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Risk Management Specialist

Charlotte, North Carolina;Jersey City, New Jersey

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 in providing risk oversight and advice to the Line of Business (LOB) on risk management issues. Key responsibilities include monitoring and adhering to risk management policies, limits, standards, controls, metrics and thresholds within the defined corporate standards, assisting in conducting execution of risk framework activities including independent monitoring and testing of controls and risk management processes for the LOB. Job expectations include the ability to recognize all risk categories including credit, market, operational, and compliance.

Responsibilities:

• Assists in establishing and overseeing the risk management governance structure for the Line of Business (LOB)

• Assists in conducting execution of risk framework activities including monitoring and testing of controls and risk management processes for the LOB

• Liaisons with businesses to understand market trends and impacts on portfolio, using knowledge of stress testing and its applicability to risk categories

• Ensures adherence to the policies and procedures established by the company

• Supports the management of risk requests, breach remediations and providing risk effective challenges for front line units

Skills:

• Analytical Thinking

• Credit and Risk Assessment

• Critical Thinking

• Portfolio Analysis

• Decision Making

• Oral Communications

• Presentation Skills

• Technical Documentation

• Written Communications

• Active Listening

• Issue Management

• Liquidity Management

• Monitoring, Surveillance, and Testing

• Regulatory Compliance

Enterprise Financial Risk (EFR) Overview

Enterprise Financial Risk (EFR) seeks to deliver effective independent risk management of the activities and processes associated with managing the Company’s capital, liquidity and interest rate risks, including price risk in the CFO managed securities portfolio. As the Chief Risk Officer (CRO) function covering the Chief Financial Officer (CFO) Group, we also bring together a holistic point of view across all seven risk types for the Company’s CFO.

The team helps Bank of America grow responsibly through developing our teammates, promoting a diverse and inclusive culture, and approaching our work with intellectual curiosity. EFR delivers its mission through a steadfast commitment to its values: cultivating diversity of thought and valuing different perspectives and experiences; promoting learning, fostering relationships and creativity; developing talent, advancing careers, and creating leaders within Global Risk Management and across the company. Our goal is to ensure that a healthy and sustainable liquidity, capital, and interest rate risk (IRR) profile is maintained through baseline economic scenarios, as well as during times of market and idiosyncratic stress.

EFR Division: Liquidity Risk Management

Enterprise Liquidity Risk Management is a department within Enterprise Financial Risk (EFR). This group is responsible for providing an independent assessment of Bank of America’s Liquidity risk, as described within BAC’s Risk Framework. The department’s aim is to support Bank of America’s purpose in making financial lives better through responsible growth. This is accomplished by providing an independent perspective on the effective utilization of Bank of America’s Liquidity resources and ensuring we understand all of the risks that could impact our Liquidity resources. The goal of the department is that a healthy and sustainable Liquidity profile is maintained through a business as usual environment and also during times of stress to support our ability to meet our financial obligations.

Role Summary: Liquidity Risk Management Sr. Specialist

Operating within BAC’s Risk Framework, understand and drive all components of the end-to-end Liquidity Risk management process/program for the Enterprise. As a Risk horizontal team, it is our role to ensure the Enterprise is provided and adheres to our Liquidity Risk policy and any related standards and guidance. Key components of the Liquidity Risk Management program include appropriate risk identification across the 8 lines of business and legal entities, establishment of effective stress testing processes across a range of scenarios, establishment of risk monitoring processes across the 8 lines of business and legal entities; including establishment of Board and Management Level Risk Appetite Limits for our Enterprise and material entities.

Key Responsibilities

• Active Liquidity Risk management through engagement with Corporate Treasury Liquidity Management, LOB Risk and the FLUs

• Identification of Risks, including severity and likelihood as well as review & challenge the Line of Business

• Define the Liquidity Risk Limits and Early Warning Indicators (EWI); up-front engagement of Liquidity Risk & LOB team and approval via senior executives and broker-dealer Board of Directors, as appropriate. Monitor and notify or escalate limit breaches and EWIs triggered, as required

• Stress testing assumptions and Models

o Coordination and independent challenge of liquidity assumptions / interpretations including Internal Stress Assumptions, Liquidity Coverage Ratio (LCR)

o Overview of product and legal entity Liquidity Stress Tests and Balance Sheets by Currency

o Coordination and independent challenge, in partnership with our Recovery and Resolution Planning (RRP) colleagues, of liquidity risk assumptions and plan documentation

o Participation in Liquidity Stress Modelling process including preparation of a Risk Point of View prior to approval of assumptions by the Market and Liquidity Risk Committee

o Ensure limits are set based on specific analysis of the risk factors or are in line with the Liquidity Stress tests.

o Understand the results expected from limit setting and review methodology used to ensure results were as expected. Design and execute analysis to develop independent view of the appropriateness of the limits.

o Understand business drivers of limit and metric breaches and communicate effectively as part of breach notifications to drive remediation, when necessary, by the Front Line Units.

• Lead deep dives to identify issues not captured by existing processes, and to fully understand risks and potential opportunities for enhancements

• Lead Independent Risk assessments of the liquidity risk management framework (e.g., Intraday under business as usual and stress scenarios)

• Review Contingent Funds Transfer Pricing and whether it is driving the desired control and behavior

• Review and contribute to policies, protocols, and procedures (active engagement as policies are updated)

• Review new products, where liquidity risk is impacted

• Perform regular reviews to ensure the remaining liquidity risk processes and reporting is appropriate for the Equity and Financing businesses and any concerns are appropriately escalated to senior management. Perform independent analysis to generate an independent viewpoint and document appropriate challenge(s).

• Support corporate-wide liquidity related initiatives and serve as a Subject Matter Expert on Equity and Financing-related liquidity topics.

Core Competencies

• Communication- Can articulately paint pictures & visions of possibilities and likelihoods. Ability to communicate with SMEs as well as senior management and adapt message accordingly.

• 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 CFO partners, as well as EFR organization, Compliance & OpRisk, and other verticals (GBAM and Banking) risk colleagues

• Interpersonal Skills- Treats others with courtesy, sensitivity, and respect. Considers and responds appropriately to the needs and feelings of different people in different situations and locations.

• 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

Key Requirements

• Intellectual curiosity and learning agility to accurately interpret, understand and evaluate a variety of risks across multiple risk types and interconnectivity between risk types

• Strong technical and analytical skills (including both analysis of financial data and written reports)

• Talks and writes in a clear, concise, organized, and convincing manner for the intended audience

• Strong business-centric mindset with ability to utilize sound business judgment and tailor approach to drive optimal business outcomes

Critical Success Measures

• Deliver against the book of work for Enterprise Liquidity Risk Management

• Ensure that we are providing appropriate monitoring and analysis that allow us to support high quality risk insights

• Connection to and execution of responsibilities of the independent risk function

Key Requirements

• Intellectual curiosity and learning agility to accurately interpret, understand and evaluate a variety of risks across multiple risk types and interconnectivity between risk types

• Strong technical and analytical skills (including both analysis of financial data and written reports)

• Talks and writes in a clear, concise, organized, and convincing manner for the intended audience

• Strong business-centric mindset with ability to utilize sound business judgment and tailor approach to drive optimal business outcomes

Shift:

1st shift (United States of America)

Hours Per Week:

40

Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.

To view the "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .

To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf) .

Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.

To view Bank of America’s Drug-free workplace and alcohol policy, CLICK HERE .