Sr Business Control Specialist – Lease Accounting Standards

Trading standards officer

Job title: Sr Business Control Specialist – Lease Accounting Standards

Company: Bank of America

Job description: 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. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!Job Description:
This job is responsible for driving and executing on internal control discipline and operational excellence within a Line of Business (LOB) or Enterprise Control Function (ECF). Key responsibilities include providing analytical and administrative support for LOB or ECF specific processes and tools to drive adherence to enterprise-wide standards. Job expectations include monitoring and testing controls and implementing quality assurance and quality control processes within the LOB or ECF by evaluating data to help identify, track, and report issues and control improvements for remediation.The Real Estate Services team is responsible for providing analytical support and developing/monitoring controls related to the outsourced functions performed by external vendors. The primary, though not exclusive, focus of this role is to ensure compliance with the Lease Accounting standards (ASC842/IFRS16), which require fixed lease costs to be recorded on the company’s balance sheet. This role is a central point of contact between the outsourced vendors’, internal Real Estate Services Governance and Controls team and Finance business partner(s). The ability to build relationships both internally and externally at the appropriate levels will be critical to the success of this role.Responsibilities:Execute governance oversight routines, including meetings, reports, and metrics, to appropriately oversee various outsourced real estate processesFacilitate monthly exceptions meeting between relevant key stakeholders, including third party vendors, to resolve any lease data transmission issues prior to month-end closeParticipate in monthly governance routines with Transactions to track Lease Accounting compliance requirements for material leasesOversees the design and effectiveness of the risk and control environment to support Client Operational Services and ensure adherence to enterprise-wide standardsSupports the monitoring and testing of controls by evaluating data to identify issues and control improvements for remediationImplements optimized controls and enhanced Quality Assurance (QA) practices to support business continuity effortsConducts and coordinates quality inspection reviews to enhance employee performance and control effectivenessPerforms QA activities including executing on controls, managing cases, and reporting resultsExecutes initiatives by identifying areas of potential testing automation, procedural updates, thematic trends, test script updates, and coaching opportunities to enhance QA program successSupports the overall management of and research required for regulatory exams, internal audits, and other monitoring and inspection reviews and evaluates data and information relevant to inspection metrics to support governance activities for dashboard reportingRequired Qualifications:Familiarity with ACS842 / IFRS16 Lease Accounting Standards3-5 years risk management, business control or compliance experienceSubject matter expertise in commercial lease language and interpretation2+ years commercial lease abstraction experienceProficient in Microsoft Office suite of products, with emphasis on strong Excel (familiar with lookup’s, pivots, conditional formulas) and PowerPoint skillsSharePoint proficiencyStrong critical and strategic thinking and business acumenOutstanding communication (verbal & written) and presentation skills assimilating data into a results-based PowerPoint and effectively present the resultsFlexible and adaptable to changing environmentsAbility to navigate and influence peers and key stakeholders.Able to forge strong relationships with internal and external partners and be a visible representative of the Company in multiple forumsConnect dots and understand impacts of the work and how it ties into other areas across organizations – working horizontal across enterprise processesReporting and analysis experience, experience gathering, organizing, analyzing and presenting data clearly and concisely to help make fact-based decisionsSelf-directed, detail oriented, organized, and exercises good judgment.Able to manage multiple priorities and work effectively across multiple organizational units.Ability to handle confidential and proprietary information with discretion and balance risk and reward with a strong focus on complianceDesired Qualifications:Strong analytical skills with attention to detailAbility to manage multiple high priority activities within a regulated environment, sensitive to process compliance and accuracyEffective communication (both verbal and written) across all audiences including acting as a liaison with our vendor organization(s)Problem-solving skills, including identifying the key issue and a solution with effective implementationAbility to identify and implement process improvements for streamlining / automating controlsMicrosoft Word, Excel (advanced skills), Power Point, Outlook, etc.Skills:Controls ManagementIssue ManagementMonitoring, Surveillance, and TestingQuality AssuranceRisk ManagementAnalytical ThinkingAttention to DetailCritical ThinkingProblem SolvingWritten CommunicationsDecision MakingInnovative ThinkingResearchMinimum Education Requirement:

  • Bachelor’s Degree in related field or equivalent work experience

Shift: 1st shift (United States of America)Hours Per Week: 40

Expected salary:

Location: USA

Job date: Sun, 19 May 2024 07:59:57 GMT

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