Compliance & Operational Risk Manager… at Bank of America · Charlotte

Compliance & Operational Risk Manager - Private Bank

Location: Charlotte

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 Private Bank Global Compliance and Operational Risk Manager (“Risk Manager”) role is responsible for front line oversight of the Bank of America Private Bank Fiduciary Investment Management areas. This includes providing an independent and aggregate view of compliance and operational risk related to Reg 9, Investment Policy Statement (creation and reaffirmation), Performance Reporting and Asset Allocation Monitoring as well as regular review of RIA affiliate collateral material in accordance with the SEC Marketing Rule. Additionally, this position will be responsible for effectively collaborating with key stakeholders across Bank of America and partners in the CIO and ISG lines of businesses within Merrill Lynch, and control partners to ensure risks are being managed effectively and efficiently.

This job is responsible for executing second line of defense compliance and operational risk oversight for the Bank of America Private Bank Fiduciary Investment Management business area

The role of Risk Manager, provides a high level of engagement with management on both the FLU and business control partners of GWIM through regular participation in and independent reporting to governance and risk management committees, senior management within Compliance and Operational Risk. The role will have the stature and authority to credibly challenge and enforce line of business compliance to the risk management frameworks and policies.

Responsibilities:

• Assesses risks and effectiveness of Front Line Unit (FLU) processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinations
• Engages in activities to provide independent compliance and operational risk oversight of FLU or Control Function (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 Program and Standard Operating Procedures
• Identifies and escalates problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses
• Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities
• Assists in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines
• Analyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks
• Reviews and challenges FLU/CF process, risk, Single Process Inventory, and FLU/CF Risk and Control Self-Assessment related to themes or trends, while monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage

Required Qualifications:

• Minimum seven years' experience in wealth management related experience (preferably private banking, broker-dealer, or asset management) or experience supporting similar FLUs from a 2nd line risk or business controls perspective.
• Working knowledge of relevant laws rules and regulations (E.g., Reg 9, SEC, Reg W, FINRA, etc.)
• Bachelor’s Degree (MBA, J.D. a plus) or comparable experience

Desired Qualifications:

• Bachelor’s Degree in a related field
• Experience in financial services and/or a similarly regulated sector
• Technical understanding or familiarity with Bank of America systems and platform integration (operations and data management related experience, a plus
• Intellectually curious, proactive, persistent and tenacious
• Ability to effectively navigate the Bank of America organization to identify key subject matter experts and governance requirements
• Excellent communication skills; able to communicate complex ideas in a clear, direct, concise and simple way; ability to interact with individuals at all levels of the organization
• Ability to work under pressure and meet various competing requirements

Skills:

• Advisory
• Monitoring, Surveillance, and Testing
• Regulatory Compliance
• Reporting
• Risk Management
• Critical Thinking
• Influence
• Interpret Relevant Laws, Rules, and Regulations
• Issue Management
• Policies, Procedures, and Guidelines Management
• Business Process Analysis
• Decision Making
• Negotiation
• Process Management
• Written Communications

Shift:

1st shift (United States of America)

Hours Per Week:

40

Pay Transparency details

US - NJ - Pennington - 1600 American Blvd - Hopewell Bldg 6 (NJ2600)Pay and benefits informationPay range$97,200.00 - $230,000.00 annualized salary, offers to be determined based on experience, education and skill set.Discretionary incentive eligibleThis 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.BenefitsThis 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.