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 and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits.
We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve.
Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs.
At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Job Description:
This job and the related team are responsible for supporting the identification, assessment, escalation, and timely mitigation of compliance and operational risks within Bank of America's Korea operations, in alignment with the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy, and the Compliance and Operational Risk Management Program and Standard Operating Procedures.
The position primarily supports the Korea Compliance and Operational Risk Management and requires a sound understanding of applicable Korea Banking laws, regulations and rules including requirements issued by the Financial Services Commission (FSC), Financial Supervisory Service (FSS) and the Bank of Korea(BOK), etc.
The individual is expected to support Korea COR in effectively managing Compliance and Operational Risk and maintaining strong internal controls across all aspects of its operations. Key responsibilities include providing compliance advisory support, monitoring regulatory development and assessing their impact on business activities, assisting with the implementation of regulatory change initiatives, and supporting oversight of Front Line Unit (FLU) and Control Function (CF) activities. Additional responsibilities include supporting regulatory examinations, inspections, audits, inquiries, and remediation efforts, including the preparation of materials and engagement with relevant internal stakeholders. The position also requires the ability to communicate professionally and effectively with internal and external parties, including regulators, auditors, industry associations, and business management.
Responsibilities:
- Support the branch internal control framework through monitoring, oversight and governance activities
- Support in preparing governance materials, management reporting and committee documentation
- Support Regulatory reporting in liaise with relevant stakeholders across business
- Support in identifying compliance training needs and update materials under Korean Laws, Rules and Regulations
- Oversee employee investment monitoring and related conduct risk controls in accordance with local regulatory requirements and expectations
- Support in maintaining updated branch level procedure and standard required under local regulation
- Assist with preparation for regulatory exams and inquiries and ongoing engagement with local regulators
- Assist in maintaining oversight of the branch Responsibility Map framework and accountable officer responsibilities and perform compliance monitoring and review activities relating to accountability and responsibility framework requirements
- Support Compliance and Operational Risk coverage and program
- Assist in providing day-to-day compliance guidance to business and control partners
- Supports the remediation of Compliance and Operational Risk issues, including Internal audit findings, regulatory observations, and self-identified issues
- Support implementation of regulatory changes and ensure local documentation remains aligned with applicable requirements and enterprise standards
- Support in implementation and ongoing administration of the branch consumer protection framework and related governance activities
- Perform other Compliance and Operational Risk-related responsibilities as assigned to support the objectives of the Korea COR team.
Skills:
- 5+ years of experience in Compliance, Compliance Risk Management, Operational Risk, or related control functions within the banking or securities industry.
- Basic knowledge of Korea Banking regulations and regulatory expectations.
- Working knowledge of general bank policies, programs and procedures of global banks
- Understanding of regulatory environment affecting the banking industry
- Experience interacting with regulators, auditors, and internal control functions.
- Ability to manage multiple priorities and collaborate effectively across teams, functions, and business lines.
- Strong written and verbal communication skills in both English and Korean.
- Confidence in engaging and communicating effectively across team, function and business.
- Strong attention to accuracy, detail and consistency.
- Self-motivated, intellectually curious and enthusiastic