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 theirfamilies 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 working closely with stakeholders across the organization to identify and drive transformational process improvements which will maximize operational efficiency, reduce losses, and improve the customer experience. Key responsibilities include managing change, risk, and operational readiness for operations functions per Business and Enterprise Change Management policies. Job expectations include owning and maintaining content used by operations, including procedures and letters, and ensuring materials adhere to standards and policies. Conceptualize, design, and implement fraud and/or claims prevention strategies; understand and quantify risks associated with new or proposed process or procedural changes, new products or programs, or changes in business conditions. Document and implement industry best practices; lead cross-functional initiatives within the fraud and/or claims Space. Work with internal clients to understand, quantify and balance the relationship between revenue, cost and losses (risk vs. reward) and establish communication forums with internal clients and business partners. The Fraud Policy Strategist will be the key point of contact within fraud for the Product partners they are aligned to. They will influence the development of new or changing products and features. They will be responsible for leading regular fraud performance updates with key stakeholders. They will provide updates on fraud trends, loss outlooks, and initiatives. This person will be responsible for leveraging their fraud and product knowledge while reviewing our existing policy to optimize the balance between revenue, client experience and fraud losses. The Fraud Policy Strategist will also collaborate and partner with key stakeholders in product, strategy, servicing, detection, authentication, and claims. The responsibilities include: Review and understand the latest fraud trends and recommend solutions to mitigate losses Evaluate incoming claims and high dollar defects to identify gaps/opportunities Summarize and complete write ups on high dollar defect accounts Document and evaluate existing/new fraud policies Understand internal systems and processes to understand how they interact in order to identify opportunities to reduce fraud losses Monitor reports to identify risks/trends Support fraud projects and initiatives Lead the partnership with product teams to drive strategic discussions around business performance, initiatives, and emerging threats Champion AND challenge the fraud policies that are used to manage fraud risk in order to optimize the balance between client experience, risk, and reward Take the initiative to use your expertise to find opportunities and issues, develop ideas on how to fix them, and then make it happen! Who are we looking for? Thought leaders and self-starters who can take ownership for their space AND help us shape the broader strategy and approach Ability to build relationships and work across the organization Ability to think like a business owner (What is important to our product's success)... and a crook (how could I beat this?) Bonus points for prior product, fraud, risk, or analytic experience
Responsibilities: - Engages with business partners to analyze, implement, and update processes by utilizing sound process improvement models and techniques such as Six Sigma
- Leads Universal Change Risk Assessment (UCRA) development and related work groups and takes into account the UCRA policy when documenting relevant projects
- Understands and quantifies risks associated with new or proposed processor procedural changes, products, and programs
- Owns, develops, reviews, and maintains content for supported operations functions, including procedures, letters, and process maps
Skills: - Business Process Analysis
- Policies, Procedures, and Guidelines Management
- Process Design
- Process Simplification
- Technical Documentation
- Agility to Influence Others
- Collaboration
- Customer Experience Improvement
- Influence
- Innovative Thinking
- Presentation Skills
- Attention to Detail
- Business Case Analysis
- Consulting
- Problem Solving
- PowerPoint Slide Design
- Process Mapping
Minimum Education Requirement: High School Diploma / GED / Secondary School or equivalent This position is not eligible for sponsorship.
Required Qualifications: 2+ years of Fraud or risk management experience Advanced PowerPoint and Excel skills Excellent written, verbal, and interpersonal communication skills Self-motivated and possess the ability to work in a fast paced environment and deliver action results quickly Ability to engage across lines of business and with senior level executives Experience with design and implementation of new processes and/or products Experience with developing policy and/or technology requirements for initiatives
Desired Qualifications: Functional knowledge of multiple products and/or channels (e.g. Credit, Debit, Digital, Call Center, etc.) Experience in Six Sigma, Lean, Agile, JIRA Basic technical skills in SAS/SQL
Shift: 1st shift (United States of America)
Hours Per Week: 40
Pay Transparency details US - NY - New York - 1114 Avenue Of The Americas - Grace (NY1544) Pay and benefits information Pay range $77,200.00 - $96,800.00 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.