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Compliance and Operational Risk Manager

Location
Pennington, New Jersey
Job Type
Permanent
Posted
8 Sep 2022
Compliance and Operational Risk Manager

Pennington, New Jersey;Jersey City, New Jersey; Charlotte, North Carolina

Job Description:

The Compliance and Operational Risk (C&OR) Manager is responsible for engaging in activities to provide 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). As a member of an FLU or CF C&OR officer team, the C&OR Manager is accountable for proactive identification, management and escalation of compliance and operational risks through the execution of some or all of the below identified activities. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.

The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (EAC), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second lines risk management activities. The C&OR Manager prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business leaders in preparation for FLU/CF regulatory exams/audits/inquiries.

The C&OR Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.

The C&OR Manager contributes to the requirements of the CORM Program requirements including, but not limited to the following activities:

Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input governance and management routines

Provides subject matter expertise to assist the FLU/CF in establishing an annual learning plan, may be accountable for developing and delivering training content

Develops and maintains C&OR-owned policies and standards and/or provides 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, advises business leaders on those changes, directs the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; maintains a comprehensive regulatory inventory

Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancements

Ensures C&OR owned issues and control enhancements are identified and addressed appropriately and timely

Contributes to or leads development of risk coverage plans, executes and / or oversees execution of 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)

Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate

Participates in Scenario Analysis activities for coverage areas and challenges as appropriate

Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation

The Compliance and Operational Risk (C&OR)Manager is responsible for engaging in activities to provide 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 an FLU or CF C&OR officer team, the C&OR Manager demonstrates and applies business acumen to promote a culture of risk management and the identification, escalation and timely mitigation of compliance and operational risks. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.

The C&OR Manager contributes to the requirements in the GCOR Policy aligned to compliance and operational risk officers, including but not limited to the following activities:

Takes an active leadership role in maintaining and communicating regulatory changes, advising and directing business leaders to ensure that regulatory requirements are addressed in their respective process and controls so that their day-to-day activities operate in a compliant manner.

Proactively engages other C&OR officers, Enterprise Areas of Coverage (EAC) roles, and horizontal function roles to provide comprehensive oversight of FLU and CF activities.

Identify, collect, validate and record internal loss events and near misses. Perform root cause analyses on internal loss events and develop remediation plans to strengthen controls.

Identify, review and document relevant external loss events.

Conduct compliance and operational risk assessments of FLU and CF, incorporating review of external loss events to assess control effectiveness.

Provides independent review and challenge of the FLU/CFs Risk & Control Self-Assessment (RCSA).

Leads the efforts and/or contributes to monitoring and testing coverage plans and related metrics for Front Line Unit (FLU) or Control Function (CF).

Monitor and test 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.

Contribute to Scenario Analyses to provide a forward-looking estimate of hypothetical operational losses.

Executes and/or provides oversight of governance and management routines.

Identify compliance and operational risk training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation.

Provides consultation to business leaders in preparations for regulatory exams and audits for FLU/CF and related Enterprise Areas of Coverage.

Inspect that commitments made regarding actions in response to Matters Requiring Attention (MRAs) and other actions are completed.

Escalate regulatory relations concerns to Compliance and Operational Risk Executive.

The Compliance and Operational Risk Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.

Required/Desired:

Minimum Years Business & Functional Experience: 7 Years

Degree Required: Bachelors Degree or equivalent experience; May require FINRA registration, Series 7, 14, 24, as indicated by job code

Strong knowledge and understanding of the significant laws, rules and regulations applicable to a retail wealth management broker-dealer /investment advisory business (e.g., Reg. BI, Investment Advisers Act, FINRA rules)

Demonstrated experience with wealth management business products, activities, processes and supervision

Proven Intellectual curiosity

Detail oriented approach to problem solving and analytical skills

Strong written and verbal communication skills

Desired Skills:

Retail Financial Services or similarly regulated sector

Experience identifying, assessing, escalating, and / or mitigating risks significant to a retail wealth management business, including sales practices (e.g., conduct, conflicts of interest, best interest), change management, product, data management, information security and privacy, fraud, and market manipulation

Required Skills: Minimum Years of Business & Functional Experience: 7 Years

Degree Required: Bachelors Degree; May require regulatory examination/registration or certification depending on jurisdiction and role

Desired Skills: Financial Services or similarly regulated sector

Job Band:

H4

Shift:

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

The Compliance and Operational Risk (C&OR) Manager is responsible for engaging in activities to provide 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..... click apply for full job details
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Details

  • Job Reference: 707436431-2
  • Date Posted: 8 September 2022
  • Recruiter: Bank of America
  • Location: Pennington, New Jersey
  • Salary: On Application
  • Sector: Consulting & Corporate Strategy
  • Job Type: Permanent