Enterprise Financial Risk Capital Risk Sr. Specialist

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 an 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; and 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.

Department Overview:

Enterprise Capital Risk Management (ECRM) is a department within Enterprise Financial Risk (EFR). This group is responsible for providing an independent assessment of Bank of America’s capital adequacy and risks to our capital position, as described within BAC’s Risk Framework. The department provides an independent perspective on the effective utilization of Bank of America’s capital resources as well as independent oversight of the firm’s capital management activities and the related processes that impact both legal entities and lines of business.

Role Summary: 

Operating within BAC’s Risk Framework, understand and drive components of the end-to-end Capital/Capital Risk management process/program for the Enterprise. As a Risk horizontal team, it is our role to ensure the Enterprise adheres to our Capital Management policy and capital regulations. Key components of the Capital/Capital Risk Management program include appropriate risk identification and risk monitoring processes across the 8 lines of business and legal entities, effective forecasting and stress testing processes across a range of scenarios, appropriate capital positioning across legal entities and accurate capital and risk-weighted asset calculations.

Key responsibilities:

• Review and challenge key capital management activities, including banking book risk-weighted assets (RWA) calculations and implementations

• Review and challenge Basel rule compliance documentation and capital policy interpretations

• Review Business Requirement Documentation and technology tools/capital calculators for alignment with U.S. Basel rules

• Review and challenge data related to capital calculations, including exposure categorization and trends in RWA usage

• Assess capital risks related to new products and transaction types

• Assess risks and implications of new capital rule proposals

• Develop and demonstrate acumen for the identification of capital risks and mitigants (including market and economic environment and connectivity to other risk stripes)

• Conduct and ensure appropriate and adequate documentation for all independent risk reviews and risk points of view, including appropriate escalation and communication to senior management

Critical success measures:

• Deliver against the book of work for Enterprise Capital Risk Management

• Ensure that we are providing appropriate monitoring and analysis that allow us to s