Compliance & Operational Risk Specialist

Company: Disability Solutions
Location: Jersey City
Posted on: November 2, 2024

Job Description:

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. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We're devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!Job Description: This job is responsible for assisting the Compliance and Operational Risk officer team to execute 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: Assists in assessing risks, associated controls and their effectiveness, while driving compliance with applicable laws, rules, and regulations, adhering to policies, and developing reporting and documentation

• Engages in activities to provide support to the Compliance and Operational Risk teams in order to provide independent compliance and operational risk oversight of Front Line Unit or Control Function 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
• Assists in identifying and escalating problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses
• Assists in the development of independent risk management reporting for respective area(s) of coverage as input into management routines
• Assists in responding to regulatory inquiries and other audits and examinations
• Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintains a comprehensive regulatory inventorySkills:
  • Monitoring, Surveillance, and Testing
  • Process Management
  • Regulatory Compliance
  • Reporting
  • Risk Management
  • Attention to Detail
  • Critical Thinking
  • Interpret Relevant Laws, Rules, and Regulations
  • Issue Management
  • Policies, Procedures, and Guidelines Management
  • Active Listening
  • Advisory
  • Business Process Analysis
  • Written CommunicationsThe Effectiveness and Efficiency team is responsible for measuring monitoring and constantly improving the effectiveness and efficiency of the Trade Surveillance Program. The team conducts this responsibility by executing a number of programs such as contsant review and monitoring of generated alerts, efficiency of alerts, effectiveness of analysts/Surveillances/Systems by conducting programs such as Quantitative Analysis, Review of Triggering Events, overseeing the annual parameter review program and more. Responsibilities:
    • Assist the team with constantly monitoring, measuring and improving the overall Effectiveness and Efficiency of the program through the execution of the various programs.
    • Ensure that the Trade Surveillance program is executing against internal and external SLAs and review, analyze and recommend new solutions to ensure compliance with SLAs.
    • Cross-collaboration with all teams involved in Trade Surveillance from Technology to all regional execution teams to deliver on projects, programs and work through various audit issues.
    • Assist with weekly, monthly and quarterly reports and representation of stats to the various forums.
    • Assist the team quantitative analysis, automation, statistical analysis and quality assurance projects related to Trade Surveillance Effectiveness and Efficiency.
    • Assist with the documentation and presentation of processes and procedures.
    • Exhibit leadership and communication skills especially as it relates to cross department and business unit function collaboration.
    • Provide subject matter expertise on market misconduct behaviors.
    • Cultivates healthy working relationships with peers, partners and senior leaders across a variety of functional groups, including Compliance and Operations Risk group, Global Technology and operations and the Front line Units.
    • Assists in assessing risks, associated controls and their effectiveness, while driving compliance with applicable laws, rules, and regulations, adhering to policies, and developing reporting and documentation
    • Engages in activities to provide support to the Compliance and Operational Risk teams in order to provide independent compliance and operational risk oversight of Front-Line Unit or Control Function 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
    • Assists in identifying and escalating problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses
    • Assists in the development of independent risk management reporting for respective area(s) of coverage as input into management routines
    • Assists in responding to regulatory inquiries and other audits and examinations
    • Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage and maintains a comprehensive regulatory inventory.Required Skills:
      • In-depth knowledge of various financial assets such as Equities, Derivatives, Fixed income, FX and OTC products such as CDS and Swaps.
      • In-depth Knowledge of market misconduct behaviors and knowledge of various trade surveillances and their purpose
      • Knowledge of the applicable laws, rules, and regulations addressing Market Misconduct and Trade Surveillance in the relevant markets
      • Exhibit a good level of analytical skills/analytical thinking
      • Proficient in Microsoft tools including excel and word.
      • Excellent communication verbal and written skills
      • Ability to effectively collaborate with all internal and external associates with various level of seniority.
      • Bachelor's Degree or relevant work experienceDesired Skills:
        • Good understanding of financial data and how trading activity is presented in data. Understanding of FIX data specifically is a positive.
        • Coding skills especially in Python are a positive.
        • Understanding of Statistical models and system efficiency methodologies such as Six Sigma is a positive.
        • Knowledge or experience in trading is preferred.
        • 3+ Years experience working in a function dealing with market manipulation misconduct
        • 6+ years in Financial Industry/Financial TechnologyShift:1st shift (United States of America)Hours Per Week: 40Pay Transparency detailsUS - NJ - Jersey City - 525 Washington Blvd (NJ2525)Pay and benefits informationPay range$70,000.00 - $130,000.00 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.

Keywords: Disability Solutions, Greenwich , Compliance & Operational Risk Specialist, Other , Jersey City, Connecticut