EAC Compliance Specialist

Bank of America

New York, NY
Job Code:
Bank of America
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Job Details

Company Bank of America

Job Title EAC Compliance Specialist

Jobid bankofamerica-17010501NewYorkNY

Location: New York, NY, 10176, USA

Description **Job Description:**

The Candidate will support the implementation of Bank of America’s (Bank) Dodd-Frank Act Title VII Compliance Program for its global swap and security-based swap trading activities. The candidate additionally will support implementation efforts relating to other global regulatory derivatives reforms, including uncleared margin rules (UMR) and European derivatives initiatives as needed (e.g., EMIR / MiFID). Candidate will be responsible for enhancing the existing Compliance framework for these regulations and confirming that implementation efforts have taken into consideration the Bank’s Global Compliance Policy Requirements relating to policies, procedures, monitoring, testing and reporting. Responsibilities will include:

+ Provide advisory support in connection with Dodd-Frank Title VII matters, including working with the Front Line Units, Control Functions and Business Line Compliance Officers

+ Assist in the development of a Dodd-Frank Title VII Compliance program, including:◦The ongoing development and implementation of policies and procedures, including drafting policies / procedures, maintaining a policy / procedure inventory and undertaking efforts to assess their effectiveness

+ Conducting risk assessments to confirm the effectiveness of Title VII controls and escalating matters to senior management

+ Working with Enterprise Independent Testing on the development and ongoing testing of the effectiveness of the controls for each registered swap dealer and eventually Security-based Swap Dealer

+ Conduct risks assessments on Title VII control framework

+ Work with surveillance staff on the development of first and second-level controls/surveillance needed for each Security Based Swap Dealer and Swap Dealer

+ Recommending and implementing changes to the Compliance program

+ Working on the development and coordination of initial and ongoing training for employees on requirements impacting each Security-based Swap Dealer and Swap Dealer

+ Draft and distribute regular Compliance Advisories globally to ensure that the Front Line Units and Control Functions are aware of new rules/regulations and policies/procedures relating to each Security Based Swap Dealer and Swap Dealer

+ Participate in internal Working Groups and Industry Forums in connection with swap and security-based swap rule implementation

+ Assist in the preparation of the Annual CCO Report for each Security Based Swap Dealer, Swap Dealer and any other required periodic reports that the CCO for these entities will be required to make to the governing body or relevant regulatory authorities

+ Assist in efforts relating to management reporting, metrics, and other core elements of the Global Compliance Policy

+ Assist in responding to regulatory inquiries and exams

_Enterprise Role Description:_

_The Enterprise Area of Coverage Compliance Specialist, under supervision, as an individual contributor and member of an Enterprise Area of Coverage (“EAC”) Compliance team is responsible for providing enterprise wide oversight of specific laws, rules, regulations, and regulatory guidance, such as those related to SCRA (Service Members Civil Relief Act) and Registration and Licensing through the identification, escalation and timely mitigation of compliance risks in alignment with the Compliance Risk Management (“CRM”) Program and the Global Compliance Enterprise Policy (“GC Policy”)._

_The EAC Compliance Specialist is accountable for the requirements in the Global Compliance Policy, by assisting with any of the following activities:_

+ _Create and maintain a regulatory inventory._

+ _Update relevant policies to ensure they reflect regulatory requirements for enterprise area of coverage._

+ _Conduct compliance risk assessments._

+ _Contribute to monitoring and testing coverage plans and related metrics._

+ _Monitor and test the effectiveness of the front line unit and control function compliance risk controls for enterprise area of coverage._

+ _Identify aggregate, report and escalate compliance risks, issues and control enhancements for enterprise area of coverage._

+ _Assist in executing governance and management routines._

+ _Identify compliance training needs and inspect Front Line Unit/Control Function (“FLU/CF”) and third party participation for enterprise area of coverage._

+ _Assist with preparations for regulatory exams and audits for enterprise area of coverage._

+ _Inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed for enterprise area of coverage._

+ _Escalate regulatory relations concerns to EAC Compliance Manager or Executive._

_The EAC Compliance Specialist reviews team deliverables to support consistent quality of activities, processes and outputs._

_Note: For a complete list of approved enterprise areas of coverage, please see the Global Compliance EACs & Owners._

**Required Skills:**

Minimum Years Business & Functional Experience: 5 Years compliance or regulatory experience, preferably with a federal regulator or self-regulatory organization, or in a trading environment, risk management function, or law firm

Bachelor’s Degree or Equivalent; JD a plus

Understanding of the OTC derivatives market and regulations

Working understanding of Title VII of the Dodd-Frank Act as pertains to the obligations of Swap Dealers and Security-based Swap Dealers

Understanding of OTC clearing and trading on swap execution facilities

Excellent oral and written communication skills

Ability to project confidence and professionalism in all dealings with internal and external stakeholders

Ability to make, support and defend difficult and complex regulatory/compliance decisions in a fast-paced trading floor environment

**Desired Skills:**

Project management skills

Securities and/or futures licenses

Certifications: Knowledge of or certification in law, rule, regulation or area of coverage (i.e.: SCRA, Privacy); Association of Privacy Professional (IAPP) accredited certification programs for Privacy EAC

**Posting Date** : 04/20/2017

**Location** : US-NY-New York

**Travel** : No

**Full / Part-time** : Full time

**Hours Per Week** : 40

**Shift** : 1st shift

**Assistance for Applicants with Disabilities**

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**Diversity & Inclusion**

At Bank of America, our commitment to diversity and inclusion is helping us to create not only a great place to work, but also an environment where our employees, our customers and our communities around the world can reach their goals and connect with each other. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.

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