Sanctions Risk Specialist - Global Economic Sanctions - Bank of America
Charlotte, NC
About the Job
Sanctions Risk Specialist - Global Economic Sanctions
Jacksonville, Florida;Charlotte, North Carolina; Chicago, Illinois; Newark, Delaware
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. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Job Description
Global Economic Sanctions (“GES”) is responsible for dedicated compliance and operational risk management of processes unique to economic sanctions. The Sanctions Risk Specialist is a function within GES that is responsible for the identification, aggregation, reporting, and escalation of sanctions related risks. The Sanctions Risk Specialist is responsible for the execution of risk management responsibilities in areas such as sanctions advisory, issues management, and monitoring and testing from a sanctions compliance and risk perspective. This role is an individual contributor in the Sanctions Risk Management function.
The Sanctions Risk Specialist may engage in the following processes to evaluate and assess FLU/CF controls, sanctions-specific second line functions and controls, and residual risks related to economic sanctions:
+ Deep understanding of economic sanctions regulations and laws (OFAC, UN, EU, UK etc.), internal sanctions screening processes, and the ability to apply that knowledge for risk analysis, monitoring and testing, and sanctions list management
+ Provide oversight of Front Line Units with matters involving economic sanctions concerns
+ Ability to have discussions and communicate with senior band 3 executives, respond to auditors and regulators, prepare presentations to regional and global rep risk committees, prepare and conduct sanctions-related training for Front Line Units, and conduct risk analysis and research on economic sanctions matters
+ Experience in or ability to identify, draft, own, and resolve to completion audit issues
+ Serve as the Risk Officer aligned to FLU-owned issues with economic sanctions impact. This includes ensuring timely and effective resolution of action steps, as well as Global Economic Sanctions review and challenge of action step remediation and evidence.
+ Regularly execute and oversee business control functions, including as associated with metrics and governance routines, for effective sanctions program functioning.
+ Maintenance and oversight of a comprehensive inventory of all FLU-owned issues with economic sanctions impact. Note, there will be several dozen at any given time.
+ Serve as the main point of contact between the FLUs and the Global Financial Crimes Program Team from a Global Economic Sanctions perspective, with particular responsibility to ensure alignment and data sharing related to program execution (e.g. on metrics, QA, SPI, SOPs, Standards, Risk Tolerance & KRI/KPI reporting).
+ Ensure necessary oversight, coordination and proactive management of issues within Global Economic Sanctions, across Global Financial Crimes, and with FLUs and other partners.
Required qualifications:
+ Minimum 5 years of business and/or functional experience in financial services industry, risk management, financial crimes, testing, or experience in a related field
+ Minimum 1 year experience in economic sanctions
+ Bachelor’s degree or equivalent experience
Desired qualifications:
+ Preferred candidates with experience in managing sanctions program issues and metrics
+ Preferred candidates with understanding of business, markets, and products
+ Ability to handle multiple compliance projects in a dynamic environment with competing priorities across a global team setting
+ Excellent business stakeholder management and communication skills
+ Financial Services and/or related government entity
Shift:
1st shift (United States of America)
Hours Per Week:
40
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
To view the "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .
To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf) .
View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .
Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
To view Bank of America’s Drug-free Workplace and Alcohol Policy, CLICK HERE .
This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.
Jacksonville, Florida;Charlotte, North Carolina; Chicago, Illinois; Newark, Delaware
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. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Job Description
Global Economic Sanctions (“GES”) is responsible for dedicated compliance and operational risk management of processes unique to economic sanctions. The Sanctions Risk Specialist is a function within GES that is responsible for the identification, aggregation, reporting, and escalation of sanctions related risks. The Sanctions Risk Specialist is responsible for the execution of risk management responsibilities in areas such as sanctions advisory, issues management, and monitoring and testing from a sanctions compliance and risk perspective. This role is an individual contributor in the Sanctions Risk Management function.
The Sanctions Risk Specialist may engage in the following processes to evaluate and assess FLU/CF controls, sanctions-specific second line functions and controls, and residual risks related to economic sanctions:
+ Deep understanding of economic sanctions regulations and laws (OFAC, UN, EU, UK etc.), internal sanctions screening processes, and the ability to apply that knowledge for risk analysis, monitoring and testing, and sanctions list management
+ Provide oversight of Front Line Units with matters involving economic sanctions concerns
+ Ability to have discussions and communicate with senior band 3 executives, respond to auditors and regulators, prepare presentations to regional and global rep risk committees, prepare and conduct sanctions-related training for Front Line Units, and conduct risk analysis and research on economic sanctions matters
+ Experience in or ability to identify, draft, own, and resolve to completion audit issues
+ Serve as the Risk Officer aligned to FLU-owned issues with economic sanctions impact. This includes ensuring timely and effective resolution of action steps, as well as Global Economic Sanctions review and challenge of action step remediation and evidence.
+ Regularly execute and oversee business control functions, including as associated with metrics and governance routines, for effective sanctions program functioning.
+ Maintenance and oversight of a comprehensive inventory of all FLU-owned issues with economic sanctions impact. Note, there will be several dozen at any given time.
+ Serve as the main point of contact between the FLUs and the Global Financial Crimes Program Team from a Global Economic Sanctions perspective, with particular responsibility to ensure alignment and data sharing related to program execution (e.g. on metrics, QA, SPI, SOPs, Standards, Risk Tolerance & KRI/KPI reporting).
+ Ensure necessary oversight, coordination and proactive management of issues within Global Economic Sanctions, across Global Financial Crimes, and with FLUs and other partners.
Required qualifications:
+ Minimum 5 years of business and/or functional experience in financial services industry, risk management, financial crimes, testing, or experience in a related field
+ Minimum 1 year experience in economic sanctions
+ Bachelor’s degree or equivalent experience
Desired qualifications:
+ Preferred candidates with experience in managing sanctions program issues and metrics
+ Preferred candidates with understanding of business, markets, and products
+ Ability to handle multiple compliance projects in a dynamic environment with competing priorities across a global team setting
+ Excellent business stakeholder management and communication skills
+ Financial Services and/or related government entity
Shift:
1st shift (United States of America)
Hours Per Week:
40
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
To view the "EEO is the Law" poster, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/eeopost.pdf) .
To view the "EEO is the Law" Supplement, CLICK HERE (https://www.dol.gov/ofccp/regs/compliance/posters/pdf/OFCCP_EEO_Supplement_Final_JRF_QA_508c.pdf) .
View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .
Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
To view Bank of America’s Drug-free Workplace and Alcohol Policy, CLICK HERE .
This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.
Source : Bank of America