Counterparty Credit Risk Manager

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates’ physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

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.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
 

Job Description:
This job is responsible for managing counterparty risk functions within a product area or type of credit risk. Key responsibilities include working with the Counterparty Credit Risk Executive to establish governance, hedge fund credit risk management and, issuer risk. Job expectations include managing product risk from a counterparty perspective, setting credit risk appetite and contributing to counterparty credit risk governance. The Counterparty Credit Risk Manager will primarily interface with the Front Office managers and with the managers of other risk and support functions.

Managerial Responsibilities:
This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.

• Opportunity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company Great Place to Work goals.

• Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.

• Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.

• Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.

• People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.

• Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.

• Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.

• Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.

Senior counterparty credit risk manager with expertise in underwriting counterparty risk to financial institutions, namely Banks and Insurance companies in North America. The focus of the role is to evaluate financial institution counterparty recourse and manage counterparty credit exposure to various Traded Products (Derivatives, Repurchase Agreements, Securities Lending, Clearing, etc.).
 
The role sits within the Global Markets & International Risk organization and is an independent, second line credit risk role that is responsible for setting risk appetite, evaluating credit analysis performed by a front line credit team, and approving credit limits/exposures and various transaction/trade flow. The position has risk oversight over all business activities conducted with this client segment within the Global Markets division.
 
Position offers high level of interaction with various sales and trading teams as well as interfacing directly with clients, participating in due diligence of clients / evaluating written analysis substantiating recourse value of the counterparty / review and challenge of risk based limits based on assigned internal counterparty rating / review of potential exposures using PE/PFE, VaR, stress scenarios, and other risk based metrics / negotiation of standard industry documentation, e.g., ISDA, MRA / conducting ad hoc portfolio reviews.      
 
The successful candidate will be part of global team that has credit responsibility for financial institutions, measuring and monitoring risk across the various trading/financing/clearing businesses, including Prime Brokerage and Futures clearing. 
 

Required Skills:

• Providing second line risk oversight for business activities and risks

• Senior risk manager able to apply risk and control disciplines in an effective manner

• Cross asset Traded Products knowledge 

• Strong analytical skills and attention to detail

• Intellectually curious and able to execute sound judgement to appropriately characterize and represent risk issues

• Structured yet flexible approach, balanced and fair, able to make difficult decisions where necessary

• Excellent communication and interpersonal skills, proven experience of collaborating and leveraging relationships

• Ensuring the global credit risk framework and associated procedures are implemented and that issues are swiftly identified and resolved or escalated as necessary

• Working closely with the first line Risk function and business to understand and evaluate existing and evolving risks, and challenging where appropriate

• Developing strong relationships with key stakeholders across senior business management, origination and the various risk and credit functions

• Active participant in related CCR risk management forums

Skills:

• Analytical Thinking

• Coaching

• Credit and Risk Assessment

• Critical Thinking

• Collaboration

• Oral Communications

• Portfolio Analysis

• Presentation Skills

• Written Communications

• Issue Management

• Monitoring, Surveillance, and Testing

• Regulatory Compliance

• Technical Documentation

• Trading Strategy

Shift:

Hours Per Week: 

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