Bank of America Business Control Specialist (Collateral Operations) - Chicago, IL in Chicago, Illinois
Business Control Specialist to join our US OTC Collateral team.
The team mitigates regulatory risk, credit risk and operational risks associated with Global Markets non-cleared derivative trading activity through reconciliation of portfolios, margin agreement analysis and dispute management. The function is also responsible for ensuring compliance with various aspects of regulatory requirements concerning non-cleared derivatives including Uncleared Margin Rules, NFA and EMIR reporting.
The role will work across multiple groups and have multiple deliverables to balance. The position requires a self-starter who will ensure they have sufficient information behind the task at hand to complete with a good outcome. Requires someone who is detail focused and very organized.
Primary Deliveries and Responsibilities:
Support outstanding audit Issues, and Regulations impacting the Margin function
Collateral dispute management
Take ownership of dispute investigations and escalations, including liaising with Front Office, Middle Office, Credit Risk and Finance stakeholders
Produce and analyze internal and regulatory dispute reports
Coordinate and provide updates/commentary for monthly MIS to senior management
Responsible for investigating and resolving weekly breaks
Identify areas for improvement on client metrics or business metrics
Business as usual support and back-up
Request approvals for asset transfers or write-offs
Daily escalations and support
Managing client issues, meetings, or inquiries
Meeting with internal business partners
Opportunity to work in a multi-functional role, including all facets of OTC Collateral - Margin, Funding, Portfolio Reconciliation in addition to Dispute management
Proven track record (2 to 5 years) of experience in OTC Collateral Operations or OTC Product Control experience with particular emphasis on Credit Derivative and/or Interest Rate Derivative products.
The candidate should also have a basic understanding of the functional roles and responsibilities of the following groups within an OTC derivative trading operation:
Front Office, Marketers and Traders, Middle Office, Product control functions involving derivative risk and P&L Back Office, Master agreements, confirmations, trade/rate valuation and confirmation, Corporate Treasury / Global Securities Operations, Independent Price Verification, Credit Risk Management
A basic understanding of financial markets documentation (ISDA, IFEMA, PSA, CSA)
Strong assertiveness, listening, influencing and diplomacy skills
Ability to run effective meetings with different levels of management
Analytical, structured thinker and problem solver
Proficient with MS products: Excel, Powerpoint, and Word
Desirable: Financial Markets Knowledge: Equities, Foreign Exchange, Interest Rates, Commodities and derivative products (CDS, Caps, Floors, Collars, FRAs, Swaps, Swaptions, Structured)
Business Knowledge: Collateral Management, Client Valuations, Portfolio Reconciliation, Back Office processing
Tableau or other visualization skills
Posting Date : 08/28/2018
Chicago, IL, 540 W MADISON ST (IL4540),
- United States
Travel : No
Full / Part-time : Full time
Hours Per Week : 40
Shift : 1st shift
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