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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits. We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences.

These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve. Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description:
Opportunity in the Product Risk Execution team, within the Global Payments Solutions (GPS) organization. The Product Risk Execution organization reflects our commitment to elevating risk management to become a strategic function and enabler of Responsible Growth. This team develops best practices, streamlines processes, and enables execution of risk activities by supporting product managers with expertise and specialization on all aspects of product risk management. Product managers remain responsible for risk in their product, and product executives retain responsibility for their governance routines.  

 

Responsibilities:

•              Direct report to the Global Head of GPS Product Risk Execution, matrix report to Global Liquidity Executive

•              Enable execution of risk management across the Global Liquidity Product team. Ensure high quality of product risk governance across Issues Management, Single Process Inventory (SPI), Audit Management, Targeted Risk Assessments, Third Party, Law Rule Reg & Clearing Rule Management, and Product Risk Assessment (PRA) processes.

•              Engage and influence across senior leaders of various control partners such as Business Controls, COO, Global Banking Risk, Global Financial Crimes Compliance (GFC), Global Compliance and Operational Risk (GCOR), and other key stakeholders such as Operations & Technology on GPS risk matters

•              Manage regular routines with Product executives & other partners to identify and review current open issues, watch items, upcoming regulations & new product initiatives pipeline.       

•              Drive and QA development of Product Intake assessments, Product Risk Assessments (PRAs), Single Process Inventories (SPIs), Issue documentation, action plans, closure documentation and other Risk deliverables based on inputs from Product Managers and in line with the enterprise expectations

•              Lead SPI owners on risk & controls assessment including identifying processes, and providing advisory on creation and updates of SPIs.

•              Lead, when needed, on regulatory change management, timely assessments, past due items and escalations in alignment with the regulatory change management process.  Escalate issues or conflicts in legal and regulatory requirements as appropriate.

•              Advise Product Managers, when needed, on responding to audit’s questions and requests for information, Targeted Risk Assessments (TRAs) from 2nd line (GCOR / GFC etc) or regulatory engagements (questions, consultations, inspections, and exams).

•              Monitor key risk indicators across GPS products, including key control metrics, operational losses, client related complaints, and issues management (Self-Identified Issues, Risk-Identified Issues, Control Enhancements)

Required Skills:

•              Candidates are required to have proven experience in both Transaction Banking product management and risk management.

•              3+ years Transaction Banking / Cash Management product management or product development experience, preferably with a Payments background

•              3+ years risk management experience in business controls/ operational risk/ compliance/ financial crimes/ Audit/ Sanctions/ AML

•              Experience in managing discussions with internal Audit/ Compliance/ external Regulators

•              Experience of leading and executing large scale projects across cross-functional partners within a large, global financial institution

•              Familiarity with banking & payments regulatory environment

•              Familiarity with Sanctions related regulations/impacts relevant to Transaction Banking

•              Familiarity with upcoming alternative payment methods in the market and regulations

•              Proven ability to work in a demanding, fast-paced global environment, with flexibility towards rapid change

•              Motivated self-starter who can act independently and drive execution, follow through with tasks and commitments, and retain sensitivity to when group consensus is required

•              Must be able to leverage cross-functional, globally disbursed, teams to prioritize, plan and execute, while retaining the agility to adapt to changing priorities

•              Ability to wade through details and complexity, yet return high-level simplicity for senior management, and ultimately recommend workable solutions

•              Drive alignment via strong and efficient facilitation and presentation capability, synthesizing multiple inputs into a cohesive approach

•              Ability and desire to think creatively to deliver business results both independently and as part of a team

•              Intellectually curious, confident, and passionate in communication and work-ethic, energized by continuous improvement and challenging the status quo

•              Excellent interpersonal, communication (written and verbal) and relationship-building skills across all levels of an organization

•             Bachelor's Degree required

Desired Skills:

•              Familiarity with banking & payments regulatory environment

•              Familiarity with Sanctions related regulations/impacts relevant to Transaction Banking

•              Familiarity with upcoming alternative payment methods in the market and regulations

•              Proven ability to work in a demanding, fast-paced global environment, with flexibility towards rapid change

•              Motivated self-starter who can act independently and drive execution, follow through with tasks and commitments, and retain sensitivity to when group consensus is required

•              Must be able to leverage cross-functional, globally disbursed, teams to prioritize, plan and execute, while retaining the agility to adapt to changing priorities

•              Ability to wade through details and complexity, yet return high-level simplicity for senior management, and ultimately recommend workable solutions

•              Drive alignment via strong and efficient facilitation and presentation capability, synthesizing multiple inputs into a cohesive approach

•              Ability and desire to think creatively to deliver business results both independently and as part of a team

•              Intellectually curious, confident, and passionate in communication and work-ethic, energized by continuous improvement and challenging the status quo

•              Excellent interpersonal, communication (written and verbal) and relationship-building skills across all levels of an organization

Skills:

• Leadership Development
• Product Design and Development
• Product Management
• Project Management
• Strategy Planning and Development
• Innovative Thinking
• Performance Management
• Process Management
• Relationship Building
• Agile Practices
• Business Acumen
• Business Development
• Oral Communications
• Process Effectiveness

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Pay Transparency details

US - IL - Chicago - 110 N Wacker Dr - Bank Of America Tower Chicago (IL4110), US - NY - New York - ONE BRYANT PARK - BANK OF AMERICA TOWER (NY1100)

Pay and benefits information

Pay range

$129,500.00 - $232,400.00 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 their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

Benefits

This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.