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.
We are committed to being a diverse and inclusive workplace for everyone, hiring individuals with a broad range of backgrounds and experiences, and investing heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America values collaboration and flexibility, employing a multi-faceted approach to accommodate various roles within our organization.
Working here offers a great career with opportunities to learn, grow, and make an impact, along with the power to make a difference. Join us!
Job Description:
The Global Financial Crimes (“GFC”) Manager executes substantive money laundering, economic sanctions, and fraud compliance and operational risk practices relevant to their area of responsibility. The GFC Manager is accountable for adhering to the Global Compliance and Financial Crimes Enterprise Policies, Compliance and Operational Risk Management Program (“CORM Program”), the Global Compliance - Enterprise Policy, the Operational Risk Management – Enterprise Policy, and the Enterprise Fraud Risk Management Standard. They work directly or through compliance officers for the Front Line Units (“FLUs”) and Control Functions (“CFs”) to fulfill these requirements.
The GFC Manager proactively engages with other Chief Compliance and Operational Risk (“C&OR”) officers, including horizontal coverage owners and Enterprise Areas of Coverage (“EAC”), to provide comprehensive oversight of FLU/CF activities. This role involves developing and maintaining a global coverage plan that defines the scope and risk-based focus of the second line’s risk management activities. The GFC Manager prepares materials for C&OR regulatory exams, audits, and inquiries, and may also provide consultation to business leaders in preparation for these reviews. Additionally, the GFC Manager provides leadership in attracting, assessing, developing, motivating, and retaining a team, or may act as an individual contributor.
Activities include, but are not limited to:
* Producing and overseeing independent financial crimes risk management reporting to Global Compliance & Operational Risk (“GC&OR”) senior leaders and FLU/CF senior leaders via established governance routines.
* Participating in industry forums and monitoring regulatory expectations, emerging legislation, political scrutiny, litigation, and key influencers to identify and mitigate emerging risks.
* Identifying regulatory training needs and supporting the development of training curricula.
* Advising on and maintaining policies and standards related to financial crimes, ensuring they address regulatory requirements and operational risks.
* Monitoring regulatory changes relevant to Global Financial Crimes, advising on necessary policy and process updates, and maintaining a comprehensive regulatory inventory.
* Identifying, reporting, escalating, and remediating issues and control enhancements related to financial crimes.
* Escalating compliance and operational risks to appropriate governance routines and management/board committees.
* Ensuring timely remediation of issues and control enhancements owned by C&OR.
* Developing and maintaining the global financial crimes coverage plan, overseeing monitoring, testing, and risk assessments, and communicating results.
* Reviewing and challenging FLU/CF processes, risk, control inventories, and risk & control self-assessments.
* Reviewing operational loss events and developing remediation plans to strengthen controls.
* Participating in scenario analysis activities and ensuring key risk and control metrics are monitored and reported.
Additional activities may include:
* Filing all regulatory reports related to Financial Crimes for the company.
* This role may have Money Laundering Reporting Officer responsibilities.
Required Skills:
* Minimum of 7 years of business and functional experience.
* Bachelor’s degree or equivalent experience required.
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