Bank of America Compliance Manager in New York, New York

Job Description:

The Compliance Manager is responsible for engaging 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, the Compliance Manager demonstrates and applies business acumen to promote a culture of compliance and the identification, escalation and timely mitigation of compliance risks. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CRM Program objectives, balancing business strategy with appropriate controls.

The Compliance Manager is accountable for contribution to the requirements in the GC Policy aligned to compliance officers, including but not limited to the following activities:

  • Assist the Compliance Executive in maintaining and communicating regulatory changes, advising and directing business leaders to ensure that regulatory requirements are addressed in their respective process and controls so that their day to day activities operate in a compliant manner.

  • Engage other compliance officers, Enterprise Areas of Coverage roles, and horizontal function roles to provide oversight of FLU and CF activities.

  • Conduct compliance risk assessments of FLU and CF.

  • Contribute to monitoring and testing coverage plans and related metrics for Front Line Unit ("FLU") or Control Function ("CF").

  • Monitor and test the effectiveness of the front line unit and control function compliance risk controls.

  • Identify aggregate, report and escalate compliance risks, issues and control enhancements.

  • Execute governance and management routines.

  • Identify compliance training needs, provide subject matter expertise to support development of training curriculum, and inspect FLU/CF and third party participation.

  • Assist business leaders in preparations for regulatory exams and audits for FLU/CF and related Enterprise Areas of Coverage.

  • Inspect that commitments made regarding actions in response to Matters Requiring Attention ("MRAs") and other actions are completed.

  • Escalate regulatory relations concerns to Compliance Executive.

The Compliance Manager reviews team deliverables to support consistent quality of activities, processes and outputs.

This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a small team, or may act as an individual contributor. This role may have Money Laundering Reporting Officer responsibilities.

Additional responsibilities include:

  • Update relevant policies and procedures to 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 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 for and provide compliance advice and guidance to FLU/CF

  • Assist with preparations for regulatory exams, inquiries and audits for FLU/CF

  • Escalate regulatory relations concerns to Compliance Manager or Executive.

  • Oversee and manage compliance protocols related to the broker-dealer disciplines and regulatory requirements

  • Stay updated on securities laws, rules and regulations and industry best practices applicable to the FLU, and advise Compliance Manager/Executive accordingly

Required Skills:

  • Experience in fixed income products and markets

  • Functional knowledge of laws, rules and regulations applicable to banking and securities activity

  • Proactive, analytical thinker

  • Excellent verbal communication skills

  • Excellent writing skills

  • Able to work in trading floor environment

  • Attention to detail

  • 5+ years experience

  • Bachelor's Degree

Desired Skills:

  • Prior experience in a Fixed Income Compliance and/or Control Function role

  • Experience in Securitized Products and Municipal Finance preferred by not required

  • Functional knowledge of multiple FICC market activities preferred including:

  • GSEs – Compliance with agreements, suitability, TMPG requirements and annual audit reviews

  • Securities regulation – Trade reporting (TRACE), suitability, communications/research, supervision, markups, best execution/order handling and Market Access

  • Advanced degrees, securities licenses, or regulator experience a plus, but not required

Posting Date : 04/11/2018

Location :


  • United States

Travel : Yes, 5% of the time

Full / Part-time : Full time

Hours Per Week : 40

Shift : 1st shift

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