Compliance and Operational Risk Manager, Investment Solutions Group

Bank of America; Jersey City (NJ); On-site; USD 97,000 - 195,000; Full time

Job summary

Bank of America seeks a senior risk and compliance professional to execute second line of defense oversight for a Front Line Unit, Control Function, and third parties in Jersey City, NJ. You will ensure adherence to Global Compliance and Operational Risk Management programs and guide risk identification and mitigation.

Responsibilities include assessing process controls, escalating issues, and preparing independent risk reports for governance.

Qualifications

• Minimum of seven years of relevant experience in a compliance or risk 2nd line function.
• Experience with Alternative Investments, CIO, or treasury products.
• May require regulatory examination/registration or certification, depending on jurisdiction and role.
• Bachelor's Degree in a related field is preferred.

Responsibilities

• Assesses risks and effectiveness of Front Line Unit processes and controls for compliance with laws, rules, and regulations.
• Engages in independent compliance and operational risk oversight of FLU or CF performance and third party relationships.
• Identifies and escalates problems and drives actions to address root causes of compliance and operational risk issues.
• Manages inventory of processes, risks, controls, and metrics for risk appetite and reporting violations.
• Assists in development of independent risk management reporting for area coverage into governance routines.
• Analyses applicable laws to provide practical advice to stakeholders and manage risks.
• Reviews and challenges FLU/CF processes, risk, and risk assessments while monitoring regulatory changes.

Skills

Advisory

Monitoring

Regulatory Compliance

Reporting

Risk Management

Critical Thinking

Influence

Interpret Relevant Laws, Rules, andReg

Education

Bachelor's Degree in a related field

Tools

Job description

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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates' physical, emotional, and financial wellness through affordable, competitive and flexible benefits.

We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.

Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. 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

Required Qualifications

• Minimum of seven years of relevant experience in a compliance or risk 2nd line function


• Experience with Alternative Investments, CIO, or treasury products


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

Desired Qualifications

• Bachelor's Degree in a related field


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

Preferred Technical Skills

• Credible Challenge


• Issues Management & Resolution


• Process Management & Inventory


• Regulatory Knowledge


• Risk Identification & Assessment


• Products, Services & Acumen


• Compliance Risk Principles


• Conduct Risk Principles


• Compliance & Operational Risk Program Management


• Operational Risk Principles

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

Shift

1st shift (United States of America)

Hours Per Week

40

Pay Transparency details

US - NJ - Jersey City - 525 Washington Blvd (NJ2525), US - NJ - Pennington - 1600 American Blvd - Hopewell Bldg 6 (NJ2600)

Pay and benefits information

Pay range

Pay range

$97,200.00 - $195,000.00 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

Benefits

This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.