Bank of America MLWM Business Risk Control Manager in New York, New York
Merrill Lynch Wealth Management is a leading provider of comprehensive wealth management and investment products and services for individuals and businesses. With 10,869 Financial Advisors and $1.9 trillion in client balances as of December 31, 2015, Merrill Lynch is among the largest businesses of its kind in the world.
Merrill Lynch Wealth Management specializes in goals-based wealth management, including planning for retirement, education, legacy, and other life goals through investment advice and guidance. Merrill Lynch’s financial advisors help clients pursue the life they envision through a one-on-one relationship with a financial advisor committed to their needs — an advisor with access to the investment insights of Merrill Lynch and the banking convenience of Bank of America.
Acts as an objective advisor to LOB heads across a broad set of COO functions. Drives execution of key strategic initiatives. Leads reporting and analytical efforts to deepen understanding of business economics, client attrition, client profitability, etc. Leads analyses to screen potential acquisition targets and manages business development process. Executes business/strategic planning process across sub-lines of business including management of strategic reviews by senior leadership. Leads the design, development, execution and continuous improvement of LOB reporting and dashboards.
The Business Risk Control Manager will work closely in support of the MLWM COO Risk Executive
Responsibilities include knowledge of operational risk policies, procedures and standards, and are capable of performing analyses with little or no direction
In conjunction with the Executive, this role will need to identify risks to which the firm is exposed, implements measures to prevent, eliminate or mitigate losses, and monitors outcomes / risk levels for various business lines
Additional responsibility includes limiting exposures due to risks such as those resulting from human error, unsupervised trading, and transaction processing failure, monitoring weaknesses, threats to information systems, data integrity and fraudulent activities
This person will undertake assessments of business unit exposures, identifying risks, evaluating their potential impact and reviewing the strengths and weaknesses of the organization's existing controls
Work with other risk functions to develop and implement controls that mitigate operational risks. Once the controls are in place, continue to monitor control compliance and the prevalent risk environment to ensure that exposures are kept at acceptable levels
Audit/ Operational Risk Specialization: Responsible for having a strong understanding of the processes and controls of various business areas and assessing the risks associated with these various processes. Staff undertake relevant audit testing to determine the effectiveness of the control environment and provide recommendations to improve processes and controls where necessary
8+ years of relevant risk related experience in Wealth Management industry a must
Experience managing others and partnering closely critical lines of business
Assist in development of routines to proactively engage critical partners (Audit, Risk, Legal, Compliance) and monitor risk issues and trends
Work with senior leaders to ensure accountability and action plans are in place to mitigate risk
Support the Operational Risk Executive to create execution plans, with LOB heads and key partners, for timely issue resolution and closure
Work with senior leaders and key partners to ensure risks issues, once closed, remain closed through robust management of execution plans and mitigations; Influence across MLWM leadership with the Operational Risk Executive, in promoting a risk culture focused on identify-escalate-debate, with proactive management and mitigation of risk issues
Keep the MLWM COO and MLWM Leadership Team informed of key risk issues, actions, and mitigations
Build relationship that fosters ongoing and proactive communication with Audit, Legal, Risk, and Compliance partners who support MLWM
Participate in QA/QC/ RCSA process
Work closely with Operational Risk Executive to prepare updates for Fed and OCC for MLWM COO
Posting Date : 09/11/2017
Location : US-NJ-Pennington, US-NY-New York
Travel : Yes, 15% of the time
Full / Part-time : Full time
Hours Per Week : 40
Shift : 1st shift
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