Job Description:

Enterprise Role Overview:

Provide analytical support in executing internal control discipline and operational excellence within a LOB/ECF. Gather and organize data in order to monitor and test the effectiveness of key controls and status of mitigation and action plans. Prepare documentation for the tracking, monitoring, and escalation of risk related issues to management. Acts as an ambassador of the risk culture. Incumbents typically have over 5+ years of risk management and/or LOB/ECF experience. May manage staff.

LOB Specific Job Description Summary

Bank of America is looking for someone to join the Americas Client Asset Control Group (CACG) as an FCM Client Money Protection Specialist. In this role, you will be responsible for oversight of the Firm’s customer asset protection regulatory requirements, specifically the CFTC Customer Protection Rules.

You will provide analytical support in executing internal control discipline and operational excellence and act as an ambassador of the risk culture.

If you are ambitious, a quick learner and have a penchant for numbers, problem solving and working with various teams in the financial world, then keep reading for more details about the day-to-day responsibilities and what we are looking for below.

A standard day may include:

• Managing and preparing the daily customer protection computations within the required timeframe for Segregation, Customer Secured 30.7 and Cleared Swaps regulatory origins
• Overseeing the governance, management and monitoring of front-to-back FCM customer protection related processes and controls
• Interacting with regulators on both ad-hoc queries and periodic reviews
• Actively seeking opportunities to streamline processes, minimize risks and enable the front office / business
• Managing daily Residual Interest (‘RI’) processes including: performing target calculations to determine necessary funding movements; submitting pre-approval notifications to regulators for material RI withdrawals; ensuring sufficient RI is maintained to cover outstanding client margin calls and LSOC compliance requirements
• Managing periodic RI processes including: quarterly target amount assessments and periodic compliance and governance routines
• Producing required non-financial daily, bi-weekly and monthly regulatory reports as per regulatory requirements
• Monitoring asset amounts held at foreign brokers to ensure compliance with regulatory threshold amounts (120% of margin requirements)

Teams you will work closely with include:

• Front Office teams
• Operations teams, such as Collateral Operations, Exchange Traded Derivatives Operations, Cash Management Support
• Legal, Compliance, Internal Audit
• Operational Risk and Control
• Finance

The role might be for you if you (required skills):

• Enjoy learning, problem solving and finding solutions to challenges that require critical and analytical thinking
• Are comfortable in a high pressure and supportive environment
• Have an interest in working with various functions in the Financial Services Global Markets space
• Work well with knowledgeable, high performing, driven individuals in a team-oriented culture
• Appreciate the importance of being part of a control and regulatory based function

The extras that could make you a good fit are (desired skills):

• A good working knowledge of futures and options products and processes and associated control environment
• Excellent organizational and communication skills, close attention to detail and experience interacting with senior management
• A strong risk management mind set with the ability to influence others at all levels of a large organization
• Ability to work with stakeholders and technology partners to drive or facilitate continuous improvements changes to controls and processes that impact the Firm’s regulatory environment

Other Qualification:

• Strives to bring new thoughts and ideas to teams in order to drive innovation and unique solutions
• Excels in working among diverse viewpoints to determine the best path forward
• Experience in connecting with a diverse set of clients to understand future business needs – is a continuous learner
• Commitment to challenging the status quo and promoting positive change.
• Participate in and drive collaborative efforts to advance tools, technology, and ways of working to better serve an evolving client base
• Believes in value of diversity so we can reflect, connect and meet the diverse needs of our clients and employees around the world

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