JOB DESCRIPTION:

Job Title: Country Compliance and Operational Risk Manager
Corporate Title: VP
Location: Luxembourg

ROLE DESCRIPTION:

• You will be responsible for execution the Global Compliance and Operational Risk (GCOR) Program in Luxembourg, delivering each element on time, and to the required standard, including the effective review and challenge of Front-Line Units and Control Functions.
• In addition, you will need to coordinate with the Country Compliance Manager who covers the Brussels and Amsterdam branches so you both can be a backup for each other as needed in order to ensure robust GCOR coverage in the Benelux region.
• Proactively engage with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage to support in providing comprehensive oversight of the business’ respective operations and activities.
• Preparing materials for C&OR regulatory exams/audits/inquiries and supports in providing consultation to Front-Line Units / Control Functions.
• The focus of this role is to conduct a 2nd line of defense oversight of different businesses, participate in the development of compliance and operational risk procedures, assist in management routines, reporting, assist in compliance and operational risk issues.
• Providing advice to local business regarding GCOR matters
• Providing local support to Enterprise Compliance, Enterprise Areas of Coverage, Control Functions and other Support Functions
• Contributing to GCOR reporting to local regulators and internal GCOR and other governance forums and escalation of key issues to the appropriate level of management.
• The role is part of the Compliance Function of the BofA Europe DAC, a significiant financial institutions, headquartered in Dublin and member of the EU Country Compliance & Operational Risk team.

RESPONSIBILITIES:

• Support in development and maintenance of C&OR-owned policies, standards and procedures and/or oversight of business-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive conduct risk where applicable.
• Monitor the regulatory environment to identify regulatory changes applicable to areas of coverage, advise on those changes, support in directing the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; support in maintaining a comprehensive regulatory inventory.
• Support in performing compliance and operational risk reviews and assessments.
• Monitoring, testing and working with Testing and surveillance teams.
• Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and perform thematic analysis on business-owned issues and control enhancements.
• Ensures C&OR “owned” issues and control enhancements are identified and addressed appropriately and timely.
• Contributes to development of risk coverage plans, executes monitoring, testing, risk assessments, communicates results to stakeholders.
• Reviews and challenges to business processes, new products, risk identification, control inventory and Risk & Control Self Assessments.
• Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls.
• Support in ensuring metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation.