Bank of America Business Control Specialist (Collateral Operations) - Chicago, IL in Chicago, Illinois

Job Description:

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

Skills/Experience:

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

  • Self-motivated

  • 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

Location :

Chicago, IL, 540 W MADISON ST (IL4540),

  • United States

Travel : No

Full / Part-time : Full time

Hours Per Week : 40

Shift : 1st shift

Assistance for Applicants with Disabilities

Bank of America is committed to ensuring that our online application process provides an equal employment opportunity to all job seekers, including individuals with disabilities. If you believe you need a reasonable accommodation in order to search for a job opening or to submit an application, please visit the Applicants with Disabilities page at http://careers.bankofamerica.com/us/applicants-with-disabilities .

Diversity & Inclusion

At Bank of America, our commitment to diversity and inclusion is helping us to create not only a great place to work, but also an environment where our employees, our customers and our communities around the world can reach their goals and connect with each other. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability, age, or veteran status.

Frequently Asked Questions

Need to know how to apply online, view a list of your submitted job applications or reset your password? Visit our FAQ at http://careers.bankofamerica.com/us/faq section for answers to these questions and more.