Bank of America
Risk Management Manager - Enterprise Independent Testing
Bank of America, Chicago, Illinois, United States, 60290
Overview
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We drive Responsible Growth and deliver for our clients, teammates, communities and shareholders. We value an inclusive workplace and support teammates’ wellness and development. This role requires office-based attendance with role-specific flexibility. Job Description
This job is responsible for providing risk oversight and advice to the Line of Business (LOB) on risk management issues. Key responsibilities include identifying risks to which the LOB is exposed, implementing measures to prevent and mitigate losses, and monitoring risk outcomes. Expectations include recognizing all risk categories (credit, market, operational, and compliance) and directing risk staff or establishing risk management procedures and standards. Area of Focus
The main area of focus is process oversight for the Enterprise Independent Testing (EIT) LOB, the company’s centralized testing utility that identifies operational or compliance risks. This process oversight may include serving as a Process Owner or Process Delegate and is accountable for the process lifecycle, ensuring efficiency, effectiveness and alignment with organizational goals. Key responsibilities include: Assessing process risks and evaluating control metrics Managing objectives and customer expectations Managing cost and efficient use of resources Collaborating with stakeholders Championing continuous improvement to enhance process experience and outcomes Understanding the process end-to-end and influencing resources required to execute the process Driving changes to optimize performance Responsibilities
Understands information associated with their process in accordance with the Process Management – Enterprise Policy Identifies and manages standardized risks inherent in their process Identifies controls designed to reduce inherent risk, assesses performance, remediates deficiencies, and measures control effectiveness Reviews overall control effectiveness rating and individual control design, performance and effectiveness Participates in establishing risk management procedures and standards Executes risk framework activities including independent monitoring and testing of controls and risk processes for the LOB Liaises with businesses to understand market trends and impacts on portfolio, including stress testing applicability to risk categories Ensures adherence to company policies and procedures Manages risk requests, breach remediation and provides risk challenges for front-line units Develops risk analyses, reports, and approval procedures and guidelines on risk limits by type of product/transaction Managerial Responsibilities
This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate additional responsibilities beyond role-specific duties: Manager of Process & Data: emphasize deep process knowledge, operational excellence and continuous improvement Enterprise Advocate & Communicator: connect enterprise decisions to team strategy Risk Manager: ensure proper risk discipline, controls and culture People Manager & Coach: provide coaching and feedback to improve performance Financial Steward: manage expenses and budgets Enterprise Talent Leader: assess talent and build bench strength Driver of Business Outcomes: deliver results through prioritization and delegation Skills
Process Design and Management Continuous Improvement Stakeholder Engagement Analytical Thinking Coaching Critical Thinking Collaboration Oral Communications Portfolio Analysis Presentation Skills Written Communications Issue Management Monitoring, Surveillance, and Testing Regulatory Compliance Technical Documentation Required Experience
10+ years of industry experience Bachelor’s degree in business or related field or commensurate experience (MBA or equivalent a plus) Leading strategic and change initiatives Managing diverse stakeholders with competing interests Understanding enterprise policies, programs, procedures, and systems Prioritizing competing demands, managing multiple priorities and executing goals Shift
1st shift (United States of America) Hours Per Week
40 Pay Transparency details
US - CA - Westlake Village - 954 S Westlake Blvd - WESTLAKE VILLAGE BC (CA6132), US - IL - Chicago - 540 W Madison St - Bank Of America Plaza (IL4540) Pay range $115,000.00 - $181,400.00 annualized salary. Offers to be determined based on experience, education and skill set. Discretionary incentive eligible. This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on individual performance results, the performance of the line of business, and the overall success of the Company. Benefits: This role is currently benefits eligible. We provide industry-leading benefits, paid time off, and resources to support employees and contribute to sustainable growth of the business and communities we serve.
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At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We drive Responsible Growth and deliver for our clients, teammates, communities and shareholders. We value an inclusive workplace and support teammates’ wellness and development. This role requires office-based attendance with role-specific flexibility. Job Description
This job is responsible for providing risk oversight and advice to the Line of Business (LOB) on risk management issues. Key responsibilities include identifying risks to which the LOB is exposed, implementing measures to prevent and mitigate losses, and monitoring risk outcomes. Expectations include recognizing all risk categories (credit, market, operational, and compliance) and directing risk staff or establishing risk management procedures and standards. Area of Focus
The main area of focus is process oversight for the Enterprise Independent Testing (EIT) LOB, the company’s centralized testing utility that identifies operational or compliance risks. This process oversight may include serving as a Process Owner or Process Delegate and is accountable for the process lifecycle, ensuring efficiency, effectiveness and alignment with organizational goals. Key responsibilities include: Assessing process risks and evaluating control metrics Managing objectives and customer expectations Managing cost and efficient use of resources Collaborating with stakeholders Championing continuous improvement to enhance process experience and outcomes Understanding the process end-to-end and influencing resources required to execute the process Driving changes to optimize performance Responsibilities
Understands information associated with their process in accordance with the Process Management – Enterprise Policy Identifies and manages standardized risks inherent in their process Identifies controls designed to reduce inherent risk, assesses performance, remediates deficiencies, and measures control effectiveness Reviews overall control effectiveness rating and individual control design, performance and effectiveness Participates in establishing risk management procedures and standards Executes risk framework activities including independent monitoring and testing of controls and risk processes for the LOB Liaises with businesses to understand market trends and impacts on portfolio, including stress testing applicability to risk categories Ensures adherence to company policies and procedures Manages risk requests, breach remediation and provides risk challenges for front-line units Develops risk analyses, reports, and approval procedures and guidelines on risk limits by type of product/transaction Managerial Responsibilities
This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate additional responsibilities beyond role-specific duties: Manager of Process & Data: emphasize deep process knowledge, operational excellence and continuous improvement Enterprise Advocate & Communicator: connect enterprise decisions to team strategy Risk Manager: ensure proper risk discipline, controls and culture People Manager & Coach: provide coaching and feedback to improve performance Financial Steward: manage expenses and budgets Enterprise Talent Leader: assess talent and build bench strength Driver of Business Outcomes: deliver results through prioritization and delegation Skills
Process Design and Management Continuous Improvement Stakeholder Engagement Analytical Thinking Coaching Critical Thinking Collaboration Oral Communications Portfolio Analysis Presentation Skills Written Communications Issue Management Monitoring, Surveillance, and Testing Regulatory Compliance Technical Documentation Required Experience
10+ years of industry experience Bachelor’s degree in business or related field or commensurate experience (MBA or equivalent a plus) Leading strategic and change initiatives Managing diverse stakeholders with competing interests Understanding enterprise policies, programs, procedures, and systems Prioritizing competing demands, managing multiple priorities and executing goals Shift
1st shift (United States of America) Hours Per Week
40 Pay Transparency details
US - CA - Westlake Village - 954 S Westlake Blvd - WESTLAKE VILLAGE BC (CA6132), US - IL - Chicago - 540 W Madison St - Bank Of America Plaza (IL4540) Pay range $115,000.00 - $181,400.00 annualized salary. Offers to be determined based on experience, education and skill set. Discretionary incentive eligible. This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on individual performance results, the performance of the line of business, and the overall success of the Company. Benefits: This role is currently benefits eligible. We provide industry-leading benefits, paid time off, and resources to support employees and contribute to sustainable growth of the business and communities we serve.
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