Bank of America

Compensation

Full Description

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 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! 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. Role Summary: Liquidity Risk Management Sr. Specialist Operating within BAC’s Risk Framework, understand and drive all components of the end-to-end Liquidity Risk management process/program for the Enterprise. As a Risk horizontal team, it is our role to ensure the Enterprise is provided and adheres to our Liquidity Risk policy and any related standards and guidance. Key components of the Liquidity Risk Management program include appropriate risk identification across the 8 lines of business and legal entities, establishment of effective stress testing processes across a range of scenarios, establishment of risk monitoring processes across the 8 lines of business and legal entities; including establishment of Board and Management Level Risk Appetite Limits for our Enterprise and material entities. 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 Market and Liquidity 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 & Op Risk, 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 Critical Success Measures Deliver against the book of work for Enterprise Liquidity 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 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) 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 Credit and Risk Assessment Critical Thinking Portfolio Analysis Decision Making Oral Communications Presentation Skills Technical Documentation Written Communications Active Listening Issue Management Liquidity Management Monitoring, Surveillance, and Testing Regulatory Compliance Shift: 1st shift (United States of America) Hours Per Week: 40 Pay Transparency details US - NJ - Jersey City - 525 Washington Blvd (NJ2525), US - NY - New York - ONE BRYANT PARK - BANK OF AMERICA TOWER (NY1100) Pay and benefits information Pay range $84,200.00 - $125,000.00 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. Bank of America is committed to help employees through the transition period when they’re displaced as a result of a workforce reduction, realignment or similar measure. Please review the resume writing and interviewing tips provided below to help prepare you for your next career opportunity. Getting started Regardless of the position you are interested in, the starting points to building your resume are the same: 1. Determine the job or types of jobs you want to do and research their responsibilities and qualifications. 2. Think about why you can do the job and make a list of your skills that are relative to the job. 3. Identify experiences or accomplishments that show your proficiency in the skills required for the job. 4. Summarize your abilities, accomplishments and skills into a brief, concise document. Considerations when writing a resume • Do be brief. Resumes should be 1-2 pages in length. • Do be upbeat and active in your wording. • Do emphasize what you have done clearly and concretely. • Do be neat and well organized. • Do have others proofread and critique your resume. Spell check. Make it error free. • Do use high quality, white or light colored 8½ x 11 paper. Use a laser printer if possible. • Don't be dishonest, always tell the truth about yourself in the most flattering light. • Don't include salary history or requirements. • Don't include references. • Don't include accomplishments that do not support your professional goals. • Don't include anything that isn't relevant. (For example, don't mention your fondness for swimming unless you want to work on the water.) • Don't use italics, underlining, shadows or other fancy treatments. Seven steps to a successful interview 1. Anticipate –Put yourself in the interviewer's position. What do you believe the interviewer is most interested in? Why do you think you have been invited to interview? 2. Research –What are the primary functions of the line of business? What are the success factors for the job? Is there a job description available? 3. Assess –Think about your skills, abilities, knowledge, interests, traits, values and accomplishments. Match them to what you know about the job. Consider which ones you should highlight. 4. Prepare Answers –Think about what the interviewer may ask, determine what the best answer is and write it down. 5. Prepare Questions – Interviewing is a two-way street. By asking thoughtful questions, you communicate your interest and learn a lot about the job. Choose two or three questions to ask your interviewer. Avoid asking a lot of questions about vacation time or breaks. 6. Practice – It may seem awkward, but it is the best way to come across well in an interview. Practice your own "great responses" with others or in front of a mirror until you appear relaxed and at ease. 7. Follow-up – Send a brief follow-up letter to the interviewer. Keep in mind that the many job searchers will not send a follow-up letter. Sending one can become a competitive advantage. Pay Transparency - https://careers.bankofamerica.com/en-us/pay-transparency Privacy Statement - https://careers.bankofamerica.com/en-us/privacy-notice