Credit Review Senior Portfolio Specialist

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:

Credit Review provides an independent assessment of credit decisions and the effectiveness of credit processes across the bank’s credit platform, identifies existing and emerging risks, and reports its findings to various stakeholders, including executive management, the Board of Directors or committee thereof, external auditors and regulatory agencies. The Portfolio Specialist works together with the Credit Review Portfolio Manager(s) to establish and execute a risk-based coverage plan for a specific portfolio(s) or set of portfolios for assessing the quality of credit decisioning and the effectiveness of credit processes and policies. Key responsibilities include executing transaction reviews, leading examinations as an Examiner-in-Charge (EIC) or Assistant Examiner-in-Charge (AEIC), secondary reviews of transaction testing completed by other examiners and issues management. Manages field work capacity for exams to ensure accurate and timely execution of Credit Review examinations. Coaches, mentors, and reviews the work product of new or junior team members. Establishes working relationships with relevant Risk and regulatory partners to facilitate ongoing dialogue of key issues and emerging risks. Additionally, assist the Portfolio Manager(s) in preparing quarterly Business Assessment Reports and Coverage Plans; maintains awareness of current economic trends and its impact on credit portfolios. We are looking for a Portfolio Specialist to join our dynamic, high-energy Credit Review team supporting review of Global Markets, Financial Institutions and Global Wealth and Investment Management businesses

Responsibilities:

• Either individually or working with Portfolio Manager(s), establish and execute a risk-based coverage plan for specific portfolio(s). Coverage Plan to include, at a minimum, examinations, transaction reviews, risk assessments and issue management

• Serve as subject matter expert for and/or lead risk-based and regulatory examinations

• Perform transactional testing of credit process execution of new and existing clients, and provide direct and timely feedback on transactional reviews completed by others

• Effectively assimilate information from various sources to identify emerging risks

• Provide input into staffing and resource allocations

• Build and implement tactical on-boarding plans for new examiners

• Provide periodic updates to business heads and executive management, including communication of examination and monitoring results, new issues and emerging risks

• Issue management, including approval of issue severity ratings, action plans, ongoing issue status tracking and oversight of issue validation

• Track and follow observations from exams/monitoring that don’t yet rise to the level of issues

• Actively engage with Corporate Audit to ensure ongoing awareness of review activity, coordination, and ongoing risk assessment

• Actively participate in regulator meetings, liaise with regulators to provide periodic updates on monitoring/exam results, and respond to inquiries from regulators and other external reviewers

• Provide input to top of house reporting for Board and senior management

• Drive a culture of continuous improvement by leading or participating in complex or multiple projects

• Produce quality, timely work

• Maintain well-written, easy to follow work papers in accordance with Credit Review guidelines and best practices

• Raise potential areas of concern for QA team to review

Required Qualifications:

• Minimum of 8 – 10 years of commercial credit experience (direct lending, underwriting, workout, risk management and/or regulatory)

• Ability to support conclusions through fact-based analysis and ability to influence senior leaders

• Excellent credit analysis, project management and leadership skills

• Strong organizational and communication skills, both written and verbal

• Ability to manage multiple complex tasks while delivering high quality results

• Bachelor’s Degree with a preference in finance, accounting, economics or other business concentration

Desired Qualifications:

• 10+ years of direct commercial credit experience. Experience managing traded products and complex structured financing facilities with asset managers and other institutional clients globally

• Demonstrated experience in identifying, assessing, and reporting on existing and emerging risks

• Experience with direct applicability to Credit Review responsibility

• Ability to coach/mentor new or less experienced associates

Skills:

• Extensive commercial credit related experience, including deep understanding of large or complex portfolios. Capital Markets experience with knowledge of Counterparty Credit Risk (traded products) strongly preferred.

• Experience in risk management, lending and/or regulatory agencies

• Excellent credit analysis and project management skills, excellent verbal and written communication, strong interpersonal and leadership skills

• Data manipulation and analysis skills

• Effective process assessment skills - the ability to identify control gaps and their implications to the broader population

• Ability to support conclusions through fact-based analysis and ability to influence senior leaders

• Ability to manage multiple complex tasks while delivering high quality results

• Experience navigating a matrix organization

• Independent and takes initiative

• Resourcefulness in identifying, assessing, and reporting on emerging risks

• Experience with a Credit Review examination process

• Proficiency in Excel

• Ability to work in a team environment, focus on high quality execution

• Critical thinker, high energy and intellectually curious

• Experience with leading without authority

• Ability to coach and develop more junior associates

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Pay Transparency details

US - CT - Stamford - 600 Washington Blvd (CT2561), US - IL - Chicago - 540 W Madison St - Bank Of America Plaza (IL4540), US - NY - New York - 114 W 47TH ST (NY8114), US - RI - Providence - 1 Financial Plaza (RI1537)

Pay and benefits information

Pay range$139,800.00 - $181,000.00 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

Benefits

This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.