Hybrid Business Control Manager GCB (Economic Sanctions) at Bank of America

Job Description:

At Bank of America, we are guided by a common purpose to help make financial ob Description:
This job is responsible for leading and executing on internal control discipline and operational excellence within a Line of Business (LOB) or Enterprise Control Function (ECF). Key responsibilities include executing LO

lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Business Overview

Global Commercial Banking (“GCB”) provides treasury, lending, leasing, advisory, and debt and equity underwriting services to middle market companies with revenues of $50 million to $2 billion across all major industries.  GCB brings clients the full capabilities of the Company paired with local service.  GCB financial solutions include credit, treasury services, international banking, wealth management, risk management and investment banking capabilities.

Job description

The Global Commercial Bank (“GCB”) Business Controls team equips GCB with the tools and resources needed to identify, escalate, debate and mitigate operational and compliance risk. This role is focused on supporting operational risk management and business controls, providing guidance, quality reviews, approvals and monitoring of GCB compliance with Economic Sanctions due diligence requirements.  The successful candidate must have or develop a deep understanding of GCB and it’s global business, as well as a deep understanding of economic sanctions and associated requirements for GCB sales teams.  The candidate should also have a broad understanding of the enterprise, financial services industry an financial crimes. The ability to collaborate with Business Controls peers, Line of Business leaders and relationship managers and Control Partners (including Global Financial Crimes Compliance / Risk) will be critical to success.

Office location flexible to other GCB domestic locations.

Typical candidates have at least 5 years of banking experience and risk management and/or commercial banking experience or exposure.  The position resides on the GCB Business Controls team, housed within the GCB National Operations and Business Integration function, supporting Economic Sanctions Due Diligence inspection. Candidate must be able to thrive in a fast-paced and professional environment with the following responsibilities:

Responsibilities:

Co-lead and anchor GCB’s in-line Economic Sanctions Relationship Due Diligence Review process and support:

• Provide GCB Economic Sanctions Due Diligence Questionnaire (“DDQ”) Client Relationship reviews, including feedback and approvals, to ensure client teams complete and document associated due diligence in a quality manner.
• Foster GCB economic sanctions escalations to Global Economic Sanctions within Global Financial Crimes, and/or to additional Bank leadership, as appropriate.
• Co-own the GCB Economic Sanctions Due Diligence process within the GCB Single Process Inventory (SPI)
• Co-own the GCB Sanctions Mailbox for review submissions and communications.
• Co-own, maintain, review and revise, as appropriate, the GCB Economic Sanctions DDQ Procedures providing guidance to GCB Sales teams.
• Co-own, maintain, review and revise, as appropriate, the GCB Economic Sanctions DDQ “Desktop” Procedures providing guidance to the DDQ Review team members.
• Monitor changes in regulations applicable to Economic Sanctions, and adjust GCB procedures and/or processes as appropriate.
• Produce, analyze and socialize GCB Economic Sanctions risk aggregation and reporting.
• Consult with sales teams when required for Economic Sanctions related assessments of clients.  Serve as a GCB Economic Sanctions subject matter expert and client team advisor.
• Co-own, maintain, review and revise, as appropriate, the GCB Economic Sanctions GCB Sanctions Screening training in partnership with the Academy.
• Foster GCB compliance with the enterprise Economic Sanctions program including screening assessments, new sanctions requirement implementations, etc.
• Drive and/or engage in GCB Economic Sanctions related risk identification and mitigation efforts, including audits and inspection, and issue and/or MRA mitigations.
• Maintain Economic Sanctions program summary documents and evidence of process control routines.
• Liaise with Business Controls management and teammates, Sales teams, and Control partners (e.g. Global Economic Sanction / Global Financial Crimes, Enterprise Risk, Reputational Risk, etc.)
• Support other management routines as required related to Line of Business’ internal control disciplines.
• Act as an ambassador of the risk culture.

Required Skills:

• Bachelor’s degree or equivalent, with 5 years of experience and preference for financial crimes risk or compliance program experience and/or experience working with one or more wholesale banking divisions.
• Working knowledge of Global Financial Crimes (Know Your Customer) regulations with preference for Economic Sanctions experience and/or exposure
• Ability to operate independently and collaborate across wide span of stakeholders including bankers, senior management, risk partners and regulators/ auditors.

• Ability to manage multiple competing/concurrent priorities and deadlines.

• Ability to independently lead and drive initiatives with limited direction and supervision.
• Partnering and communication skills (both orally and in writing), with the ability to effectively interact with and influence leaders and employees at all levels of the organization.
• Agile and competent at adapting to changing business needs and applying critical thinking to drive change.
• Ability to assess risk and determine when to raise concerns and escalate.
• Analytical skills with investigative mindset and proven ability to leverage data to drive business insights.

• Ability to work well in a collaborative team environment, but also independently with effective time and organization management.
• Strong proficiency in PowerPoint, Excel, and SharePoint along with the ability to quickly learn new programs and applications.
• Strong personal drive, individual initiative, sense of urgency, professionalism and responsiveness.

Desired Skills:

• Sanctions experience in a financial services institution and/or related government entity.
• Working knowledge of Global Commercial or Corporate Banking processes and systems.
• Direct involvement in (or in support of) sales operations, sales activities, or strong working knowledge of sales/controls processes of a wholesale/institutional business unit.
• Knowledge of and ability to navigate the enterprise.
• Strong technical expertise in SharePoint design and/or PowerPoint and/or Excel; Ability to improve reporting and analytics efficiency. 
• Facilitation skills and creativity.

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Pay Transparency details

US - IL - Chicago - 110 N Wacker Dr - Bank Of America Tower Chicago (IL4110)

Pay and benefits information

Pay range

$104,000.00 - $156,200.00 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

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. Apply Now