Compliance & Operational Risk - Data Specialist at Bank of America Merrill Lynch

Posted 1 week ago

Charlotte, NC, United States

Job Description:

The Compliance and Operational Risk Specialist assists the Compliance and Operational Risk officer team in activities to contribute to the independent compliance and operational risk oversight of Front Line Unit (“FLU”) and Control Function (“CF”) performance and any related third party/vendor relationships in alignment with the Global Compliance Enterprise Policy, the Operational Risk Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management (“CORM”) Program and Standard Operating Procedures (SOPs)). As a member of a FLU or CF compliance and operational risk officer team, this role applies business acumen to promote a culture of risk management and the identification, escalation and timely mitigation of compliance and operational risks by assisting FLU or CF Compliance and Operational Risk teams with any of the following activities:
  • Create and maintain a regulatory inventory.
  • Update relevant policies to ensure they reflect regulatory requirements for FLU/CF.
  • Conduct compliance and operational risk assessments.
  • Support group’s work to review and challenge the FLU/CFs’ Risk & Control Self-Assessments (RCSA)
  • Contribute to monitoring and testing coverage plans and related metrics.
  • Conduct monitoring and testing activities to check the effectiveness of the front line unit and control function compliance and operational risk controls.
  • Identify, aggregate, report and escalate compliance and operational risks, issues and control enhancements for FLU/CF.
  • Identify, collect, validate and record internal loss events and “near misses.” Contribute to root cause analyses on internal loss events and develop remediation plans to strengthen controls.
  • Identify, review and document relevant external loss events.
  • Assist in the execution of governance and management routines.
  • Identify compliance and operational risk training needs and inspect FLU/CF and third party participation for FLU/CF.
  • Assist with preparations for regulatory exams and audits for FLU/CF.
  • Inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed for FLU/CF.
  • Escalate regulatory relations concerns to Compliance and Operational Risk Manager or Executive.

Required skills:
Minimum Years Business & Functional Experience: 5 Years
Degree Required: Bachelor’s Degree or equivalent experience
Desired skills:
  • Financial Services or similarly regulated sector

TO BE USED IN GLOBAL COMPLIANCE AND OPERATIONAL RISK ONLY: The Compliance and Operational Risk Specialist assists the Compliance and Operational Risk officer team in activities to contribute to the independent compliance and operational risk oversight of Front Line Unit (FLU) and Control Function (CF) performance and any related third party/vendor relationships in alignment with the Global Compliance Enterprise Policy, the Operational Risk Enterprise Policy (collectively the Policies) and the Compliance and Operational Risk Management (CORM) Program and Standard Operating Procedures (SOPs)).

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