Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,700 ATMs and award-winning online banking with nearly 29 million active users. Following the acquisition of Merrill Lynch on January 1, 2009, Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Assistant Vice President, Office of CAO, MLIB Singapore Branch
The incumbent in this role is a key member of the Office of the CAO which has responsibility for legal entity governance, related regulatory compliance and general business administration for MLIB Singapore. The CAO team also provides corporate governance support to the Singapore Executive Committee. Specific responsibilities include the following core functions:
Developing, coordinating and processing the policies and procedures for MLIB Singapore- Discuss and coordinate with various business units in writing/ preparing the policies and procedures to address supervisory, audit and regulatory issues, mitigate and reduce risk
- Process or develop formal new or updated policies and procedures as per established process.
- Support Compliance in the review of Global policies and procedures, local supervisory requirements, policies and guidelines.
- Coordinate risk management policies and collaborate with Operational Risk groups, Compliance and
- Corporate Audit in ensuring that applicable risk control and management policies are disseminated and implemented.
- Where there are local procedures that may be implemented across offices customize/update the policy and procedures available across other offices.
Assist in the day to day detailed risk management functions for MLIB Singapore- Proactively identify and measure the potential risk area and recommend the management plan on risks encountered by the business, and develop risk management analysis and metrics report.
- Where there are risk events or issues identified, such as operation error or audit issue, evaluate the appropriateness of remedial action and completion of its action.
- Monitor and work with the Business Units in developing implementation action plans to address supervisory, audit and regulatory issues and to proactively mitigate and reduce risk across business channels
- Evaluate the internal processes to ensure that proper segregation of duties and ensure controls are not compromised when efficiency and productivity concerns are being addressed via monitoring and reporting process (Operational Risk Assessment)
Assist with the enforcement of the outsourcing framework: Proper completion of outsourcing assessment review including the regular independent outsourcing review and other procedures as laid out in the outsourcing framework.
Assist to oversee the Business Continuity Management for MLIB Singapore- Collaborate with the APR BCM in ensuring the adequacy of business continuity plan with respect to the business recovery objectives, risk profile and local requirements
- Coordinate the regular review/update of existing BCP and proactively initiate the development of BCP of new business unit.
Assist the Business Units/APR Offices in other related functions:- Assist/coordinate the global level Operational Risk Self Assessment with other APR offices
- Participate or lead in the working group for other business initiatives such as review of processes, training presentation related to risk and procedures
Requirements- University Degree or equivalent qualifications
- Strong hands on experience in Corporate Governance roles including developing policy and procedure and operational/business risk management, regulatory compliance, and in coordinating product approval committees, interacting with industry regulators in a major financial institution preferably wealth management business. Project Management disciplines.
- Requires knowledge of relevant legislative environments to shape procedures, influence business partners, action plans and metrics
- Good knowledge in risk management and compliance and control processes
- 5-8+ years of industry experience with 3+ years involvement in governance, product approval committees, risk management activity for large financial organization and 2+ years in the review of process and preferably preparation of policy and procedures.
- Experience in audit and working with senior management is an advantage
- Good interpersonal, communication and influencing skill
- Has good initiative and able to work independently with minimum supervision and is also a strong team player.
- English and other languages such as Chinese is an advantage.
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Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,700 ATMs and award-winning online banking with nearly 29 million active users. Following the acquisition of Merrill Lynch on January 1, 2009, Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
