-art auditorium space. In addition, we’re proud to host an onsite restaurant that shares our commitment to sustainability by providing delicious seasonal menus which have been created with the planet in mind. Make sure to take time for yourself and head up to our rooftop terrace and take in the spectacular views across London. Finally, your physical wellness is well-catered for with our onsite gym facilities and medical centre.

The Team:

You will be joining the Enterprise Financial Risk (EFR) group, which is responsible for delivering effective independent risk oversight of the activities and processes associated with managing the Bank’s capital, liquidity and interest rate risks (collectively “financial risks”), being EFR’s core coverage areas. The EFR team also serves as the CRO function for the CFO group. EFR’s coverage teams are structured as a combination of Line of Business (LOB) and Legal Entity (LE) facing vertical teams, supported by horizontal teams primarily specialising in one of the three EFR core coverage areas. The experience and the skill set of the successful candidate will determine which vertical or horizontal team the role will be seated within, however the core focus will remain on our key material entities operating out of London.

Role Description:

This role is responsible for providing risk oversight and advice to CFO teams and the LOBs on risk management issues for the London based broker dealer entity, Merrill Lynch International (MLI), while also covering BANA London and several other non-material entities across the broader EMEA region. Key responsibilities include identifying financial risks to which MLI and the other in-scope units are exposed, implementing measures to prevent and mitigate financial resource pressure, and monitoring risk outcomes. Job expectations include the ability to understand how all risk categories including credit, market, operational and compliance may create financial risk and recognize where the focus entities are susceptible to such based on its evolving business activities. The key focus area will be a hands-on approach to the effective risk management of MLI’s Capital and Liquidity resources, and also of the entity’s IRRBB profile as part of the London based EFR Team.

Key responsibilities:

Supporting the International and local EFR Executives in ensuring we maintain healthy and sustainable Capital, Liquidity and IRRBB risk profiles capable of supporting business plans through a business-as-usual environment and during times of stress. Complying with regulations relevant to EFR’s coverage area. Review and challenge implementation of new and changed rule requirements such as Fundamental Review of the Trading Book and Basel 3.1. Supporting and participating in interactions with relevant regulators on related topics. Participate in establishing and maintaining risk management procedures and standards. Conduct execution of risk framework activities including maintenance of controls and risk management processes for Treasury and the LOBs, as well as review and challenge of front-line deliverables and contribution of risk elements to such as needed (i.e. regulatory interpretations, ICAAP/ILAAP, recovery plans, risk ID, issue remediation plans and actions, new product reviews, LE capital action requests, model implementation and change, etc). Ensuring modelling pertaining to financial risks are applicable to and reflective of the various unit’s risk profiles. Liaising with businesses to understand market trends and impacts on portfolio, using knowledge of stress testing and its applicability to risk categories. Ensuring adherence to the policies and procedures established by the Company. Managing risk requests, breach remediation's and providing effective challenge of front line units. Developing risk management analyses, reports, and approval procedures and guidelines on risk limits by type of product and/or transaction. Assist with broader EFR initiatives as needed.

What we are looking for:

• Demonstrable experience in coverage areas relevant to EFR – liquidity risk, capital & interest rate risk in the banking book, ideally in a comparative organisation in terms of size and complexity.


• Communicates in a clear, concise, organized, and convincing manner for the intended audience demonstrating strong analytical skills and an ability to effectively tailor messaging to the audience.


• Proficiency with PowerPoint and Excel.


• Strong business-centric mindset with ability to utilize sound business judgment and tailor approach to drive optimal business outcomes.


• Ability to develop networks and build alliances; collaborates across boundaries to build relationships and achieve common goals.


• Influencing and negotiating across external stakeholders (regulators) and internal groups including LE CRO, LOB Risk, CFO organisation particularly Corporate Treasury, Recovery & Resolution Planning, Audit & Compliance to drive execution.


• Ability to ensure that we are providing appropriate monitoring and analysis to allow us to provide high quality risk insights.

Benefits of working at Bank of America:

• UK Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner


• Competitive pension plan, life assurance and group income protection cover if you become unable to work as a result of a disability or health reasons


• 20 days of back-up childcare including access to school holiday clubs and 20 days of back-up adult care per annum


• The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a wellbeing account, travel insurance, critical illness etc.


• Access to an emotional wellbeing helpline, mental health first aiders and virtual GP services.


• Access to an Employee Assistance Program for confidential support and help for everyday matters


• Ability to donate to charities of your choice directly through payroll and the bank will match your contribution


• Opportunity to access our Arts & Culture corporate membership program and receive discounted entry to some of the UK’s most iconic cultural institutions and exhibitions.


• Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local community.

Bank of America:

Good conduct and sound judgment is crucial to our long-term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

We are an equal opportunities employer and ensure that no applicant is subject to less favourable treatment on the grounds of sex, gender identity or gender reassignment, marital or civil partner status, race, religion or belief, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants or physical or mental disability.

We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements.

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.

Partnering Locally

Learn about some of the ways Bank of America is making a difference in the communities we serve.

Global Impact

Learn about the six areas that guide Bank of America’s efforts to help make financial lives better for customers, clients, communities and our teammates.

Opportunity and Inclusion

Each employee brings unique skills, background and opinions. We see opportunity and inclusion as our platform for innovation and a key component in our success.

Our Values

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