EFR Capital Risk Manager

Job Description:

At Bank of America, we are guided by a common purpose to help make financial 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 and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits.
We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.
Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!

Job Description:
This job is responsible for providing risk oversight and advice to the Line of Business (LOB) on risk management issues. Key responsibilities include identifying risks to which the LOB is exposed, implementing measures to prevent and mitigate losses, and monitoring risk outcomes. Job expectations may include the ability to recognize all risk categories including credit, market, operational and compliance, as well as directing risk staff or participating in establish 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 providing 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, we also bring together a holistic point of view across all seven risk types for the Company’s CFO.

The team helps Bank of America grow responsibly through developing our teammates, promoting an inclusive culture, and approaching our work with intellectual curiosity. EFR delivers its mission through a steadfast commitment to its values: cultivating diversity of thought and valuing different perspectives and experiences; promoting learning, fostering relationships and creativity; and developing talent, advancing careers, and creating leaders within Global Risk Management and across the company.  Our goal is to ensure that a healthy and sustainable liquidity, capital, and interest rate risk (IRR) profile is maintained through baseline economic scenarios, as well as during times of market and idiosyncratic stress.

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. ECRM reviews and challenges key capital management processes across the Company. 

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 of the Capital/Capital Risk Management program include appropriate risk identification across the 8 lines of business and legal entities, establishment of effective forecasting and stress testing processes across a range of scenarios, and establishment of risk monitoring processes across the 8 lines of business and legal entities, including the review and challenge of Board and Management Level Risk Appetite Limits for our Enterprise and material subsidiaries. In addition to our key Risk Framework responsibilities, ECRM is responsible for completing our independent risk management mandate including ensuring the Company’s capital calculations (spot and forecasted) are appropriate, including 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 (including market and economic environment and connectivity to other risk stripes)

• 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 but not limited to independent review and risk assessment of front line owned processes (e.g. capital calculation, capital forecasting, etc.)

• 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 power point and MS Word

• Support corporate-wide risk related initiatives, including regulatory change

• Enhance the Risk landscape, by 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, in order to drive the 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 articulately paint credible pictures & visions of possibilities and likelihoods

• Resilience- Deals effectively with pressure; remains optimistic and persistent, even under adversity. Recovers quickly from setbacks. On occasion 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 by providing opportunities to learn through formal and informal methods

Requirements Qualifications:

• Strong analytical skills, including both 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:

Hours Per Week: 

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