Compliance & Operational Risk Manager - Consumer Credit

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 role is responsible for executing second line of defense compliance and operational risk oversight for Consumer Credit.  The Risk Officer is an independent oversight and review/challenge role that exercises intellectual curiosity, judgment, objectivity, and functional knowledge to identify, evaluate, and mitigate risk across the business coverage areas, balancing business strategy with appropriate controls.  As a member of the Consumer Credit risk officer team, the Risk Manager applies business acumen and exercises influence to promote a culture of compliance and operational risk management while working in a collaborative manner with the FLU, business controls and other control functions to identify, debate, escalate and mitigate risk.  The ideal candidate has experience or subject matter expertise in consumer credit real estate products (first mortgage and home equity). 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) Fulfillment Operation 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.  This includes execution of monitoring, risk assessments and other risk program activities and ownership of Risk tests executed by Enterprise Independent Testing.
• 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
• 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

Required Qualifications:

• 7+ years functional experience - operational risk management, compliance, business controls, and/or consumer credit related experience preferred
• Strong written/verbal communication skills with the ability to communicate issues/concerns and recommend corrective course of action
• Intellectual curiosity to identify areas of risk coupled with the analytic, logical reasoning, and problem solving, risk vs. reward skills to effectively and objectively investigate/evaluate areas of risk.
• Must be have good time management skills and the ability manage multiple priorities in a fast paced environment
• Ability to work well and collaboratively as part of a team and function independently when required
• Capability to effectively influence risk direction and willingness to take a stand when required
• Risk assessment skillset to enable evaluation of processes and other operational risks, identification of controls, and determination of gaps and weaknesses
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Desired Qualifications:

• 5+ years applicable Consumer Credit experience including real estate experience (first mortgage and home equity).
• Risk, testing, compliance, or audit experience
• Effective ability to influence, drive change and resolve Conflicts
• Knowledge of Bank of America's various products and Systems
• Bachelor's Degree Preferred

Preferred Technical Skills:

• Change Management
• Credible Challenge
• Issues Management & Resolution
• Process Management & Inventory
• Regulatory Knowledge
• Risk Identification & Assessment
• Products, Services & Acumen - Consumer Credit
• Compliance 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