Associate Investment Monitoring (AIM) Compliance & Operational Risk (C&OR) Specialist

Job Description:

The Enterprise Area of Coverage (EAC) Compliance & Operational Risk (C&OR) Specialist is an individual contributor member of an EAC C&OR team that is responsible for enterprise-wide oversight of processes, controls, laws, rules, and/or regulations that have enterprise-wide applicability, affecting two or more Front Line Units or Control Functions (“FLU/CF”) (examples include Third Party, Privacy, Reg W). Responsibilities include identifying, escalating and mitigating risks in a timely manner in alignment with the C&OR Management (“CORM”) Program, with the Global Compliance -- Enterprise Policy, the Operational Risk Management -- Enterprise Policy (collectively “the Policies”), and delivering on the other requirements in the Policies.

The EAC C&OR Specialist assists in engaging other C&OR officers, including horizontal coverage owners and EAC, to provide comprehensive oversight of FLU/CF activities. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The EAC C&OR Specialist also assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries.

Activities this role performs for their area of coverage include, but are not limited to:

• Assists in the development of independent risk management reporting as input into governance and management routines
• Assists with the oversight of FLU/CF training, which may include content development and/or tracking and communication of completion rates
• Assists with the development and maintenance of C&OR-owned policies and standards to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable
• Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintains a comprehensive regulatory inventory; may support communication of regulatory changes to the FLU/CF and ensuring that policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirements
• Assists in identifying, aggregating, reporting, escalating, inspecting and challenging remediation plans, and performing thematic analysis on FLU/CF-owned issues and control enhancements
• Assists in remediating C&OR “owned” issues and control enhancements
• Executes C&OR Monitoring, Testing, and Assessments; communicates results
• Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA)
• Supports the review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls
• Supports Scenario Analysis activities to provide a forward-looking estimate of hypothetical operational losses
• Assists with the development of risk metrics, monitors related performance and breach remediation

The Associate Investment Monitoring (AIM) Compliance & Operational Risk (C&OR) Specialist is an individual contributor member the AIM group that is responsible for enterprise-wide oversight of processes, controls, laws, rules, and/or regulations that have enterprise-wide applicability. The AIM Group administers Bank of America’s Associate Investment Policies and the Outside Business Activity (OBA) Policy, which govern personal investments and Outside Business Activities of employees (and supplement the Bank’s Code of Conduct and the Enterprise Information Wall Policy). The primary purpose of the AIM Group and their policies is to establish systems and controls reasonably designed to prevent insider trading, the misuse of material, non-public information (MNPI), and mitigate conflicts of interest related to OBAs. Responsibilities for this role include identifying, escalating and mitigating risks related to AIM policies in a timely manner in alignment with the C&OR Management (“CORM”) Program, with the Global Compliance -- Enterprise Policy, the Operational Risk Management -- Enterprise Policy (collectively “the Policies”), and delivering on the other requirements in the Policies.

The EAC C&OR Specialist assists in engaging other C&OR officers, including horizontal coverage owners and EAC, to provide comprehensive oversight of Front Line Unit (FLU) and Control Function (CF) activities related to AIM risks. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The AIM C&OR Specialist also assists in preparing materials for C&OR and/or FLU/CF regulatory exams/audits.

Activities this role performs for AIM include, but are not limited to:

• Assists in the identification and administration of technology changes related to the AIM System, and any other systems for which AIM has responsibility
Assists in the development of independent risk management reporting as input into governance and management routines
• Assists with the oversight of FLU/CF training, which may include content development and/or tracking and communication of completion rates
• Assists with the development and maintenance of C&OR-owned policies and standards to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable
• Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintains a comprehensive regulatory inventory; may support communication of regulatory changes to the FLU/CF and ensuring that policies, standards, procedures and/or processes are appropriately implemented or amended to address regulatory requirements
• Assists in identifying, aggregating, reporting, escalating, inspecting and challenging remediation plans, and performing thematic analysis on FLU/CF-owned issues and control enhancements
• Assists in remediating C&OR “owned” issues and control enhancements
• Executes C&OR Monitoring, Testing, and Assessments; communicates results
• Reviews and challenges the single process inventory and FLU/CF Risk & Control Self-Assessment (RCSA)
• Supports the review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls
• Supports Scenario Analysis activities to provide a forward-looking estimate of hypothetical operational losses
• Assists with the development of risk metrics, monitors related performance and breach remediation

Required Skills: Minimum Years Business & Functional Experience: 3 years
Degree Required: Bachelor’s Degree or equivalent experience

Desired Skills: Knowledge of or certification in law, rule, regulation or area of coverage (i.e.: SCRA, Privacy); Association of Privacy Professional (IAPP) accredited certification programs for Privacy EAC

Required Skills:
Degree Required: Bachelor’s Degree or equivalent experience
• Demonstrated ability to identify and escalate risk
• The ability to work under pressure and within tight deadlines to a consistently high level of accuracy
• Show initiative and react quickly to changes in priorities with the ability to quickly learn new processes
• Discrete when handling confidential information
• Able to demonstrate a high level of integrity with a mature approach to work
• Strong communication skills including the ability to influence business partners and senior leaders
• Adept at problem solving
• Demonstrated ability to be effective in an execution- oriented environment
• Flexible and able to adapt to change

Desired Skills:
• Background with Conflicts of Interest reviews
• Risk Analysis
• Management/Team Lead experience
• Brokerage/securities operations
• Continuous improvement mindset
• Strong knowledge of securities laws and regulations
• Solid understanding of risk management processes and risk analysis
 

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