Job Description

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Overview (Bank overview, GBS India overview, Function Overview)*

Bank of America is one of the world's leading 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. We are committed to attracting and retaining top talent across the globe to ensure our continued success. Along with taking care of our customers, we want to be the best place for people to work and aim at creating a work environment where all employees have the opportunity to achieve their goals.

We are a part of the Global Business Services which delivers technology and operations capabilities to Bank of America lines of business (LOB) and enterprise functions.
Our employees help our customers and clients at every stage of their financial lives, helping them connect to what matters most. This purpose defines and unites us. Every day, we are focused on delivering value, convenience, expertise and innovation for individuals, businesses and institutional investors we serve worldwide.

• BA Continuum is a nonbank subsidiary of Bank of America, part of Global Business Services in the bank.

Process Overview*

The Global Finance was set up in 2007 as a part of the CFO Global Delivery strategy to provide offshore delivery to Line of Business and Enterprise Finance functions. The capabilities hosted include Accounts Payable, General Accounting & Reconciliations, Management Reporting & Analysis, Research & Analytics, Financial Transaction Processing, Finance Systems Support and Supply Chain Management.

Over the years, the scope of Global Finance has been expanded to include operations for other enterprise control functions like Human Resources and Risk and Compliance.

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Regulatory Reporting

The Centralized Regulatory Reporting (CRR) team is part of the CFO-Global Financial Control organization. Our purpose is to drive high quality regulatory reports through operationally efficient control processes and system solutions to support the production of various regulatory reports as required by the Federal Reserve, OCC, FDIC and other regulators. The group works closely with business and finance units across the organization to gather, analyze and report information under regulatory definition and requirements.

Regulatory Reporting team is organized around the types of reports filed and projects group; Key report categorizations include Cross Border, Call & Capital, Non-Bank Subsidiary reporting, Broker dealer reporting teams and projects group.

• The Cross Border reports include reports submitted to Fed (FFIEC 009, FR 2510 etc.) and also to the US treasury (TIC reports)
• The Call team files FFIEC 031/FFIEC 041 and FRY 9C to the Federal Reserve Board. These reports collect basic financial data of commercial banks in the form of a balance sheet, an income statement, and supporting schedules. The Report of Condition schedules provide details on assets, liabilities, and capital accounts. The Report of Income schedules provides details on income and expenses.
• The NBS Reporting team - reports on assets, liabilities and Off balance sheet items for the Non Banking Subsidiaries of the bank domiciled in US and Outside US.
• Broker dealer regulatory reporting - Supports daily and monthly activities to ensure compliance with Regulation 15c3-3 on Customer Protection Reserve Computation, Rule 15c3-1 on Daily Net Capital Reporting and Fed reporting (FR2004)
• The Projects group is involved in Governance & Control, Data dictionary and Issue management support.

Responsibilities*

Regulatory reporting and Data Dictionary support:

CRR is seeking a highly motivated individual seeking to expand their knowledge and expertise. The candidate will be responsible for preparation of various regulatory reports, documentation, interpretation and communication of regulatory reporting requirements, and maintenance of reporting data dictionaries. The scope of the data dictionary includes reporting requirements as prescribed in Regulatory instructions and other regulatory guidance and definitions of data attributes/elements utilized in reports; mapping of source data files from data providers to reportable lines on the schedules; data provider documentation, gap analysis, logging of issues and sign off/approvals from key business partners. Manages communication and relationships with our business partners to ensure consistent documentation and understanding of reporting requirements. Assist in issue evaluation efforts including identification, remediation, monitoring and escalation activities. This role will be focused on key banking products including but not limited to loans, deposits, derivatives, securities and trading assets.

The successful candidate will join a dynamic environment that offers numerous opportunities to learn, grow, impact and drive changes for the Company. In particular, the candidate will:

• Ensure timely completion and submission of daily, weekly, quarterly and annual regulatory reports
• Responsible for maintaining and ensuring completeness of process work papers and related documentation.
• Reporting in compliance with the US GAAP and regulatory requirements
• Variance analysis, ensuring the compliance to FED requirements.
• Independently handle calls with the senior management, Audit and Compliance teams, Regulators etc.
• Proficient with working on various systems and applications and understand the data flows in the context of specific product domains viz. securities, investments, derivatives etc
• Work closely with teams across the organization including: Enterprise Stress Test, Lines of Business, Operations & Technology, Risk, Compliance, Financial Controls and Oversight, and other GFC (Global Financial Control) teams to resolve regulatory reporting issues.
• Be a quick learner and possess intellectual curiosity and proactively investigate issues
• Strive for quality and accuracy and have the dependability necessary to meet strict quarterly deadlines
• Pay rigorous attention to compliance procedures

Requirements*

Education

• CA/CWA/ CPA
• Certifications If Any

Experience Range* Minimum 5 years of relevant experience

Foundational skills *

- Strong Accounting and reporting skills

- US regulatory Broker Dealer Report preparation under SEC Rule 15c3-1 or 15c3-3/other regulatory report preparation or review experience viz FR Y-9C, FFIEC 031/041, FR Y-15, FFIEC 009, FR 2510, FR 2590, FRY 14Q/M, FFIEC 101/102, TIC Reports, FSB Reports etc.

- Strong understanding of the reporting instructions

- Proficiency in Axiom- Regulatory Reporting application

- Excellent communication skills

- Ability to understand the financial statements pertaining to Banking Industry

- Strong analytical skills with strong time management skills.

- Having good exposure to MS office including MS Word, Advanced Excel (including VBA) and Power point.

- Team player

Desired skills*

• US GAAP knowledge is preferred
• Awareness about Alteryx, Tableau
• Understanding of Banking products.
• Basic SQL to fetch data from the data source

Work Timings*

11.30 AM to 12.30 AM (13 hour window - 9 hour shift), Occasional stretch basis report requirements and US Stakeholder support needs

Job Location*

Gurugram