EFR Capital Risk Manager

Job Overview

This job is responsible for providing risk oversight and advice to the Line of Business (LOB) on risk management issues. It involves identifying risks to which the LOB is exposed, implementing measures to prevent and mitigate losses, and monitoring risk outcomes. Job expectations include the ability to recognize all risk categories—credit, market, operational, and compliance—directing risk staff, and participating in establishing risk management procedures and standards.

Responsibilities

• Participates in establishing risk management procedures and standards
• Conducts execution of risk framework activities including independent monitoring and testing of controls and risk management processes for the Line of Business (LOB)
• Liaisons with businesses to understand market trends and impacts on portfolio, using knowledge of stress testing and its applicability to risk categories
• Ensures adherence to the policies and procedures established by the company
• Manages risk requests, breach remediations and provides risk effective challenges for front line units
• Develops risk management analyses, reports, and approval procedures and guidelines on risk limits by type of product and/or transaction

Enterprise Financial Risk (EFR) Overview

Enterprise Financial Risk (EFR) seeks to deliver effective independent risk management of the activities and processes associated with managing the Company's capital, liquidity and interest rate risks, including price risk in the CFO managed securities portfolio. As the Chief Risk Officer (CRO) function covering the Chief Financial Officer (CFO) Group, EFR brings together a holistic point of view across all seven risk types for the Company's CFO.

Department Overview

Enterprise Capital Risk Management (ECRM) is a department within Enterprise Financial Risk (EFR). This group is responsible for providing an independent assessment of Bank of America's Capital adequacy and the risks to our capital position, as described within BAC's Risk Framework.

Role Summary

Operating within BAC's Risk Framework, understand and drive all components of the end-to-end Capital/Capital Risk management process/program for the Enterprise. As a Risk horizontal team, it is our role to ensure the Enterprise adheres to our Capital Management policy and any resultant standards and guidance. Key components include risk identification across the 8 lines of business and legal entities, forecasting and stress testing processes, and monitoring processes, including review and challenge of Board and Management Level Risk Appetite Limits. Additionally, ECRM is responsible for completing our independent risk management mandate, including capital calculations (spot and forecasted) and any changes to the calculations.

Key Responsibilities

• Lead EFR coverage of SEC / FINRA broker dealer net capital rules and requirements, including executing capital calculation testing and review and challenge of FOCUS report filings and calculations
• Review and challenge key capital management activities, including capital planning and forecasting for broker dealer entities, capital risk appetite limits, and subsidiary capital actions/dividends
• Develop and demonstrate acumen for the identification of capital risks and mitigants
• Ensure understanding of the business processes that may increase our risk, as well as the mitigants to that risk
• Assist in the establishment and execution of all Enterprise Risk Management Program requirements
• Coordinate and conduct execution of risk framework activities that are the responsibility of EFR, including independent review and risk assessment of front line owned processes
• Conduct and ensure appropriate and adequate documentation for all independent risk reviews and risk points of view, including appropriate escalation and communication to Senior Management
• Conduct and document risk's acceptance and understanding of the capital impacts from new products and new transactions
• Deliver effective review and challenge of front-line owned processes that generate or impact our risk or Capital position
• Draft and communicate executive and committee messaging on a regular basis in a variety of formats, including PowerPoint and MS Word
• Support corporate-wide risk related initiatives, including regulatory change
• Enhance the Risk landscape, ensuring our balance sheet and business model is appropriately stressed across a variety of scenarios, baseline to bankruptcy (resolution)
• Provide subject matter expertise related to Capital risk management process and Capital stress testing to the Risk verticals teams, Corporate Treasury, CFO Group and other partners across the enterprise to drive execution of the stress testing framework and ensure Risks identified are reflected across all scenarios

Critical Success Measures

• Deliver against the book of work for Enterprise Capital/Capital Risk Management
• Ensure that we are providing appropriate monitoring and analysis that allow us to support high quality risk insights
• Connection to and execution of responsibilities of the independent risk function

Core Competencies

• Vision - Takes a long‑term view and builds a shared vision with others; acts as a catalyst for organization change. Influences others to translate vision into action
• Communication - Can articulate credible pictures & visions of possibilities and likelihoods
• Resilience - Deals effectively with pressure; remains optimistic and persistent, even under adversity. Recovers quickly from setbacks. May be required to take an unpopular stand
• Collaboration - Develops networks and builds alliances; collaborates across boundaries to build Capital relationships and achieve common goals. Influencing and negotiating across external stakeholders (regulators) as well as internal groups including LOB Risk teams, Corporate Treasury, GRRP, Audit & Compliance to drive execution
• Interpersonal Skills - Treats others with courtesy, sensitivity, and respect. Considers and responds appropriately to the needs and feelings of different people in different situations
• Developing Others - Develops the ability of others to perform and contribute to the organization by providing ongoing feedback and providing opportunities to learn through formal and informal methods

Requirements and Qualifications

• Strong analytical skills, including analysis of financial data and written reports
• Knowledge of SEC broker dealer net capital rules and/or FINRA rules
• 8-12 years of Treasury, Finance, Accounting or Risk Management experience
• Proficiency with PowerPoint and Excel. Writes in a clear, concise, organized, and convincing manner for the intended audience
• Strong business‑centric mindset with ability to utilize sound business judgment and tailor approach to drive optimal business outcomes

Skills

• Analytical Thinking
• Coaching
• Critical Thinking
• Liquidity Management
• Collaboration
• Oral Communications
• Portfolio Analysis
• Presentation Skills
• Written Communications
• Issue Management
• Monitoring, Surveillance, and Testing
• Regulatory Compliance
• Technical Documentation
• Trading Strategy

Shift

1st shift (United States of America)

Hours Per Week

40

Pay Transparency Details

US - NY - New York - ONE BRYANT PARK - BANK OF AMERICA TOWER (NY1100)

Pay Range

$115,000.00 - $184,500.00 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary Incentive

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.