Corporate Audit at Bank of America is a global team responsible for providing independent assessments of key processes and controls across the Bank in support of its Risk Framework and business strategies. Audit’s assurance and advisory services of business activities is designed to add value to Bank of America.
The team’s coverage is global and covers Counterparty Credit Risk (CCR). The individual will be responsible for oversight of CCR team reviews (incl. large, cross-functional audits) to provide timely and complete assurance over the end-to-end Counterparty Credit Risk framework. Supervises audit team for the project engagement as well as engage in multiple projects simultaneously and updating risk assessments and coverage of risks. Utilizes sound, seasoned analytical skills and possesses product, business, and technical expertise to execute assigned responsibilities. Exercise’s judgment and critical thinking to influence business partners. Identifies control trends in assigned business areas as well as impact to the business and the Bank overall by applying deep and broad business acumen. Owns and communicates importance of operational effectiveness; drives continuous improvement.
To be successful in this job, the individual would have the following background:
- Minimum 10 years of Global Markets experience, preferably covering third line of defense – Audit Counterparty Credit Risk (CCR) or second line of defense – Counterparty Credit Risk Management (CCRM) function in an investment bank, a consultancy firm, or as a regulator.
- SME of CCRM and familiarity with CCR models for calculating CCR metrics.
- Thorough understanding of ISG (SR 11-10) and Basel regulations on CCR. An understanding of regulations covering market risk would also be desirable.
- Oversees audit team members to ensure timely execution of the audit plan with quality standards and in conformance to audit policies and procedures.
- Manages performance of the team members by providing effective and frequent coaching for development and retention by fostering an inclusive work environment.
- Produces quality and timely audit reports that summarize results of an audit to management.
- Responsible for developing and performing risk assessments and coverage of risks and emerging risks. Identifies themes and continually evaluates areas of priority against the company’s risk profile and control environment.
- Assesses issues for impact to business processes and controls; recommends severity ratings and escalates broad themes or trends.
- Manages business partner relationships for areas of responsibility; primary engagement with senior business leaders, has real-time dialog on risks identified.
- Strong analytical skills and exercises critical thinking and judgment to effectively communicate and influence management to improve the control environment in both strategic and tactical initiatives.
- Bachelor’s degree and/or Advanced degree with relevant experience.
- Audit or risk control risk/controls background in financial services
- Intermediate Analytical / Automation Skills (SQL, SAS, Advanced Excel and Access)
- Advanced degree
- CPA preferred
1st shift (United States of America)
Hours Per Week:
Travel: Yes, 10% of the time
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