Vice President, 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!

Job Description:

Bank of America has an opening for a Vice President to join the ET COR Team to establish and own electronic trading compliance and risk management in APAC for its Global Markets (Equities & FICC) businesses.   The Firm has developed an Electronic Trading Compliance and Operational Risk (“ET COR”) specific team to identify and assess significant risks driven & heightened by the implementation and growth of electronic trading businesses and activity, and to ensure the appropriate control framework is established and risks mitigated. The ET COR team is deployed across Business Units globally.

The ET COR team leverages the existing Risk framework based upon a “Three Lines of Defense” model:

• 1st Line: Business Units/Infrastructure Groups - Own their risk & are responsible for its management
• 2nd Line: Oversight by Independent Risk Management and Control Functions - Partner with Business Units to anticipate, mitigate and report on risk
• 3rd Line: Independent Assessment by Internal Audit - Provides independent, assessment, validation and evaluation

The ET COR team operates as part of the Second Line of Defense, providing independent governance and oversight of electronic trading compliance and risk management across the Firm.

Responsibilities:

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 include:

• 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

The team is seeking an individual who can provide an independent view of APAC Electronic Trading risks and assess the effectiveness of the Electronic Trading control environment using the following key dimensions:

• Risk Identification: Identify and assess risks related to the APAC electronic trading businesses and activity.
• Oversight: Own, drive and participate in relevant governance, steering, and working group committees, inclusive of reviewing metrics and escalation reports to monitor risk and control-related developments, issues and trends.
• Challenge: Actively and pro-actively engage with Business Units, Infrastructure Groups and Control Partners to shape the control framework, challenging established and proposed solutions as appropriate.
• Oversight of intra-day limit monitoring and approval of front-office trading limits and controls.  Monitor limits for breaches and ensure any breaches are remediated and escalated appropriately
• Review all major incidents and control failures
• Procedures: Review execution of relevant procedures and assess assurance mechanisms for how effectively they identify weaknesses or failures of key controls.
• Assessments: Undertake independent assessments of the electronic trading environment and control framework to identify potential gaps/weaknesses and propose solutions.
• Relationship Management: Create strong working relationships with control and process owners as a mechanism for identifying and mitigating electronic trading risk.
• Advisory Services: Provide guidance on the evolving Electronic Trading risk landscape and associated control functions.
• Risk Acceptance / Policy Exception Oversight: Work with key stakeholders to establish & evaluate policy & policy exception requests, driving risk acceptance conclusions as appropriate.
• Reporting: Develop metrics and reporting to measure and monitor Key Risk Indicators. Oversight of the creation and maintenance of risk and control documentation.

Required Skills:

• Bachelor’s Degree minimum. Minimum of 5 years’ worth of work experience in the financial services industry.
• Electronic trading experience is highly desirable. Could have been in a COO, business/product development, sales/coverage or support role related to Electronic Trading.
• Deep understanding of APAC regulatory framework and market micro structure.
• Familiarity with execution strategies and electronic execution algorithms.
• Experience from within an Execution Services business.
• Exposure to electronic execution algorithms – either as a trader, business manager or technologist.
• A broad understanding of Operational Risk issues.
• An understanding of regulatory trends and future requirements.
• Experience in risk management around Sales & Trading systems, especially lower-latency electronic trading.
• Experience with software development lifecycle controls (e.g. change management, testing).
• Experience in relationship management.
• Strong interpersonal skills in order to work in a team-oriented environment.
• Strong project management and organization skills.
• Ability to multitask and prioritize.
• Ability to work under pressure and to tight deadlines.
• Flexible and self-motivator.
• Excellent communication skills, both verbal and written; ability to produce concise and effective presentations.
• Ability to work in a small team environment, build and maintain a network of contacts and coordinate with a large number of stakeholders.