Compliance & Operational Risk Manager - Global Markets

About the role

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, 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, 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.
• Provides real-time support to the Global Credit Front-Line Unit (“FLU”) regarding the rules of relevant products, markets, and venues, and other applicable laws, rules, and regulations, including internal policies.
• Develops an effective working relationship with Front Line Unit personnel and other internal departments, such as Legal, Operations, Financial Crimes Compliance, and Regulatory Reporting.
• Assists with responding to and coordinating regulatory inquiries.
• Participates in the review and challenge of business activities in line with BofA Global Compliance and Operational Risk Program.
• Participates, as required, in internal investigations into potential breaches of regulatory/venue requirements or Firm policy.
• Participates, as required, in department initiatives regarding regulatory/market developments and impact analysis on the firm’s business and support groups.
• Assists with the review of new business initiatives, including non-standard transactions.
• Reviews and assesses activity escalated by Enterprise Independent Testing through surveillance activity and/or escalated directly by the FLU for potential market misconduct.
• Works closely with other regional Compliance and Operational Risk teams to ensure consistency in approach and best practices.
• Reviews/updates Compliance and Operational Risk Policies and ensures they are consistent with global and local regulatory practices.
• Assists with the development of new and/or updates existing Monitoring and Testing items for the Compliance and Operational Risk Program from a local and global perspective.
• Assists with the development and delivery of Compliance and Operational Risk training, both face-to-face and online.
• Keeps abreast of regulatory change/developments.

Requirements

• Minimum of seven years of relevant experience.
• May require regulatory examination/registration or certification, depending on jurisdiction and role.
• Strong knowledge of fixed income markets, including swaps/derivatives products and services.
• Excellent interpersonal and communication skills, including strong verbal and written communications, and the ability to present confidently.
• High attention to detail, diligence, and conscientiousness.
• Ability to work in a dynamic and fast-paced trading floor environment.

Qualifications

• Bachelor’s Degree in a related field (desired).
• Experience in financial services and/or a similarly regulated sector (desired).
• Strong experience in dealing with regulator and exchange inquiries and exams (desired).
• Strong understanding of market misconduct laws, rules, and regulations, as well as applicable surveillance controls (desired).
• Strong understanding of SEC, FINRA, and CFTC rules and regulations (desired).
• Operational Risk Management experience, preferably with fixed income product knowledge (advantageous).

Skills

• Advisory
• Monitoring, Surveillance, and Testing
• Regulatory Compliance
• Reporting
• Risk Management
• Critical Thinking
• Influence
• Interpretation of Relevant Laws, Rules, and Regulations
• Issue Management
• Policies, Procedures, and Guidelines Management
• Credible Challenge
• Decision Making
• Negotiation
• Process Management
• Written Communications

Schedule

1st shift (United States of America), 40 hours per week.