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Country Compliance and Operational Risk

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Country Compliance and Operational Risk in Indonesia

  • Bank of America
  • Full time
  • Email

The Vice President of Country Compliance and Operational Risk for Indonesia Securities Company is responsible for ensuring the identification, escalation and timely mitigation of compliance and operational risks of Bank of America securities company entity in alignment with the Global Compliance Enterprise Policy, the Operational Risk Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management (“CORM”) Program and Standard Operating Procedures (SOPs). The role is mainly to ensure the compliance of Investment Banking business in Indonesia and other relevant assignments as part of the Global Compliance and Operational Risk team of Bank of America.   

Key Responsibilities

  • Conduct compliance and operational risk assessments in the country and contribute to the risk assessment for the region, incorporating review of external loss events to assess control effectiveness.
  • Identifying, communicating and analyzing/assessing applicable Laws, Rules and Regulations, maintaining regulatory inventory and overseeing / monitoring the changes in policies, procedures, systems, regulatory submissions.
  • Compliance and operational risk monitoring occurring in the country.
  • Country Compliance and operational risk reporting, identifying and aggregating compliance and operational risks/issues for the country and providing insight in to the overall State of Compliance and Operational Risk using certain key metrics, issues, significant regulatory changes, outcome of compliance and operational risk reviews; and help senior management drive the compliance culture.
  • Provide independent view and advice in the governance forums on the matters having bearing on regulatory, reputational or operational risk.
  • Identify, collect, validate and record internal loss events and “near misses”. Perform root cause analyses on internal loss events and develop remediation plans to strengthen controls.
  • Identify, review and document relevant external loss events.
  • Contribute to Scenario Analyses to provide a forward-looking estimate of hypothetical operational losses.
  • Creation of compliance and operational risk training coverage plans to address local needs.
  • Evaluation of internal audit results, regulator identified issues, monitoring & testing (“M&T”) results and advising on remediation required in country.
  • Ensuring Compliance and Operational Risk “owned” issues (i.e., Internal Audit, Regulator and Self-Identified issues) are addressed appropriately and timely.
  • Execute governance and management routines.
  • Acting as the money laundering reporting officer in accordance with Indonesia laws and regulation on anti-money laundering and counter financing terrorism (AML – CFT).  

Key Requirements

  • Bachelor’s degree or equivalent experience
  • Holder of Indonesia Broker Dealer Representative license (WPPE) or Underwriting Representative license (WPEE)
  • Five years’ minimum experience in financial services industry, preferably in risk management, audit or compliance 
  • Strong understanding of current regulatory framework of financial services industry in Indonesia especially the securities underwriting/investment banking business. 

Location: Jakarta, Indonesia

Bank of America

Bank of America is one of the world's largest 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. BoA operates in 3...