Compliance and Operational Risk Manager- Foreign Exchange Coverage

Compliance And Operational Risk Manager

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This job is responsible for executing second line of defense compliance and operational risk oversight for a Front Line Unit, Control Function, and / or Third Parties. Key responsibilities include ensuring requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy (collectively "the Policies"), the Compliance and Operational Risk Management Program and Standard Operating Procedures are implemented and identifying, challenging, escalating, and mitigating risks in a timely manner.

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
• Provide real-time support to the Global Foreign Exchange and Local Currency Trading ("FX and LCT") Front-Line Unit with regards to the rules of the relevant products, markets and venues, and other relevant laws, rules and regulations, including internal policies, as applicable to the Global Markets Business.
• Develop an effective working relationship with Front Line Unit ("FLU") personnel and other internal departments, such as Legal, Operations, Financial Crimes Compliance, and Regulatory Reporting.
• Assist with responding to and coordinating regulatory inquiries.
• Participate in the review and challenge of business activities in line with BofA Global Compliance and Operational Risk Program.
• Participate, as required, in internal investigations into potential breaches of regulatory / venue requirements or Firm policy.
• Participate, as required, in department initiatives in respect of regulatory / market developments and impact analysis on the firm's business and support groups.
• Assist with the review of new business initiatives, including non-standard transactions.
• Review and assess activity which is escalated by Enterprise Independent Testing through surveillance activity undertaken and / or escalated directly by the FLU for potential market misconduct.
• Work closely with other regional Compliance and Operational Risk teams to ensure consistency in approach and best practices.
• Review / update Compliance & Operational Risk Policies and ensure they are consistent with global and local regulatory practices.
• Assist with the development of new and / or update existing Monitoring and Testing items for the Compliance and Operational Risk Program from a local and global perspective.
• Assist with the development and delivery of Compliance and Operational Risk training, both face-to-face and on-line.
• Keep abreast of regulatory change / developments

Managerial Responsibilities :

Diversity & Inclusion Champion : Models an inclusive environment for employees and clients, aligned to company D&I goals.

Manager of Process & Data : Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.

Enterprise Advocate & Communicator : Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.

Risk Manager : Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.

People Manager & Coach : Provides inspection, coaching and feedback to motivate, differentiate and improve performance.

Financial Steward : Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.

Enterprise Talent Leader : Assesses talent and builds bench strength for roles across the organization.

Driver of Business Outcomes : Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.

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

Required Qualifications :

Minimum of seven years of relevant experience

May require regulatory examination / registration or certification, depending on jurisdiction and role

Good knowledge of FX products and services

Desired Qualifications :

Bachelor's Degree in a related field

Experience in financial services and / or a similarly regulated sector

Strong knowledge of Foreign Exchange Market

Strong understanding of FX Global Code

Strong experience in dealing with regulator and exchange inquiries and exams

Strong understanding of market misconduct laws, rules and regulations, as well as applicable surveillance controls

Operational Risk Management preferably with FX product knowledge experience is advantageous

Shift : 1st shift (United States of America)

Hours Per Week : 40

Pay and benefits information Pay range $97,200.00 - $192,200.00 annualized salary, offers to be determined based on experience, education and skill set. Discretionary incentive eligible This 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. Benefits This 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.