Regulatory Reporting Controller II
London, United Kingdom
Job Description:
Job Title: Regulatory Reporting Controller II
Location: London
Corporate Title: Assistant Vice President
Company Overview:
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities, and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Location Overview:
Our London office is based just a stone’s throw from the magnificent St. Paul’s Cathedral on bustling King Edward Street. Here you’ll find modern workspaces and a state-of-the-art auditorium space. In addition, we’re proud to host an onsite restaurant that shares our commitment to sustainability by providing delicious seasonal menus which have been created with the planet in mind. Make sure to take time for yourself and head up to our rooftop terrace and take in the spectacular views across London. Finally, your physical wellness is well-catered for with our onsite gym facilities and medical centre.
The Team:
Global Regulatory Reporting is part of Global Financial Control and is located in the US, UK, Ireland, France and India. The EMEA team for capital reporting currently consists of over 50 people in Europe and India and we are expanding the team. In addition to our regulatory deliverables, we are involved in various activities such as providing capital adequacy impact analysis to various Front Office groups on new products/transactions, client migrations and other strategic projects with the key stakeholders being GRR EMEA country heads, Griffin data ops, IT, front office traders, Data Management, Change Management.
Responsibilities:
This is a role in EMEA Regulatory Reporting team. The role will deepen your knowledge of financial products and provide a great opportunity to build knowledge of prudential regulation. Responsibilities include:
* FRTB - Involved in implementation of FRTB rule changes/updates for capital requirements and external reporting scheduled for 2026, including model and system testing and development of the reporting capabilities
* Preparing and reviewing the UK and EU capital calculations and reporting of 3 prudentially regulated entities. The team carries out all standardised and internal model RWA calculations and reporting across UK, France and Ireland
* Daily capital calculations/analysis - Review daily RWA calculations to be incorporated in the daily capital adequacy status sent out to senior managers to support management of UK and EU entities
* Business Partnering – Collaborate with Front Office, market risk, model developers and other groups on capital management and RWA efficiencies
* Stakeholder interaction - Deal with ad-hoc requests from external regulators and partnering and internal stakeholders such as Risk, Internal Audit and Compliance
* Issue management – leading the team in identifying and remediating process and other issues impacting the Capital Reporting process
* System development (BAU) – Initiation of technology change to support changing rules, and our continuing process to improve efficiency and controls. Review of business requirements, help with data sourcing and carry out UAT and post deployment testing
* System development (Strategic) – As a user help to define data/ calculation/reporting requirements for an in-flight infrastructure project including analysis tools.
* Helping to oversee the UK and EU capital calculations and reporting of 3 prudentially regulated entities
* External Regulatory Reporting and Disclosures – Produce the quarterly COREP and other disclosures including manual adjustments, reconciliations, period on period variance analysis for UK and EU entities, presenting these results to management
What we are looking for:
* Qualified Accountant, CFA or equivalent or a relevant degree or experience
* Experience in a prudential regulatory reporting function in an international financial institution
* Knowledge of the EU and UK regulatory framework, specifically on elements of FTRB market risk and/or CVA
* Experience in CoRep and Pillar 3 disclosures
* Understanding of basic Market risk management concepts (e.g., diversification, hedging, payoff profiles, etc.)
* Good product knowledge including payoff types and product features (KI/KO, structures, futures vs forwards, etc.)
* Basic understanding of market conventions, underlying’s, and impact of reference data on calculations
* Basic understanding of pricing models and impact on the calculation of FRTB/CVA inputs
* Ability to understand implications of regulatory requirements on technical implementation of the calculations
* Ability to perform risk drivers’ analysis and provide commentary on variance in capital requirements
* Ability to communicate clearly on technical topics with risk management and front office
* Control focused mentality
* Highly proficient in Excel, including the ability to work with large datasets
Benefits of working at Bank of America:
UK
* Private healthcare for you and your family plus an annual health screen to help you manage your physical wellness with the option to purchase a screen for your partner
* Competitive pension plan, life assurance and group income protection cover if you become unable to work as a result of a disability or health reasons
* 20 days of back-up childcare including access to school holiday clubs and 20 days of back-up adult care per annum
* The ability to change your core benefits as well as the option of selecting a variety of flexible benefits to suit your personal circumstances including access to a wellbeing account, travel insurance, critical illness etc.
* Access to an emotional wellbeing helpline, mental health first aiders and virtual GP services.
* Access to an Employee Assistance Program for confidential support and help for everyday matters
* Ability to donate to charities of your choice directly through payroll and the bank will match your contribution
* Opportunity to access our Arts & Culture corporate membership program and receive discounted entry to some of the UK’s most iconic cultural institutions and exhibitions.
* Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering in your local community.
Bank of America:
Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.
We are an equal opportunities employer and ensure that no applicant is subject to less favourable treatment on the grounds of sex, gender identity or gender reassignment, marital or civil partner status, race, religion or belief, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants or physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.
We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements.
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity and affirmative action, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
To view the 'Know your Rights' poster, CLICK HERE (https://www.eeoc.gov/sites/default/files/2023-06/22-088_EEOC_KnowYourRights6.12.pdf) .
View the LA County Fair Chance Ordinance (https://dcba.lacounty.gov/wp-content/uploads/2024/08/FCOE-Official-Notice-Eng-Final-8.30.2024.pdf) .
Bank of America aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy (“Policy”) establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
To view Bank of America’s Drug-free Workplace and Alcohol Policy, CLICK HERE .
Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations. Should you be offered a role with Bank of America, your hiring manager will provide you with information on the in-office expectations associated with your role. These expectations are subject to change at any time and at the sole discretion of the Company. To the extent you have a disability or sincerely held religious belief for which you believe you need a reasonable accommodation from this requirement, you must seek an accommodation through the Bank’s required accommodation request process before your first day of work.
This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.
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