Regulatory Business Control 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:

The Business Control Manager is part of the Regulatory Business Controls team within the Retail Business Enablement & Controls organization. This position will be responsible for providing regulatory support and internal control discipline for Lending products, primarily for Mortgage Lending products.  This position provides regulatory expertise and guidance for several regulations including, but not limited to, Equal Credit Opportunity Act, including Appraisal Delivery; Fair Housing Act as it relates to external exams, internal audits, issue and project engagement, assessments, monitoring, control & metric oversight and reporting. This role influences across multiple levels of management and provides direction to the front line units.  Incumbents typically have over 5+ years of risk management and/or FLU/ECF experience.

This job is responsible for leading and executing on internal control discipline and operational excellence within a Line of Business (LOB) or Enterprise Control Function (ECF). Key responsibilities include executing LOB or ECF processes and tools to drive adherence to enterprise-wide standards. Job expectations include supporting the implementation of quality assurance and quality control processes within the LOB or ECF through ongoing monitoring and testing of controls, identifying issues and control improvements for remediation, and building out actions plans and milestones.

Responsibilities:

• Monitor and influence the control environment to drive adherence to regulatory requirements and enterprise standards
• Provide regulatory direction and SME support  including assessments, impact analysis and implementation of regulation and policy changes
• Actively engage in process change initiatives to ensure solutions result in compliant outcomes with meaningful, sustainable controls
• Analyze compliance testing, monitoring reports, and other testing results to identify primary root cause of errors and escalate for remediation
• Interface with Global Compliance and Operational Risk (GCOR) and Legal partners to provide the business point of view on regulatory topics
• Identify issues and/or control improvements for remediation
• Perform assessments of compliance against regulatory requirements and enterprise policies
• Coordinate with partners and stakeholders to ensure end-to-end process engagement
• Provide audit and exam support
• Acts as an ambassador of the risk culture
• Leads the assessment of the design and effectiveness of the risk and control environment to support Client Operational Services and ensure adherence to enterprise-wide standards
• Performs monitoring and testing of controls, identifying issues and control improvements for remediation
• Leads the implementation of optimized controls and enhanced Quality Assurance (QA) practices to support business continuity efforts
• Manages the performance and productivity of team members that conduct quality inspection reviews
• Ensures timely execution of QA activities including control execution, case management, and results reporting
• Manages and reviews all operations front line unit responses for regulatory exams, internal audits, and other monitoring and inspection reviews
• Ensures accuracy of data and that relevant information is captured for inspection metrics to support governance for dashboard reporting

Required Qualifications:

• Minimum of 5 years of relevant work experience with a working knowledge of lending regulations, as well as lending processes
• Ability to read and understand complex matters, anticipate risks, and summarize key information
• Demonstrated ability to think strategically and execute tactically.
• High attention to detail and strong organizational skills with the ability to prioritize requests and workload accordingly.
• Influence horizontally and vertically across the organization and diverse audiences
• Strong written and verbal communication skills
• Self-starter with excellent anticipation skills, problem solving, follow-up
• Demonstrated dependability and ability to act with a sense of urgency
• Ability to interact with people at all levels of the organization
• Ability to work well under pressure, adapt to unexpected events, prioritize and multi-task in a deadline driven environment
• Ability to work in a fast paced and complex environment
• Ability to deal with sensitive data and maintain confidentiality
• Ability to identify risks and ways to mitigate those risks  
• Exhibits strong relationship management and interpersonal skills

Desired Qualifications:

• 8+ years of risk management  or business control experience
• Mortgage lending regulation expertise, specifically related to Equal Credit Opportunity Act and Fair Housing Act.
• Process Improvement and six-sigma and/ or data analysis experience
• Capable of performing complex analyses and formulating solutions independently
• Experience with root cause analysis
• Experience working with internal and external auditors

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.

Skills:   

• Controls Management
• Oral Communications
• Risk Management
• Stakeholder Management
• Strategy Planning and Development
• Continuous Improvement
• Drives Engagement
• Influence
• Strategic Thinking
• Talent Development
• Data and Trend Analysis
• Decision Making
• Monitoring, Surveillance, and Testing
• Problem Solving
• Quality Assurance

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Pay Transparency details

US - MD - Hunt Valley - 11333 MCCORMICK RD - HUNT VALLEY (MD5031), US - NJ - Pennington - 1400 American Blvd - Hopewell Bldg 4 (NJ2140), US - RI - Riverside - 3400 Pawtucket Ave - East Providence Call Center (RI1530)

Pay and benefits information

Pay range

$104,000.00 - $159,900.00 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.