Bank of America Compliance Specialist in Pennington, New Jersey
The Compliance Specialist assists the Compliance officer team in activities to contribute to the independent compliance oversight of Front Line Unit ("FLU") and Control Function ("CF") performance and any related third party/vendor relationships in alignment with the Compliance Risk Management ("CRM") Program and the Global Compliance Enterprise Policy (GC Policy). As a member of a FLU or CF compliance officer team, this role applies business acumen to promote a culture of compliance and the identification, escalation and timely mitigation of compliance risks by assisting FLU or CF Compliance teams with any of the following activities:
• Create and maintain a regulatory inventory.
• Update relevant policies to ensure they reflect regulatory requirements for FLU/CF.
• Contribute to compliance risk assessments.
• Contribute to monitoring and testing coverage plans and related metrics.
• Monitor and test the effectiveness of the front line unit and control function compliance risk controls for FLU/CF.
• Identify aggregate, report and escalate compliance risks, issues and control enhancements for FLU/CF.
• Assist in the execution of governance and management routines.
• Identify compliance training needs and inspect FLU/CF and third party participation for FLU/CF.
• Assist with preparations for regulatory exams and audits for FLU/CF.
• Inspect that commitments made regarding actions in response to Matters Requiring Attention ("MRAs") and other actions are completed for FLU/CF.
• Escalate regulatory relations concerns to Compliance Manager or Executive.
This role may have Money Laundering Reporting Officer responsibilities.
Additional responsibilities include:
This position will provide compliance and operational risk support and oversight to U.S. Trust, which may include oversight of their sales, trust and philanthropic administration and investment activities. U.S Trust seeks to provide banking, credit, investment and fiduciary solutions, and trust administration to its clients. This role will work closely with the FLU to oversee the level of risk associated with the delivery of these services, including through independent testing, monitoring and risk assessment activities.The person in this position will be expected to execute the Global Compliance and Operational Risk Program, including:
Provide U.S. Trust and other Global Wealth and Investment Management (GWIM) personnel with advice and guidance for complying with banking, fiduciary and securities laws and regulations
Interact with the highest professional standards, as a leader and with associates at all levels of the organization and with those outside Bank of America including: government regulators, outside legal counsel, service providers, and independent auditors; function effectively as a member of a small team.
Promote the Bank of America culture of compliance and operational risk and proactively identify risks, working with the FLU, Legal, and other risk partners and stakeholders to resolve issues efficiently and effectively
Participate in the regulatory change management process by monitoring, analyzing, and assessing the impact of regulatory changes on the business.
5 Years Functional Experience
Bachelors Degree or equivalent work experience
Strong follow through and delivery to ensure instructions are executed timely and adequately
Strong attention to detail and organizational skills
Strong written and verbal skills
Ability to learn as well as to teach others as the situation requires
The ability to influence outcomes and opinions at all levels of the organization
Ability to work well with other as well as take the initiative to work individually to drive results
Knowledge of and experience with prudent fiduciary standards and related laws, United States banking and securities laws and regulations, including Regulation W, Regulation R and Regulation 9.
Ability to inspire and motivate, as well as artfully persuade colleagues and others to achieve desired results.
Posting Date : 12/07/2018
Jersey City, NJ, 101 HUDSON ST (NJ2101),
Pennington, NJ, HOPEWELL BLDG. 2, 1200 AMERICAN BLVD,
Charlotte, NC, ONE BANK OF AMERICA CENTER, 150 N COLLEGE ST,
- United States
Travel : Yes, 5% of the time
Full / Part-time : Full time
Hours Per Week : 40
Shift : 1st shift
Assistance for Applicants with Disabilities
Bank of America is committed to ensuring that our online application process provides an equal employment opportunity to all job seekers, including individuals with disabilities. If you believe you need a reasonable accommodation in order to search for a job opening or to submit an application, please visit the Applicants with Disabilities page at http://careers.bankofamerica.com/us/applicants-with-disabilities .
Diversity & Inclusion
At Bank of America, our commitment to diversity and inclusion is helping us to create not only a great place to work, but also an environment where our employees, our customers and our communities around the world can reach their goals and connect with each other. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.
Frequently Asked Questions
Need to know how to apply online, view a list of your submitted job applications or reset your password? Visit our FAQ at http://careers.bankofamerica.com/us/faq section for answers to these questions and more.