EFR Liquidity 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 a diverse and 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; 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. 

EFR Division:  Liquidity Risk Management 

Enterprise Liquidity Risk Management is a department within Enterprise Financial Risk (EFR). This group is responsible for providing an independent assessment of Bank of America’s Liquidity risk, as described within BAC’s Risk Framework. The department’s aim is to support Bank of America’s purpose in making financial lives better through responsible growth. This is accomplished by providing an independent perspective on the effective utilization of Bank of America’s Liquidity resources and ensuring we understand all of the risks that could impact our Liquidity resources. The goal of the department is that a healthy and sustainable Liquidity profile is maintained through a business-as-usual environment and also during times of stress to support our ability to meet our financial obligations.  

Key responsibilities:

• Active Liquidity Risk management through engagement with Corporate Treasury Liquidity Management, LOB Risk and the FLUs  

• Identification of Risks, including severity and likelihood as well as review & challenge the Line of Business 

• Define the Liquidity Risk Limits and Early Warning Indicators (EWI); up-front engagement of Liquidity Risk & LOB team and approval via senior executives and broker-dealer Board of Directors, as appropriate. Monitor and notify or escalate limit breaches and EWIs triggered, as required   

• Stress testing assumptions and Models  

• Coordination and independent challenge of liquidity assumptions / interpretations including Internal Stress Assumptions, Liquidity Coverage Ratio (LCR)  

• Overview of product and legal entity Liquidity Stress Tests and Balance Sheets by Currency   

• Coordination and independent challenge, in partnership with our Recovery and Resolution Planning (RRP) colleagues, of liquidity risk assumptions and plan documentation   

• Participation in Liquidity Stress Modelling process including preparation of a Risk Point of View prior to approval of assumptions by the Asset & Liability Governance Risk Committee 

• Ensure limits are set based on specific analysis of the risk factors or are in line with the Liquidity Stress tests.  

• Understand the results expected from limit setting and review methodology used to ensure results were as expected. Design and execute analysis to develop independent view of the appropriateness of the limits.  

• Understand business drivers of limit and metric breaches and communicate effectively as part of breach notifications to drive remediation, when necessary, by the Front Line Units.  

• Lead deep dives to identify issues not captured by existing processes, and to fully understand risks and potential opportunities for enhancements  

• Lead Independent Risk assessments of the liquidity risk management framework (e.g., Intraday under business as usual and stress scenarios)  

• Review Contingent Funds Transfer Pricing and whether it is driving the desired control and behavior  

• Review and contribute to policies, protocols, and procedures (active engagement as policies are updated) 

• Review new products, where liquidity risk is impacted  

• Perform regular reviews to ensure the remaining liquidity risk processes and reporting is appropriate for the Equity and Financing businesses and any concerns are appropriately escalated to senior management. Perform independent analysis to generate an independent viewpoint and document appropriate challenge(s).  

• Support corporate-wide liquidity related initiatives and serve as a Subject Matter Expert on Equity and Financing-related liquidity topics.  

Core Competencies: 

• Communication- Can articulately paint pictures & visions of possibilities and likelihoods. Ability to communicate with SMEs as well as senior management and adapt message accordingly.  

• 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 strategic relationships and achieve common goals. Influencing and negotiating across CFO partners, as well as EFR organization, Compliance & OpRisk, and other verticals (GBAM and Banking) risk colleagues 

• Interpersonal Skills- Treats others with courtesy, sensitivity, and respect. Considers and responds appropriately to the needs and feelings of different people in different situations and locations.  

• Leveraging Diversity- Fosters an inclusive workplace where diversity and individual differences are valued and leveraged to achieve the vision and mission of the organization. Exposure and involvement with Employee Engagement initiatives including supporting Diversity & Inclusion efforts 

Key Requirements: 

• Intellectual curiosity and learning agility to accurately interpret, understand and evaluate a variety of risks across multiple risk types and interconnectivity between risk types 

• Strong technical and analytical skills (including both analysis of financial data and written reports) 

• Treasury, Markets Risk, Finance / Accounting or Risk Management experience. Note, Diverse backgrounds or experiences welcomed 

• Talks and 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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