Bank of America Compliance Specialist in Pennington, New Jersey

Job Description:

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.

Required Skills:

  • 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

Desired Skills:

  • 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.

  • Advanced Degree

Posting Date : 12/07/2018

Location :

Jersey City, NJ, 101 HUDSON ST (NJ2101),



  • United States

Travel : Yes, 5% of the time

Full / Part-time : Full time

Hours Per Week : 40

Shift : 1st shift

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