Compliance and Operational Risk Specialist

2 weeks ago

Bromley, United Kingdom Bank of America Full time

**Job Title**: Compliance and Operational Risk Specialist

**Corporate Title**: Vice President

**Location**: Bromley

**Role Description**:
The Compliance and Operational Risk (“C&OR”) Specialist assists the C&OR officer team in activities to contribute to the 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).

The C&OR Specialist assists in engaging other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (“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 C&OR Specialist assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries.

The C&OR Specialist is accountable for assisting the C&OR Team in the proactive identification, escalation and timely mitigation of compliance and operational risks through the execution of some or all of the following activities:

- Assists in the development of independent risk management reporting for respective area(s) of coverage as input into governance and management routines
- Contributes to the oversight of FLU/CF training which may include content development and/or tracking and communication of employee completion rates
- Assists with the development and maintenance of C&OR owned policies and standards and/or the 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 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
- Contributes to risk coverage plan development, executes 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)
- Supports the review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls
- Assists with the development of risk metrics, monitors related performance and breach remediation

**The Team**:
Global Transaction Services (GTS), Global Wholesale Banking Operations (GWBO) and Leasing Compliance & Operational Risk provide end to end coverage of the respective business areas, primarily focussed on the UK, but with regional responsibility too. The team covers 19 Enterprise Risk Hierarchies, circa 900 Enterprise Process & Control Functions and around 875 associates.

The open role will be responsible for the effective execution of Compliance & Operational Risk Program requirements associated with all products managed by the business teams. Additional responsibilities also include:

- End-to-end oversight of selected business disciplines, evaluating Compliance and Operational risks.
- Supporting the assessment and implementation of regulatory change, training and policies, adequate compliance monitoring and testing, and support the timely identification and remediation of compliance risk issues as necessary.
- Supporting activities with appropriate reporting and communication to key stakeholders, including regulatory agencies as appropriate.
- Maintaining independent Compliance & Operational Risk oversight of business.
- Exercising judgement and influence senior business managers and peers to ensure enforcement of compliance program, balancing business strategy with appropriate controls & pragmatic outcomes.
- Promoting the culture of Compliance and ensures the identification, escalation and timely mitigation of compliance risks
- Documenting & updating procedures.

There are two long standing and experienced team members, providing stability, knowledge and expertise and one more junior associate.

Training and development opportunities are inbuilt to the role and key to the continued success of the team.

**Core Skills**
- Proven track record with experienc

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