Risk Management at Bank of America in Jersey City, NJ

📌 Jersey City 🏷️ Other 🕑 2021-07-30
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Enterprise Data Compliance & Operational Risk Executive

Job Description

Enterprise Data Risk, Compliance and Operational Risk (EDR COR), seeks to deliver effective independent risk management of the activities and processes associated with managing the Company's data. The team provides 2nd line oversight of Enterprise Data Strategy & Governance (EDSG), Chief Data Office (CDO) and coordinates Enterprise wide Data Risk coverage with 2nd line partners (GCOR FLU Coverage Risk Managers).The Enterprise Data Risk Compliance and Operational Risk team is seeking multiple executives with a focus on one the following data related skills sets: Data Architecture and Database architecture strategy
- The Data Risk Management Executive (EDR COR Executive) has knowledge of data domains, relational database design including structure/interface, cloud-based solutions, and data lineage. The EDR COR manager possesses a high level of skill in application deployment and workload architectures to better understand and identify data risks. Data Methods and Artificial Intelligence (AI)
- The Data Risk Management Executive (EDR COR Executive) has knowledge of data methods including artificial intelligence and machine learning and the ability to identify any risks which may have unintended consequences
The EDR COR Executive will lead the development, delivery and ongoing management of a 2nd line Independent Data Risk Management program of compliance and operational risk management (CORM). The role will lead risk assessments of various types of data risks across lines of business and control functions, e.g. data quality risk, data movement risk, data fit for purpose risk and data governance. The EDR COR Executive will ensure effective analysis and measurements of key data risks are established, measured and monitored. The EDR COR Executive provides strategic direction, planning and inspection of the EDR COR team or group of teams who are responsible for identifying, escalating and mitigating risks in a timely manner in alignment with the CORM Program and the Policies. This role ensures there is consistent, proactive engagement with the FLU/CF leaders globally, and collaborates with1st line partners (EDSG & CDO) and 2nd line partners (GCOR Coverage Risk Managers). Additionally, as an expert in a specific area of coverage, the EDR COR EAC Executive should stay up to date on emerging data capabilities, methods and tools and conduct external benchmarking, participate in industry forums and innovate on emerging trends or topics related to their area of coverage. The EDR COR Executive has one or more of the following:
- Understands governance and adoption of Authoritative Data Sources
- Experience in metadata management, architectural strategy (Data domains), policy design, process design, business architecture and management information reporting
- Understands the core methodology in AI solutions and the context in which it will be deployed so as to find risks/gaps
- Ability to review and challenge AI Governance and recommend alternative approaches or controls to mitigate risks/gaps identified
- Looks for unexpected risks / unintended consequences of an AI solution over its life cycle
- Knowledge of machine learning, natural language processing technology
The EDR COR Executive has
- Passion for data combined with intellectual curiosity and learning agility to accurately interpret, understand and evaluate a variety of risks to data across multiple lines of business and control functions
- Understanding of strategies to use data as an asset
- Strong business-centric mindset with ability to utilize sound business judgment to problem solve, make decisions in complex situations and drive issues to completion
- Strong analytical skills (including both analysis of financial data and written reports). Talk and writes in a clear, concise, organized, and convincing manner for the intended audience
- Leadership experience including (directly or indirectly) managing employees with diverse skill sets, setting a long term departmental strategy and comfortable with leading change
The EDR COR Executive is also accountable for these activities for their areas of coverage including, but not limited to:
- Oversees independent risk management reporting to Global Compliance and Operational Risk ("GC&OR") Senior Leaders and FLU/CF Senior Leaders via established governance and managementroutines
- Participates in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny, litigation and key influencers (trade associations, PA
Cs, lobbyists, consumer groups, and media) in the EAC subject area to identify and mitigate emergingrisks
- OverseestheidentificationofregulatorytrainingneedsandC&ORinputintothedevelopmentoftraining curriculum
- Oversees the development and maintenance of C&OR-owned policies and standards and the review of relevant FLU/CF-owned policies and standards to ensure that regulatory requirements and operational risks are appropriately addressed, inclusive of conduct risk asapplicable
- AdvisesanddirectsbusinessleaderscoordinatingwiththeFLU/CFcomplianceandoperationalriskteamsto ensure that regulatory requirements and operational risks are addressed in their respective procedures and controls so that their daily activities operate in a compliantmanner
- Oversees changes in regulations applicable to area(s) of coverage, including advising business leaders on those changes, directing the appropriate areas to implement or amend policies, standards, procedures and/orprocesses to address regulatory requirements, and challenging the implementation plan as needed; ensures a comprehensive regulatory inventory
- Overseestheidentification,aggregation,reporting,remediationandthematicanalysisofFLU/CF-ownedissuesand controlenhancements
- Escalates compliance and operational risks and issues to appropriate governance routines ormanagement/board levelcommittees
- Oversees remediation of C&OR "owned" issues and control enhancements to ensure they are addressed appropriately and timely
- Accountable for risk coverage plans, oversees execution of monitoring, testing and riskassessments, communicates results and escalates whenapplicable
- Ensures appropriate review and challenge of the FLU/CF process, risk, and control (PRC) inventory and Risk& Control Self
- Assessments (RCSA) for EAC-specific themes andtrends
- Ensuresappropriatereviewandchallengeofinternalandexternaloperationallossevents,includingdevelopment of remediation plans to strengthen controls, and approves whereappropriate
- Oversees Scenario Analysis activities for assigned coverage areas including appropriate challenge andapproval
- Ensures effective measurements of key risks are established and monitored in consideration of risk coverage plans, communicates related results to FLU/CF stakeholders, provides oversight of the remediation of out of tolerance results, and escalates asappropriate.

Required Skills

Bachelor's degree or equivalent experience12+ years of Financial Services experience. Experience should include Data Management, Data Governance, Risk Management Data Architecture (Data Domains) or Data Tools. Note, Diverse backgrounds or experiences.
Should have a passion for data and analysis, and how that information can be used for better planning and decision making.
Must have strong data analysis, interpretation and data visualization skills.
Comfortable and capable of working with multiple business partners, clients, and senior executives, communicating with them at their level of analytical/technical understanding.
Solid experience with Data tools, analytics, reporting and technology experience ( i.e. Collibra, Blueprint, JIRA, Tableau, Micro.
Strategy)Communication
- Can articulately paint credible pictures & visions of possibilities and likelihoods.
Desired

Skills

Experience in metadata management, architectural strategy, policy design, process design, business architecture and management information reporting.
Vision
- Takes a long-term view and builds a shared vision with others; acts as a catalyst for organization change. Influences others to translate vision into action.
Resilience
- Deals effectively with pressure; remains optimistic and persistent, even under adversity. Recovers quickly from setbacks. On occasion required to take an unpopular stand.
Collaboration
- Develops networks and builds alliances; collaborates across boundaries to build strategic relationships and achieve common goals. Influencing and negotiating across external stakeholders (regulators) as well as internal groups.
Interpersonal

Skills

- Treats others with courtesy, sensitivity, and respect. Considers and responds appropriately to the needs and feelings of different people in different situations.
Leveraging Diversity
- Fosters an inclusive workplace where diversity and individual differences are valued and leveraged to achieve the vision and mission of the organization. Exposure and involvement with Employee Engagement initiatives including supporting Diversity & Inclusion efforts.
Developing Others
- Develops the ability of others to perform and contribute to the organization by providing ongoing feedback and by providing opportunities to learn through formal and informal methods.
Enterprise Role Profile: The EAC C&OR Executive provides strategic direction, planning and inspection of an EAC C&OR team or group of teams who are responsible for identifying, escalating and mitigating risks in a timely manner in alignment with the CORM Program and the Policies. This role ensures there is consistent, proactive engagement with the FLU/CF leaders globally, working with the FLU/CF C&OR officer teams to independently advise those leaders on effectively managing the operational and compliance risks related to their area of coverage. Additionally, as an expert in a specific area of coverage, the EAC C&OR Executive conducts external benchmarking, participates in industry forums and innovates on emerging trends or topics related to their area of coverage. The EAC C&OR Executive exercises judgment, influences and constructively challenges the FLU and CF leaders with the C&OR officers, providing timely advice regarding regulatory requirements and expectations, and the implementation of controls to effectively mitigate compliance and operational risk. Where there are centrally managed governance functions in place, the EAC C&OR Executive has relationship management responsibilities, including additional reporting and communication to/with those leaders about the status of compliance and operational risk management for that particular EAC. The EAC C&OR Executive is responsible for identifying and recommending standard process, control and risk definitions for like-processes related to the EAC and oversees adoption enterprise-wide. The EAC C&OR Executive engages other C&OR officers, including horizontal coverage owners and EAC, to provide comprehensive oversight of FLU/CF activities. This role assists in developing and maintaining a global coverage plan which defines the scope and risk-based focus of the second line's risk management activities. The EAC C&OR Executive assists in preparing materials for C&OR regulatory exams/audits/inquiries and may assist with preparation for FLU/CF regulatory exams/audits/inquiries. The EAC C&OR Executive is accountable for the requirements in the Policies, working with FLU/CF C&OR officers to complete those requirements for their areas of coverage including, but not limited to the following activities:
- Oversees independent risk management reporting to Global Compliance and Operational Risk ("GC&OR") Senior Leaders and FLU/CF Senior Leaders via established governance and management routines
- Participates in industry forums and monitors regulatory expectations, emerging legislation and regulation, political scrutiny, litigation and key influencers (trade associations, PA
Cs, lobbyists, consumer groups, and media) in the EAC subject area to identify and mitigate emerging risks
- Oversees the identification of regulatory training needs and C&OR input into the development of training curriculum
- Oversees the development and maintenance of C&OR-owned policies and standards and the review of relevant FLU/CF-owned policies and standards to ensure that regulatory requirements and operational risks are appropriately addressed, inclusive of conduct risk as applicable
- Advises and directs business leaders coordinating with the FLU/CF compliance and operational risk teams to ensure that regulatory requirements and operational risks are addressed in their respective procedures and controls so that their daily activities operate in a compliant manner
- Oversees changes in regulations applicable to area(s) of coverage, including advising business leaders on those changes, directing the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenging the implementation plan as needed; ensures a comprehensive regulatory inventory
- Oversees the identification, aggregation, reporting, remediation and thematic analysis of FLU/CF-owned issues and control enhancements
- Escalates compliance and operational risks and issues to appropriate governance routines or management/board level committees
- Oversees remediation of C&OR "owned" issues and control enhancements to ensure they are addressed appropriately and timely
- Accountable for risk coverage plans, oversees execution of monitoring, testing and risk assessments, communicates results and escalates when applicable
- Ensures appropriate review and challenge of the FLU/CF process, risk, and control (PRC) inventory and Risk & Control Self
- Assessments (RCSA) for EAC-specific themes and trends
- Ensures appropriate review and challenge of internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate
- Oversees Scenario Analysis activities for assigned coverage areas including appropriate challenge and approval
- Ensures effective measurements of key risks are established and monitored in consideration of risk coverage plans, communicates related results to FLU/CF stakeholders, provides oversight of the remediation of out of tolerance results, and escalates as appropriate.

Required Skills

Minimum Years Business & Functional

Experience

12 years
Degree Required: Bachelor's degree or equivalent experience.
Desired

Skills

In depth knowledge of or certification in law, rule, regulation or area of coverage (ie:
SCRA, Privacy); Desired: Association of Privacy Professional (IAPP) accredited certification programs for Privacy EAC
Job Band: H3Shift: 1st shift (United States of America)Hours Per Week:40Weekly

Schedule

Referral Bonus Amount:0

View Application

You will be redirected to Bank of America's preferred application process.

You will be redirected to Bank of America's preferred application process.

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