EAC Compliance and Operational Risk Manager- Servicemembers Civil Relief Act

Charlotte, North Carolina;Pennington, New Jersey; Plano, Texas; Phoenix, Arizona; Westlake Village, California

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 the execution of the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy and the Compliance and Operational Risk Management (CORM) Program. Key responsibilities include identifying, escalating, and mitigating risks in a timely manner, engaging with Front Line Units and Control Functions (FLU/CF) leaders globally, coordinating with the FLU/CF Compliance and Operational Risk Officer teams, executing the CORM Program and the Policies, identifying themes and trends, and conducting analysis for new and emerging risks.

Responsibilities:

• Assess risks, the associated controls and their effectiveness, driving compliance with applicable laws, rules and regulations, and adhering to policies

• Engage 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 Program and Standard Operating Procedures

• Identify and escalate problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses, including opening new issues based on risk severity

• Partner with Legal to analyze and interpret applicable laws, rules and regulations to provide clear and practical advice to stakeholders, and identify and manage risks

• Includes monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintaining a comprehensive regulatory inventory

• Communicate regulatory changes to the FLU/CF and ensure policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirements

• Draft, update and clarify enterprise policy and standards to drive meaningful expectations of front-line units

• Develop, review and monitor compliance training to educate and inform key stakeholders.

• Monitor applicable FLU/CF activities, routines and results to actively assess FLU/CF controls.

• Identify, review, aggregate, report and monitor issues and control enhancements to identify themes and address emerging risks.

• Plan, execute and report targeted and annual risk assessments of applicable front-line units.

• Respond to regulatory inquiries, other audits and examinations and identify regulatory training needs supporting the development of related curriculum

• Review and challenge FLU/CF processes, risks, published documentation 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

• Regulatory Compliance

• Reporting

• Risk Management

• Written Communications

• Active Listening

• Analytical Thinking

• Interpret Relevant Laws, Rules, and Regulations

• Negotiation

• Policies, Procedures, and Guidelines Management

• Adaptability

• Business Process Analysis

• Issue Management

• Monitoring, Surveillance, and Testing

Additional Role Responsibilities:

The Enterprise Area of Coverage (EAC) Compliance & Operational Risk (C&OR) Manager is a subject matter expert on specific processes, controls, laws, rules and/or regulations that have enterprise-wide applicability, affecting two or more

Front Line Units (“FLU”) or Control Functions (“CF”). This role is responsible for the execution of the Global Compliance -- Enterprise Policy, the Operational Risk Management -- Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management (“CORM”) Program.

Responsibilities include but not limited to:

• Monitor the Regulatory environment for new and changing related Federal and State Regulatory requirements, expectations, and interpretations.

• Partner with Legal to interpret Regulatory requirements and Legal precedence into actionable guidance.

• Draft, update and clarify enterprise policy and standards to drive meaningful expectations of front-line units.

• Develop, review, and monitor compliance training to educate and inform key stakeholders.

• Determine applicable business activities and front-line units for ongoing oversight.

• Establish, inspect, and maintain risk owned testing to identify emerging risks.

• Monitor applicable frontline unit activities, routines, and results to actively assess front-line unit controls.

• Identify, review, aggregate, report and monitors issues and control enhancements to identify themes and address emerging risks.

• Plan, execute and report targeted and annual risk assessments of applicable front-line units.

• Participate in Audits and Regulatory examinations including response preparation, reviews, and presentations.

• Communicate risk points of view to leadership teams for awareness and escalation.

Required and Desired Candidate Qualifications:

• 5-7 years of relevant Compliance, Operational Risk or Business Controls experience

• Bachelor’s Degree or Equivalent experience

• In depth knowledge of or certification in law, rule, regulation or area of coverage (e.g., Fair Credit Reporting Act (FCRA) or Servicemember Civil Relief Act (SCRA))

• Ability to extract and analyze data to identify gaps and summarize findings for executive management

• Ability to perform root cause analysis and recommended improvements

• Effective communication skills (written and oral), ability to present complex information

• Ability to understand and advise on Laws, Rules and Regulations to applicable business processes

• Knowledge of control design, test design and testing of operational effectiveness

Shift:

1st shift (United States of America)

Hours Per Week:

40

Pay Transparency details

US - CA - Westlake Village - 31303 Agoura Rd - 31303 Agoura Road (CA6917)

Pay and benefits information

Pay range

$95,400.00 - $172,000.00 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.

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 and affirmative action, 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 "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .

To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.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.

To view Bank of America’s Drug-free Workplace and Alcohol Policy, CLICK HERE .

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.