Compliance Specialist

  • Competitive
  • New York, NY, USA
  • Permanent, Full time
  • Bank of America Corporation
  • 14 Nov 18

Compliance Specialist

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.

The Compliance and Operational Risk Specialist position provides compliance and operational risk support to the ISG Chief Investment Office (CIO). The CIO provides investment solutions and guidance to Merrill Lynch Financial Advisors, US Trust Portfolio Managers, and clients through:
  • investment thought leadership
  • micro and macro economic analysis
  • asset allocation guidance
  • portfolio construction guidance, development and management
  • investment solutions due diligence (covering a broad universe of investments, including mutual funds, exchange-traded funds, alternative investments, separately managed accounts, etc)
Additional responsibilities include:
  • Provide CIO personnel with advice and guidance for complying with banking and securities laws and regulations and adhering to policies and standards implemented by the company to ensure that business processes are designed, controlled and executed consistently to manage operational losses
  • Interact with the highest professional standards with associates at all levels at the Bank, as well as government regulators, outside legal counsel, service providers, and independent auditors
  • Promote a culture of compliance, adherence to policies and standards proactively identify compliance and regulatory risk, working with the business and control partners to resolve issues efficiently and effectively
  • Review collateral developed by CIO
Required Skills:
  • A minimum of five years work experience within the financial services industry and knowledge of and experience with the U.S. securities laws and banking regulations;
  • Ability to inspire and motivate, as well as artfully persuade colleagues and others to achieve desired results.
  • Excellent oral, written, and interpersonal communication skills and analytical skills; attention to detail; courage and conviction
  • Broad business acumen to identify and connect risks across the organization
  • Strong leadership and partnering skills
  • Ability to effectively balance risk and reward
  • Proficiency in MS Office
  • Bachelors Degree
Desired Skills: Advanced Degree

1st shift (United States of America)

Hours Per Week: