Compliance and Operational Risk Manager

Job Description:

Job Title: Compliance and Operational Risk Manager - Electronic Trading

Corporate Title: Vice President

Location: London

Company Overview:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Location Overview:

Our London office is based just a stone’s throw from the magnificent St. Paul’s Cathedral on bustling King Edward Street. Here you’ll find modern workspaces and a state-of-the-art auditorium space. In addition, we’re proud to host an onsite restaurant that shares our commitment to sustainability by providing delicious seasonal menus which have been created with the planet in mind. Make sure to take time for yourself and head up to our rooftop terrace and take in the spectacular views across London. Finally, your physical wellness is well-catered for with our onsite gym facilities and medical centre.

The Team:

Bank of America has an opening for a Vice President to join the ET COR Team to establish and own electronic trading compliance and risk management in EMEA for its Global Markets (Equities & FICC) businesses. The Firm has developed an Electronic Trading Compliance and Operational Risk (“ET COR”) specific team to identify and assess significant risks driven & heightened by the implementation and growth of electronic trading businesses and activity, and to ensure the appropriate control framework is established and risks mitigated. The ET COR team is deployed across Business Units globally.

The ET COR team operates as part of the Second Line of Defense, providing independent governance and oversight of electronic trading compliance and risk management across the Firm.

Role Description:

This job is responsible for executing second line of defence compliance and operational risk oversight for a Front-Line Unit, Control Function, and/or Third Parties. Key responsibilities include ensuring requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy (collectively “the Policies”), the Compliance and Operational Risk Management Program and Standard Operating Procedures are implemented and identifying, challenging, escalating, and mitigating risks in a timely manner.

Responsibilities:

• Risk Identification: Identify and assess risks and controls related to the EMEA electronic trading businesses and activity, including Algorithms, Direct Electronic Access, Internal Trading Venues and Internal Market Access.

• Oversight: Own, drive and participate in relevant governance, steering, and working group committees, inclusive of reviewing metrics and escalation reports to monitor risk and control-related developments, issues and trends.

• Challenge: Actively and pro-actively engage with Business Units, Infrastructure Groups and Control Partners to shape the control framework, challenging established and proposed solutions as appropriate.

• Oversight of intra-day limit monitoring and approval of front-office trading limits and controls. Monitor limits for breaches and ensure any breaches are remediated and escalated appropriately

• Review all major incidents and control failures

• Procedures: Review execution of relevant procedures and assess assurance mechanisms for how effectively they identify weaknesses or failures of key controls.

• Assessments: Undertake independent assessments of the electronic trading environment and control framework to identify potential gaps/weaknesses and propose solutions.

• Relationship Management: Create strong working relationships with control and process owners as a mechanism for identifying and mitigating electronic trading risk.

• Advisory Services: Provide guidance on the evolving Electronic Trading risk landscape and associated control functions.

• Risk Acceptance / Policy Exception Oversight: Work with key stakeholders to establish & evaluate policy & policy exception requests, driving risk acceptance conclusions as appropriate.

• Reporting: Develop metrics and reporting to measure and monitor Key Risk Indicators. Oversight of the creation and maintenance of risk and control documentation.

• Assesses risks and effectiveness of Front-Line Unit (FLU) processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinations

• Engages in activities to provide independent compliance and operational risk oversight of FLU or Control Function (CF) performance and any related third party/vendor relationships in alignment with the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy (collectively the Policies) and the Compliance and Operational Risk Management Program and Standard Operating Procedures

• Identifies and escalates problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk losses

• Manages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activities

• Assists in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routines

• Analyses and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risks

• Reviews and challenges FLU/CF process, risk, Single Process Inventory, and FLU/CF Risk and Control Self-Assessment related to themes or trends, while monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverage

What we are looking for:

• Bachelor’s Degree minimum.

• Several years’ experience in the financial services industry.

• Electronic trading experience is highly desirable. Could have been in a COO, business/product development, sales/coverage or support role related to Electronic Trading.

• Deep understanding of EMEA regulatory framework and market microstructure.

• Familiarity with execution strategies and electronic execution algorithms.

• Experience from within an Execution Services business.

• Exposure to electronic execution algorithms – either as a trader, business manager or technologist.

• A broad understanding of Operational Risk issues.

• An understanding of regulatory trends and future requirements.

• Experience in risk management around Sales & Trading systems, especially lower-latency electronic trading.

• Experience with software development lifecycle controls (e.g. change management, testing).

• Experience with relationship management.

• Strong interpersonal skills in order to work in a team-oriented environment.

• Strong project management and organization skills.

• Ability to multitask and prioritize.

• Ability to work under pressure and to tight deadlines.

• Flexible and self-motivator.

• Excellent communication skills, both verbal and written; ability to produce concise and effective presentations.

• Ability to work in a small team environment, building and maintain a network of contacts and coordinating with a large number of stakeholders.

Benefits of working at Bank of America (UK):

• Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner

• Competitive pension plan, life assurance and group income protection cover if you become unable to work as a result of a disability or health reasons

• 20 days of back-up childcare including access to school holiday clubs and 20 days of back-up adult care per annum 

• The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a wellbeing account, travel insurance, critical illness etc.

• Access to an emotional wellbeing helpline, mental health first aiders and virtual GP services.

• Access to an Employee Assistance Program for confidential support and help for everyday matters

• Ability to donate to charities of your choice directly through payroll and the bank will match your contribution

• Opportunity to access our Arts & Culture corporate membership program and receive discounted entry to some of the UK’s most iconic cultural institutions and exhibitions.

• Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local community.

Bank of America:

Good conduct and sound judgment is crucial to our long-term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.

We are an equal opportunities employer and ensure that no applicant is subject to less favourable treatment on the grounds of sex, gender identity or gender reassignment, marital or civil partner status, race, religion or belief, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants or physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.

We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements.