Transaction Management Operations Analyst

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 is core to how we drive Responsible Growth. This includes our commitment to being a diverse and inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description:
This job is responsible for moderately complex transaction and fulfillment processing, including the movement of assets into and out of accounts. Key responsibilities include reconciliation, settlement, and trade and transfer support, and providing quality service and operations support for internal business partners and external clients, in accordance with established guidelines and procedures. Job expectations include handling in operational processes which may carry medium to high levels of monetary risk and assisting in training less experienced team members.

Responsibilities:

• Performs moderately complex transaction processing and reconciliation with medium to large monetary impact according to the established written guidelines and procedures
• Responds to moderately complex client inquiries via numerous channels to support operational efficiency and quality client service
• Responsible for the analysis and resolution of moderately complex transactions requiring escalations and exceptions
• Proactively identifies risk and opportunities for process improvements based on an understanding of how the work impacts other operational units

Line of Business Job Description:

We are seeking a detail-oriented and analytical Transaction Management Ops Analyst to join the Cost Basis team. As a key member of the team, analyst will play a crucial role in ensuring the accuracy and compliance of transactional activities through diligent management of inquiries, requests, and exception reports via eTask. A strong understanding of company policies, procedures, and IRS regulations is crucial for success in this position.

Key Responsibilities:

• Transaction Processing: Efficiently and accurately process transactions using Profitability and Customer Enhancement (PACE), Tax Lot Correction (TLC) , or similar transaction management systems. This includes reviewing transaction details, verifying accuracy, and ensuring timely completion.
• Inquiry Handling: Respond to inquiries and requests from the client team/Trust Officers regarding cost basis adjustments, providing clear and concise information and resolution.
• Exception Management: Monitor and address exceptions identified through system-generated reports, investigating discrepancies, and implementing corrective actions as necessary.
• Compliance and Regulatory Adherence: Maintain a comprehensive understanding of company policies, procedures, and IRS regulations related to cost basis reporting. Ensure all transactions adhere to regulatory requirements and internal guidelines.
• Financial Analysis: Utilize your knowledge of financial statements and records to analyze cost basis information.
• Collaboration: Work closely with cross-functional teams within Private Bank to resolve transaction-related issues and improve processes.
• Audit Support: Maintain accurate transactional data, supporting documentation, and approvals as needed.
• Continuous Improvement: Stay updated on regulatory changes, procedural changes, and best practices related to cost basis reporting. Proactively suggest and identify opportunities for process improvements to enhance efficiency and accuracy.

 Required Skills:

• 2 years’ experience in transaction management, financial operations, or similar role within the financial services industry.

• Solid understanding of financial statements, records, and accounting principles.
• Familiarity with IRS regulations and cost basis reporting requirements preferred.
• Prior experience within PACE/TLC or similar transaction management systems.
• Strong Analytical mindset with the ability to identify discrepancies, mitigate risk, and implement solutions.
• Excellent communication skills, both verbal and written, with the ability to interact effectively with client teams at all levels.
• Ability to work independently and collaboratively in a fast-paced environment, managing multiple priorities effectively.  Especially during tax season (Jan-Apr)
• Overtime may be required to support business needs.

Desired Skills:

• Proficient with Microsoft Office, Outlook, Word, and Excel
• College degree preferred
• Ability to create and/or run macros

Skills:

• Attention to Detail
• Customer and Client Focus
• Oral Communications
• Prioritization
• Problem Solving
• Account Management
• Analytical Thinking
• Coaching
• Written Communications
• Mentoring
• Research
• Result Orientation

Shift:

Hours Per Week: