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


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

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