Bank of America is one of the world’s leading 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. We are committed to attracting and retaining top talent across the globe to ensure our continued success. Along with taking care of our customers, we want to be the best place for people to work and aim at creating a work environment where all employees have the opportunity to achieve their goals.
We are a part of the Global Business Services which delivers technology and operations capabilities to Bank of America lines of business (LOB) and enterprise functions.
Our employees help our customers and clients at every stage of their financial lives, helping them connect to what matters most. This purpose defines and unites us. Every day, we are focused on delivering value, convenience, expertise and innovation for individuals, businesses and institutional investors we serve worldwide.
- BA Continuum is a nonbank subsidiary of Bank of America, part of Global Business Services in the bank.
The Global Asset Services - Operational Risk & Control (OR&C) team is seeking a candidate for the regulatory and enterprise risk group. The team is directly accountable for Risk and Control issues of the Client Asset Line of Business and also works with Corporate Operational Risk to implement GT&O Enterprise Risk standards. Key goals of the team are 1) promote a strong Risk Culture, 2) understand our Risk Profile and Risk Appetite, 3) establish sound risk management processes to effectively identify, measure, monitor, and control risk, and 4) ensure we have proper Risk Governance in place to communicate, escalate, and debate risks.
This role is part of the Fees team in Bank of America Merrill Lynch’s F&O and OTC Clearing Derivatives group. On an annual basis the Fees team is responsible for reconciling and paying over $175 million (covering several million transactions) of Clearing, Exchange and Regulatory fees per year. This position is primarily responsible for performing transaction level reconciliations of Clearing, Exchange and Regulatory Costs and resolving breaks identified. This position will be the sole owner of fee related controls. This position plays a key role in controlling operational costs. The position is also responsible for preparing account reconciliations for the fee accrual accounts and intercompany accounts in accordance with company policy.
There will be ad hoc requests or queries from management, traders and internal clients that will require an investigative and inquisitive mind to support and handle them professionally at the highest service level. This position will require a positive attitude and ability to work in a team environment.
The individual has to be self driven and has the ability to question status quo and initiate small change work improvements on any manual processes that he/she comes across.
Incumbent will be performing the following as a member of the OR&C team:
Fees, Exchange and Carry Broker Reconciliation
Quick escalation of system and connectivity issues to Tech team, minimizing downtime of the recon process
Team orientated environment, associates empowered and encouraged to put forward suggestions for the continual enhancement and development of Procedures and Controls
Strict adherence to documented procedure, task trackers, whilst carrying out all task
Handle internal and external queries, either verbal or email, on a timely and accurately
Effective escalation of issues to management
Identifying process weaknesses, flagging communication issues to/from clients
Work closely with internal teams such as the Reconciliation & Control Team and the Client Services Representatives (CSR) Team to resolve breaks
Education* MBA/Bachelor’s Degree from an accredited college or university
Certifications If Any - NA
Experience Range* At least 6 years of relevant experience with an Investment Bank Operations. Preferably in the Futures & Options clearing, Reconciliation, Static Data Management, Trade Support, Trade Settlement etc
Mandatory skills*Should have hands on experience in any of the mentioned functions Trade Clearing, Settlement, Reconciliation, Static Data Management, Trade Support or Fund Accounting
Candidate must have strong communication skills
Candidate must be able to work without immediate supervision and take ownership of assigned tasks.
Candidate must be proficient in Microsoft Excel.
Candidate must have experience analyzing data.
Exposure to running queries in Microsoft Access is preferred.
Knowledge of the derivative industry is preferred.
Candidate must have above average analytical skills.
Candidate must have above average knowledge of general accounting including journal entries and account reconciliations.
Expertise in excel macro writing, MS Access coding will be added advantage
Exposure to GMI, Clear vision added advantage
Exposure to EGUS preferred
Work Timings* 17:30 IST till 2:30 IST
Job Location* HYDERABAD, India