Established in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.

The VP will play a key role in development and supporting the BSA/AML and OFAC Risk Assessment programs. Duties will include maintaining Risk Assessment units, inherent risk and control framework, engaging with first, second, and third lines of defense, and producing risk assessment reports to support the execution of the annual risk assessment cycle. The incumbent may also be required to support related processes, including compliance data extraction process that feed the risk assessment. The VP will also play an important role in areas such as Risk Appetite Framework and New Product Risk Management processes.

Risk assessment Control Evaluation

• Review and update annual control assessment weighting and scores to identify gaps and weakness for annual refresh within the bank
• Lead the process of assessing mitigating controls utilized to identify gaps and weakness within the assessment units, IRMs, and 3LOD
• Lead the interviews and challenge session with the business for Control Effectiveness in Risk Assessment
• Engage with key stakeholders in aligned business, support and control functions to ensure on time delivery of risk assessment deliverables to high quality
• Lead the of drafting Control evaluation in Risk Assessment reports which are shared with all stakeholders within the company
• Lead the New Product Risk Assessment Process and evaluate risks with Lines of Business and OSD
• Lead the process of annual updates on product risk rating methodology and product risk rating process and new product approval process
• Lead Enterprise Risk Assessment (ERA) process in contributing observations and collection of aggerate controls for compliance Risk

Methodology enhancement and reporting

• Assist in evaluating the deficiencies noted in the previous risk assessment process and enhancing the risk assessment methodologies based on the analysis
• Assist in developing and enhancing risk reporting, including designing the risk scoring templates, risk distribution charts and metrics that reflect the quantitative risk profiles

Risk assessment Inherent Risk execution

• Collaborate the data mapping and assist RAE implementation upgrades in drafting BRD
• Review the controls for Lines of Business on RAE Data Verification and Validation annually
• Review the control process of collecting, conducting data cleaning and analyzing the data of Lines of Business to assess the inherent risk related to the company’s customer base, product/services risk and transactions risk
• Assessing AML scenarios, transaction alerts, SARs, OFAC rejects and blocks, and other compliance related metrics and reports for risk assessment evaluation

Risk Appetite Framework Execution

• Assist in updating Risk Appetite Statement Framework based on Risk Assessment results

Procedure and process enhancement

• Assisting the Head of Risk Assessment to establish standards and procedures for the stages in the risk assessment lifecycle, develop the methodology, and prepare the drafts of such documents referencing regulatory guidance

Other

• Assist in providing all regulatory exam and audit validation support annually
• Assisting in developing the project scope, milestones and timelines for compliance risk assessment projects
• Documenting the project objects, evidence, and other supporting materials based on the project requirements

• Bachelor’s degree or the equivalent or a higher degree in Finance, Accounting/Actuarial Science, Economics, Mathematics, or a related quantitative discipline required
• 7-10 years of risk managment related experience required
• 5-7 years of BSA/AML laws and regulations and OFAC requirements experience preferred
• 0-3 years of experience with conducting BSA/AML and OFAC risk assessments in compliance with the guidelines of the FFIEC manual preferred 
• Sound knowledge of Regulatory and Compliance knowledge on BSA/AML and Sanctions preferred
• CAMS certification preferred