Compliance and Operational Risk Manager

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!

Position Summary:
This job is responsible for executing second line of defense compliance and operational risk oversight for a Consumer Fulfillment Operations, overseeing Consumer Vehicle Lending, First Mortgage and Home Equity products.

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

Managerial Responsibilities:
This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.

• Opportunity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company Great Place to Work goals.
• Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.
• Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.
• Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.
• People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.
• Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.
• Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.
• Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.

Required Qualifications:

• 5+ years of experience in compliance, operational risk management, business controls, risk testing, or consumer lending, preferably with First Mortgage, Home Equity and/or Consumer Vehicle Lending products
• Working knowledge of compliance and operational risk frameworks, including risk assessments, control design and evaluation, monitoring, testing, issue management, and regulatory change
• Ability to independently assess complex processes, identify key risks and controls, evaluate control effectiveness, and clearly document gaps, weaknesses, and recommended corrective actions
• Knowledge of consumer lending laws, regulations, and regulatory expectations; mortgage fulfillment experience involving flood, title, insurance, closing, or funding is strongly preferred
• Strong analytical, critical-thinking, and problem-solving skills, with sound judgment and intellectual curiosity when evaluating risk and balancing business objectives with control requirements
• Strong written and verbal communication skills, including the ability to clearly articulate risk concerns, prepare concise documentation, escalate issues, and recommend practical corrective actions
• Ability to provide credible independent challenge and influence stakeholders across functions and levels without direct authority
• Strong organizational and time-management skills, with the ability to manage multiple priorities and deliver high-quality work in a fast-paced, changing environment
• Ability to collaborate effectively as part of a team while also working independently with limited supervision
• Proficiency with Microsoft Excel, PowerPoint, and data analysis; experience using risk-management, monitoring, or reporting tools is preferred

Desired Qualifications:

• Bachelor’s Degree in a related field
• Experience in financial services and/or a similarly regulated sector

Skills:

• Monitoring, Surveillance, and Testing

• Regulatory Compliance

• Reporting

• Advisory

• Risk Management

• Issue Management

• Policies, Procedures, and Guidelines Management

• Interpret Relevant Laws, Rules, and Regulations

• Critical Thinking

• Influence

• Business Process Analysis

• Process Management

• Decision Making

• Negotiation

• Written Communications

• Familiarity with Artificial Intelligence (AI)

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Pay Transparency details

US - NJ - Jersey City - 525 Washington Blvd (NJ2525), US - NY - New York - ONE BRYANT PARK - BANK OF AMERICA TOWER (NY1100)

Pay and benefits information

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.