Compliance & Operational Risk Manager - Global Markets

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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 Credit Front-Line Unit (“FLU”) 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 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 and 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

Required Qualifications:

• Minimum of seven years of relevant experience
• May require regulatory examination/registration or certification, depending on jurisdiction and role​​​
• Strong knowledge of fixed income markets, including swaps/derivatives products and services
• Excellent inter-personal and communication skills, including strong verbal and written communications, and be a strong and confident presenter
• High attention to detail, diligence and conscientiousness
• Ability to work in a dynamic and fast-paced trading floor environment

Desired Qualifications:

• Bachelor’s Degree in a related field
• Experience in financial services and/or a similarly regulated sector
• 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
• Strong understanding of SEC, FINRA and CFTC rules and regulations
• Operational Risk Management preferably with fixed income product knowledge experience is advantageous

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
• Credible Challenge
• Decision Making
• Negotiation
• Process Management
• Written Communications

Shift:

1st shift (United States of America)

Hours Per Week: 

40