Compliance & Operational Risk Manager

Job Description:

The Compliance and Operational Risk Manager role is responsible for front line oversight of the Investment Products- Markets (IP Markets) business within the Global Wealth and Investment Management. This includes providing an independent and aggregate view of compliance and operational risk management for the IP Markets New Issue business to ensure execution of the global risk framework.  Additionally, this position will be responsible for effectively collaborating with key stakeholders across Bank of America lines of business, functional areas, and control partners to ensure risks are being managed effectively and efficiently. 

The role provides a high level of engagement with LOB stakeholders via participation in and independent coverage of governance and risk management committees, senior management within Compliance and Operational Risk including the Chief Compliance Officers of Merrill Lynch. The successful candidate will be empowered to mount credibly challenge and enforce line of business compliance to the New Issue policies. The Compliance and Operational Risk 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, engagement, collaboration and influence, and may constructively challenge FLU and CF partners (Legal, CRO) to support the GRM Program objectives, balancing business strategy with appropriate controls.

The New Issue Compliance and Operational Risk Manager responsibilities include but are not limited to the following activities:

  • Provide leadership 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.

  • Provide independent risk management oversight of compliance and operational risk generated within ISG IP Markets New Issue.  These activities and functions include but are not limited to due diligence review, primary trade facilitation, product origination, sales and marketing practices, as well as associated processes, operations and technology

  • Partner with Due Diligence Executive, other COR officers, Legal Partners and horizontal function roles to provide oversight of Front Line Unit ('FLU') and CF activities.

  • Develop and maintain relationships with key subject matter experts in Global Banking and Markets , GWIM Equity, CD, UIT, Closed End Fund new issue desks,  Bank of America Private Bank and Merrill Lynch Wealth Management lines of business

  • Provide independent review and challenge of the Process, Risk and Control inventory (“PRC”)

  • Identify aggregate, report and escalate compliance and operational risks, issues and control enhancements.

  • Conduct and develop compliance and operational risk assessments, monitoring and testing the effectiveness of New Issue Desk or related product business controls

  • Serve Primary COR representative in necessary governance and management routines. Identify compliance training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation.

  • Assist business leaders in preparation for regulatory exams and audits for FLU/CF and related Enterprise Areas of Coverage.

  • Escalate regulatory relations concerns to the GCOR IP Markets Executive.

  • 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

  • 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.

  • 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

Required Skills:

  • 7+ years in compliance and operational risk, preferably with wealth management experience

  • Broker dealer and/or retail knowledge

  • Strong Business Acumen

  • Strong organizational skills and high attention to detail

  • Ability to work under pressure and meet various competing requirements

  • Ability to garner collaborative buy-in from LOB partners and horizontal CFs

Desired Skills:

  • Working knowledge of new issue capital markets and sales practice related rules and regulations (e.g. Rule 5130, Reg BI)

  •  Series 7 or 24 licenses preferred

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 Manager role is responsible for front line oversight of the Investment Products- Markets (IP Markets) business within the Global Wealth and Investment Management. This includes providing an independent and aggregate view of compliance and operational risk management for the IP Markets New Issue business to ensure execution of the global risk framework.  Additionally, this position will be responsible for effectively collaborating with key stakeholders across Bank of America lines of business, functional areas, and control partners to ensure risks are being managed effectively and efficiently. 

The role provides a high level of engagement with LOB stakeholders via participation in and independent coverage of governance and risk management committees, senior management within Compliance and Operational Risk including the Chief Compliance Officers of Merrill Lynch. The successful candidate will be empowered to mount credibly challenge and enforce line of business compliance to the New Issue policies. The Compliance and Operational Risk 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, engagement, collaboration and influence, and may constructively challenge FLU and CF partners (Legal, CRO) to support the GRM Program objectives, balancing business strategy with appropriate controls.

The New Issue Compliance and Operational Risk Manager responsibilities include but are not limited to the following activities:

  • Provide leadership 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.

  • Provide independent risk management oversight of compliance and operational risk generated within ISG IP Markets New Issue.  These activities and functions include but are not limited to due diligence review, primary trade facilitation, product origination, sales and marketing practices, as well as associated processes, operations and technology

  • Partner with Due Diligence Executive, other COR officers, Legal Partners and horizontal function roles to provide oversight of Front Line Unit ('FLU') and CF activities.

  • Develop and maintain relationships with key subject matter experts in Global Banking and Markets , GWIM Equity, CD, UIT, Closed End Fund new issue desks,  Bank of America Private Bank and Merrill Lynch Wealth Management lines of business

  • Provide independent review and challenge of the Process, Risk and Control inventory (“PRC”)

  • Identify aggregate, report and escalate compliance and operational risks, issues and control enhancements.

  • Conduct and develop compliance and operational risk assessments, monitoring and testing the effectiveness of New Issue Desk or related product business controls

  • Serve Primary COR representative in necessary governance and management routines. Identify compliance training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation.

  • Assist business leaders in preparation for regulatory exams and audits for FLU/CF and related Enterprise Areas of Coverage.

  • Escalate regulatory relations concerns to the GCOR IP Markets Executive.

  • 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

  • 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.

  • 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

Required Skills:

  • 7+ years in compliance and operational risk, preferably with wealth management experience

  • Broker dealer and/or retail knowledge

  • Strong Business Acumen

  • Strong organizational skills and high attention to detail

  • Ability to work under pressure and meet various competing requirements

  • Ability to garner collaborative buy-in from LOB partners and horizontal CFs

Desired Skills:

  • Working knowledge of new issue capital markets and sales practice related rules and regulations (e.g. Rule 5130, Reg BI)

  •  Series 7 or 24 licenses preferred

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 Manager role is responsible for front line oversight of the Investment Products- Markets (IP Markets) business within the Global Wealth and Investment Management. This includes providing an independent and aggregate view of compliance and operational risk management for the IP Markets New Issue business to ensure execution of the global risk framework.  Additionally, this position will be responsible for effectively collaborating with key stakeholders across Bank of America lines of business, functional areas, and control partners to ensure risks are being managed effectively and efficiently. 

The role provides a high level of engagement with LOB stakeholders via participation in and independent coverage of governance and risk management committees, senior management within Compliance and Operational Risk including the Chief Compliance Officers of Merrill Lynch. The successful candidate will be empowered to mount credibly challenge and enforce line of business compliance to the New Issue policies. The Compliance and Operational Risk 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, engagement, collaboration and influence, and may constructively challenge FLU and CF partners (Legal, CRO) to support the GRM Program objectives, balancing business strategy with appropriate controls.

The New Issue Compliance and Operational Risk Manager responsibilities include but are not limited to the following activities:

  • Provide leadership 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.

  • Provide independent risk management oversight of compliance and operational risk generated within ISG IP Markets New Issue.  These activities and functions include but are not limited to due diligence review, primary trade facilitation, product origination, sales and marketing practices, as well as associated processes, operations and technology

  • Partner with Due Diligence Executive, other COR officers, Legal Partners and horizontal function roles to provide oversight of Front Line Unit ('FLU') and CF activities.

  • Develop and maintain relationships with key subject matter experts in Global Banking and Markets , GWIM Equity, CD, UIT, Closed End Fund new issue desks,  Bank of America Private Bank and Merrill Lynch Wealth Management lines of business

  • Provide independent review and challenge of the Process, Risk and Control inventory (“PRC”)

  • Identify aggregate, report and escalate compliance and operational risks, issues and control enhancements.

  • Conduct and develop compliance and operational risk assessments, monitoring and testing the effectiveness of New Issue Desk or related product business controls

  • Serve Primary COR representative in necessary governance and management routines. Identify compliance training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation.

  • Assist business leaders in preparation for regulatory exams and audits for FLU/CF and related Enterprise Areas of Coverage.

  • Escalate regulatory relations concerns to the GCOR IP Markets Executive.

  • 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

  • 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.

  • 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

Required Skills:

  • 7+ years in compliance and operational risk, preferably with wealth management experience

  • Broker dealer and/or retail knowledge

  • Strong Business Acumen

  • Strong organizational skills and high attention to detail

  • Ability to work under pressure and meet various competing requirements

  • Ability to garner collaborative buy-in from LOB partners and horizontal CFs

Desired Skills:

  • Working knowledge of new issue capital markets and sales practice related rules and regulations (e.g. Rule 5130, Reg BI)

  •  Series 7 license preferred

Shift:

1st shift (United States of America)

Hours Per Week: 

40
Company
Merrill Lynch
Posted
09/11/2021
Type
Full time
Location
Pennington, NJ 08534, US