Operations Chief Risk Officer (Union)

Bank of America in Union, NJ

  • Industry: Executive Management - Accounting/Finance
  • Type: Full Time
  • $175,290.00 - 175,290.00
position filled

Charlotte, North Carolina; Jersey City, New Jersey

The Operations Chief Risk Officer (CRO) Roles are experienced and strong subject matter experts across the Banks Operations activities which span all 8 lines of business including Consumer, Wholesale, and Wealth Management. These resources understand the inherent risks and necessary controls needed to operate a highly controlled Operations function in the present and in the future. These individual contributors will work across the enterprise and partner across all applicable horizontal risk teams to formulate a holistic and independent risk point of view across Bank of Americas Operations functions / activities. These individuals will leverage a holistic and strategic risk point of view they have formulated to work with and influence 1st and 2nd line partners to pro-actively identify and address key risk themes and emerging risks facing the Operations areas of the organization. These individuals will drive internal management routines, influence risk coverage activities and key controls, challenge the Operations FLU/CF teams, and execute on formal CRO responsibilities. Pro-active risk identification and monitoring based on internal and externally-sourced analysis is an important outcome of the work of the CRO.

Operations CRO Responsibilities include:
The Operations CRO function has responsibility to take a holistic and independent view across all Operations functions (Consumer, Global Wealth Management, Global Banking & Markets) and all applicable risk types present.
Identification and analysis of top risks and focus areas the Banks Operations areas must focus on to manage present and future risks across the four applicable risk types resident within Operations - Compliance, Operational, Reputational, and Strategic.
Works closely with and leverages the appropriate Risk Type horizontal coverage activities to inform a point of view, and will influence horizontal risk activities based on its assessment of thematic and emerging risks facing the Operations functions broadly based on internal and external risk analyses.
Prepares a comprehensive point of view is formally summarized, documented and presented each Quarter to Executive Management in Operations and Global Risk through its CRO memo.
CROs are responsible for researching external events to assess its impacts and identifying potential risks to the business; Horizontal risk teams may determine deeper analysis is warranted as owner of the program.
CROs are responsible for partnering with Horizontal risk teams to drive integrated risk forums for second line of defense as a means of sharing information and highlighting potential areas of focus.
CROs will leverage integrated risk forums to exchange and share information.
The CRO will be an advisor to establish risk management policies, limits, standards, controls, metrics and thresholds within the defined corporate standards.
The CRO must have the ability to recognize all risk types and categories and bringing appropriate risk expertise as needed.

The CRO demonstrates intellectual curiosity, exercises sound judgment, creates an environment that challenges, encourages debate and engages and influences senior executives across a large matrixed organization. Individuals in these roles are able to clearly articulate a point of view at all levels of the company, even if it is in contrast with others.

Broad knowledge of the financial services Industry across multiple lines of business (Consumer, Wealth Management, Global Banking and Markets)
Leadership experience related to discipline of Operations in the Financial Services industry (e.g., Payments, Servicing and Fulfillment, Trading Operations, Account Maintenance, etc.)
Risk Management mindset (Identify, Escalate, Debate) and knowledge of emerging risks facing operations (Change, Automation, Digitization, Global Privacy, Third Party, Regulatory Reporting, Resiliency, etc.)
Intellectual Curiosity and Analytical approach to work
Independent thought leadership to strategic decisions and debate
Strong end-to-end, enterprise and process thinking ability having an operational excellence mindset
Strong risk management experience

Consulting background is preferred to handle the enterprise breadth of this role
Large scale, multi-year strategic planning experience
Will be focused on future state of operations, what will Operations landscape look like in 5 years with impacts of digitization, automation, regulatory landscape, changing product sets, payments evolution, etc.

General Job Description

Provides counsel to business unit managers on risk management issues. Identifies risks to which the LOB is exposed, implements measures to prevent, eliminate or mitigate losses, and monitors outcomes/risk levels. Ability to recognize all risk categories including credit, market, operational and compliance and bringing appropriate risk expertise as needed. Accountable for conducting execution of risk framework activities including, but not limited to, independent monitoring and testing of controls and risk management processes for the LOB. May direct risk staff or participate in establishing risk management procedures and standards, developing risk management analyses and reports, developing approval procedures and guidelines on risk limits by type of product and/or transaction, and in establishing management and administrative procedures to ensure adherence to policies.

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 .
To view the "EEO is the Law" Supplement, CLICK HERE .

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 Americas Drug-free workplace and alcohol policy, CLICK HERE .

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Associated topics: analyst, budget, cash, cfa, finance director, fiscal, invest, investor, kpmg, treasure

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