Design Control & Effectiveness - FICC and Derivatives Core Operations (FDCO)

  • Competitive
  • London, England, United Kingdom London England GB
  • Permanent, Full time
  • Bank of America Merrill Lynch
  • 18 Mar 18 2018-03-18

Design Control & Effectiveness - FICC and Derivatives Core Operations (FDCO)

Job Description:
Corporate Title: Vice-President (VP)
Location: London, Warwick Court
Line of Business: Global FICC & Derivatives Core Operations (FDCO)

We are looking to recruit an individual with a solid control mindset and cross asset class product experience gained within a Product Control, Middle Office or Operations environment into the Global FICC & Derivatives Risk & Control team, based in the Global Markets Operations organisation.

The individual will be expected to take ownership of and build out a centralised Cross Asset Class Control design and effectiveness evaluation function integral to the firm's control environment.

The Operational Risk & Control team works within the global FICC & Derivatives Core Operations (FDCO) organisation and is responsible for:

  • Providing an independent assessment of control and risk issues for senior management
  • Working with line management to strengthen the control environment and improve control processes
  • Providing an oversight responsibility across regulatory processes
  • Control design review & control effectiveness testing
  • Embedding a risk awareness culture across the organisation
  • Designing and deploying independent monitoring and escalation functions across the organisation
  • Acting as a bridge between Ops teams and the Audit function
  • Ensuring the control framework is linked as necessary to appropriate Laws, Rules and regulations
  • Detailed investigation, analysis and presentation of operational risk events
  • Education of associates through presentations and work shops
  • Maintenance and development of control standards, and monitoring of compliance


The primary focus is on managing the assessment of control design and effectiveness. This will include the following:

1. Control Design Review
  • Identify control processes that are failing, inadequate or inconsistently applied resulting in an in ability to fully mitigate the risks for which they were originally intended
  • Understand the process flow and assess the strength of the controls in place, recommend enhancements

2. Control Effectiveness Testing
  • Design the appropriate scripts & sampling to determine control effectiveness
  • Ensure effective execution of testing and gap identification
  • Reporting on results with clear recommendations

3. Managing the Independent Monitoring and Escalation function
  • Act as a Business Analyst in helping drive the development of a tactical and strategic tool kit for Cancels and Amends Monitoring and Escalation
  • High degree of involvement in the Structured Trade Review function
  • Implement improvements to the system infrastructure & control environment. Need to be able to view processes and projects with a global strategic focus
  • Create a suite of MI reports that add value to the impacted user community
  • Detailed investigation, analysis and presentation of results

4. Targeted Risk Mitigation Investigations
  • Identify new risks in Operations processing for which there are currently no mitigating controls in place
  • Perform an analysis of a recently implemented process or mitigating control to ensure it has been fully and consistently implemented across the LOB.

5. Challenge the Risk Management Framework
  • Challenge and test aspects of the Risk Control framework that is in place across the LOB to ensure that they are being correctly implemented and are effective tools for tracking, measuring and reducing risk in Operations.

6. Additional Responsibilities:
  • Oversight of the QA testing functions in Chester and India
  • Promotion of risk awareness and high quality risk routines with the LOB to drive up quality and consistency
  • Represent the function in discussions with relevant Enterprise and External stakeholders around control design and effectiveness
  • Ensure close partnership with the LOB Risk leads who govern the overall risk framework.

The individual will have regular interaction with a broad range of stakeholders, including senior management in GBAM Operations, Finance and Front Office. The role will be based in London but with a focus on Global activity and will have significant involvement in global markets operations risk and control matters.


The successful candidate will possess the following skills and qualifications:
  • Some experience of Trade support/Operations and/or related support functions, including good understanding of the end to end trade lifecycle and the associated processes within the support functions
  • Some experience of operational risk and/or control design & effectiveness reviews
  • Has a proven ability to apply strategic thinking to multiple, complex organizational and business issues, and has ability to translate into practical plans for project execution
  • Ability to work across business groups and in a team environment
  • Project management (typically as part of a wider role)
  • Ability to interface across various levels within Trade support, Risk, Operations and FO
  • High proficiency in PowerPoint, Word and Excel
  • Proven collaboration and relationship management skills
  • Control mindset
  • High sense of urgency with ability to drive results
  • Demonstrable evidence of stakeholder management
  • Effective multi-tasking and prioritisation skills
  • Self-starter, able to establish relationships and transcend multiple cross-functional/divisional boundaries, largely unaided
  • Ability to handle diverse workload and tight schedules
  • Proven risk assessment, negotiation and problem resolution skills
  • Ability to lead and drive change
  • Excellent verbal and written communication/presentation skills

About Bank of America Merrill Lynch

Bank of America is one of the world's leading financial institutions, serving individual consumers, small- and middle-market businesses, large corporations and governments with a full range of financial and risk management products and services. Bank of America Merrill Lynch is the marketing name for the global banking and markets businesses.

The company has had a presence in EMEA since 1922. With offices in 23 countries on three continents, it offers an integrated and comprehensive set of products and services across Global Corporate and Investment Banking, Global Markets and Consumer Card, serving the needs of individual, corporate, institutional and government clients, combining the best of local knowledge and global expertise. Developing solutions for social and environmental challenges is at the core of Bank of America Merrill Lynch's responsibility platform. In more than 90 countries around the world, we partner with employees, clients and stakeholders to help make financial lives better.


If you're interested in this opportunity please send your details to us by applying online.

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 gender, gender identity, marital status, race, colour, nationality, ethnic or national origins, age, sexual orientation, socio-economic background, responsibilities for dependants, physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.

As part of our standard hiring process to manage risk, please note background screening checks will be conducted on all hires before commencing employment.