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Compliance and Operational Risk Manager - Conflicts of Interest

Location
Providence, Rhode Island
Job Type
Permanent
Posted
8 Sep 2022
Compliance and Operational Risk Manager - Conflicts of Interest

Charlotte, North Carolina;Dallas, Texas; Pennington, New Jersey; Providence, Rhode Island

Job Description:

The Compliance and Operational Risk (C&OR) Manager is responsible for engaging in activities to provide independent compliance and operational risk oversight of Front Line Unit or Control Function (FLU/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 (CORM) Program and Standard Operating Procedures (SOPs). As a member of an FLU or CF C&OR officer team, the C&OR Manager is accountable for proactive identification, management and escalation of compliance and operational risks through the execution of some or all of the below identified activities. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.

The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (EAC), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second lines risk management activities. The C&OR Manager prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business leaders in preparation for FLU/CF regulatory exams/audits/inquiries.

The C&OR Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.

The C&OR Manager contributes to the requirements of the CORM Program requirements including, but not limited to the following activities:

Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input governance and management routines

Provides subject matter expertise to assist the FLU/CF in establishing an annual learning plan, may be accountable for developing and delivering training content

Develops and maintains C&OR-owned policies and standards and/or provides oversight of FLU/CF-owned policies, standards and procedures 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, advises business leaders on those changes, directs the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; maintains a comprehensive regulatory inventory

Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancements

Ensures C&OR owned issues and control enhancements are identified and addressed appropriately and timely

Contributes to or leads development of risk coverage plans, executes and / or oversees execution of independent risk monitoring, testing and risk assessments, communicates results

Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA)

Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate

Participates in Scenario Analysis activities for coverage areas and challenges as appropriate

Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation

Required Skills: Minimum Years of Business & Functional Experience: 7 Years

Degree Required: Bachelors Degree; May require regulatory examination/registration or certification depending on jurisdiction and role

Enterprise Compliance and Operational Risk (ECOR) assists in engaging other C&OR officers and FLU/CF conflicts officers, including horizontal coverage owners and EACs, to provide comprehensive oversight of FLU/CF activities related to conflicts of Interest. The Conflicts of Interest team is responsible for the horizontal design of program requirements to drive understanding, accountabilities and escalation of related conflicts risks. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second lines risk management activities. The ECOR Manager has responsibility for executing CORM program elements including the development and execution of monitoring/testing/assessment activities, risk assessments and developing a global laws rules and regulation inventory for conflicts of interest.

Specifically, this role will help document and develop the Enterprise Conflicts of Interest program. Activities this role performs for their area of coverage include, but are not limited to:

Reviews internal and external sources to benchmark industry standards, and identify emerging conflicts risk

Networks internally with appropriate liaisons to identify emerging conflicts risks

Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancements as it relates to conflicts of interest

Working with EACs and C&OR coverage officers to review and challenges the FLU/CF single process inventory and FLU/CF Risk & Control Self-Assessment (RCSA) related to conflicts of interest risk

Provides subject matter expertise to C&OR officers and FLU/CF as needed

Desired Skills: Financial Services or similarly regulated sector

Required/Desired:

Minimum years business and functional experience or compliance and operational risk experience: 5 years

Bachelors degree or equivalent experience

Ability to interact with all levels of personnel, globally, including senior executives.

Previous Business Controls experience and/or Compliance and Operational Risk EAC experience preferred including the ability to understand effective process design and execution, rules and regulations to FLU/CF owned processes with an emphasis on bank and/or broker-dealer products.

Detail-oriented and highly organized. inquisitive, self-driven, and positive under pressure

Ability to respond appropriately to time-sensitive requests

Demonstrated ability as a team player on a small team

Demonstrated strong business writing, presentation and verbal communication skills are required.

Job Band:

H4

Shift:

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

The Compliance and Operational Risk (C&OR) Manager is responsible for engaging in activities to provide independent compliance and operational risk oversight of Front Line Unit or Control Function (FLU/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 (CORM) Program and Standard Operating Procedures (SOPs). As a member of an FLU or CF C&OR officer team, the C&OR Manager is accountable for proactive identification, management and escalation of compliance and operational risks through the execution of some or all of the below identified activities. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.

The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (EAC), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second lines risk management activities. The C&OR Manager prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business leaders in preparation for FLU/CF regulatory exams/audits/inquiries.

The C&OR Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.

The C&OR Manager contributes to the requirements of the CORM Program requirements including, but not limited to the following activities:

Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input governance and management routines

Provides subject matter expertise to assist the FLU/CF in establishing an annual learning plan, may be accountable for developing and delivering training content

Develops and maintains C&OR-owned policies and standards and/or provides oversight of FLU/CF-owned policies..... click apply for full job details
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Details

  • Job Reference: 707243429-2
  • Date Posted: 8 September 2022
  • Recruiter: Bank of America
  • Location: Providence, Rhode Island
  • Salary: On Application
  • Sector: Legal
  • Job Type: Permanent