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Years of Experience
Date Last Verified
ProfileEAC Compliance Specialist The Candidate will support the implementation of Bank of America’s (Bank) Dodd-Frank Act Title VII Compliance Program for its global swap and security-based swap trading activities. Will support implementation efforts relating to other global regulatory derivatives reforms, including uncleared margin rules (UMR) and European derivatives initiatives as needed (e.g., EMIR / MiFID). Will be responsible for enhancing the existing Compliance framework for these regulations and confirming that implementation efforts have taken into consideration the Bank’s Global Compliance Policy Requirements relating to policies, procedures, monitoring, testing and reporting. . Provide advisory support in connection with Dodd-Frank Title VII matters, including working with the Front Line Units, Control Functions and Business Line Compliance Officers. Assist in the development of a Dodd-Frank Title VII Compliance program, including:◦The ongoing development and implementation of policies and procedures, including drafting policies / procedures, maintaining a policy / procedure inventory and undertaking efforts to assess their effectiveness. Conducting risk assessments to confirm the effectiveness of Title VII controls and escalating matters to senior management. Working with Enterprise Independent Testing on the development and ongoing testing of the effectiveness of the controls for each registered swap dealer and eventually Security-based Swap Dealer. Conduct risks assessments on Title VII control framework. Work with surveillance staff on the development of first and second-level controls/surveillance needed for each Security Based Swap Dealer and Swap Dealer. Recommending and implementing changes to the Compliance program. Working on the development and coordination of initial and ongoing training for employees on requirements impacting each Security-based Swap Dealer and Swap Dealer. Draft and distribute regular Compliance Advisories globally to ensure that the Front Line Units and Control Functions are aware of new rules/regulations and policies/procedures relating to each Security Based Swap Dealer and Swap Dealer. Participate in internal Working Groups and Industry Forums in connection with swap and security-based swap rule implementation. Assist in the preparation of the Annual CCO Report for each Security Based Swap Dealer, Swap Dealer and any other required periodic reports that the CCO for these entities will be required to make to the governing body or relevant regulatory authorities. Assist in efforts relating to management reporting, metrics, and other core elements of the Global Compliance Policy. Assist in responding to regulatory inquiries and exams. Create and maintain a regulatory inventory. Update relevant policies to ensure they reflect regulatory requirements for enterprise area of coverage. Conduct compliance risk assessments. Contribute to monitoring and testing coverage plans and related metrics. Monitor and test the effectiveness of the front line unit and control function compliance risk controls for enterprise area of coverage. Identify aggregate, report and escalate compliance risks, issues and control enhancements for enterprise area of coverage. Assist in executing governance and management routines. Identify compliance training needs and inspect Front Line Unit/Control Function (“FLU/CF”) and third party participation for enterprise area of coverage. Assist with preparations for regulatory exams and audits for enterprise area of coverage. Inspect that commitments made regarding actions in response to Matters Requiring Attention (“MRAs”) and other actions are completed for enterprise area of coverage. Escalate regulatory relations concerns to EAC Compliance Manager or Executive.
Qualification and Experience
Qualifications: Bachelor’s Degree or Equivalent; JD Degree a plus. 5 Years compliance or regulatory experience, preferably with a federal regulator or self-regulatory organization, or in a trading environment, risk management function, or law firm. Understanding of the OTC derivatives market and regulations. Working understanding of Title VII of the Dodd-Frank Act as pertains to the obligations of Swap Dealers and Security-based Swap Dealers. Understanding of OTC clearing and trading on swap execution facilities. Excellent oral and written communication skills. Ability to project confidence and professionalism in all dealings with internal and external stakeholders. Ability to make, support and defend difficult and complex regulatory/compliance decisions in a fast-paced trading floor environment. Desired: Project management skills. Certifications: Knowledge of or certification in law, rule, regulation or area of coverage (i.e.: SCRA, Privacy); Association of Privacy Professional (IAPP) accredited certification programs for Privacy EAC.
Job number: 17010501