Job Description: Company Overview Bank of America is one of the world's largest 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. Bank of America Merrill Lynch is the marketing name for its international businesses and is a long-established participant in Asia Pacific with a presence since 1947. With 23 offices in 12 geographies, covering nine currencies, more than a dozen languages and five time zones, the company offers an integrated and comprehensive set of products and services across Global Corporate & Investment Banking, Global Markets and Wealth Management, serving the needs of individual, corporate, institutional and government clients, combining the best of local knowledge and global expertise.
Bank of America Merrill Lynch is committed to attracting, recruiting and retaining top diverse talent from across the globe. Our diversity and inclusion mission is to actively promote an inclusive work environment where all employees have the opportunity to achieve personal success and contribute to the growth of our business. Each of our global Employee Networks bring together employees, create dialogue and awareness in support of our Diversity and Inclusion mission.
Division Overview Wholesale Credit is a front office unit that works closely with origination functions such as Investment Banking, Corporate Banking, Global Markets and Global Transaction Services to identify opportunities and deliver credit product solutions to customers. Wholesale Credit is specifically responsible for the credit analysis and execution of transactions as well as the subsequent monitoring and management of portfolio quality and exposures.
Underwrite credit limits for Central Counterparties (CCPs); conduct due diligence and prepare Credit Approval Memorandum document both for new relationships and annual renewals in line with bank standards
Assign/refresh risk ratings for CCPs in accordance with bank policy requirements
Conduct CCP rulebook reviews from a credit standpoint; have a thorough understanding of the various risk management methodologies employed by individual CCPs including initial margin/variation margin methodologies, default fund contribution calculations and caps, collateral, liquidity management, membership requirements and risk governance
Ensure CCP exposure remains within approved limits/thresholds through proactive limit management; formulate/execute action plans for any breaches. Understand the key risk drivers in the CCPs clearing portfolio, including portfolio sensitivity analysis as required
Work with local/global CCP Risk teams to complete assessment of CCPs to comply with various internal standards and ensure a globally consistent approach for APAC CCPs
Coordinate with relevant stakeholders in Credit and Market Risk, Legal, business and global CCP Risk to identify new pipeline items and complete on-boarding/underwriting requirements
Keep up to date with regulatory and industry issues/changes that may impact our assessment of CCPs and provide updates/recommendations as necessary
Address queries from regulators/Credit Review/internal Audit
Participate in global and regional initiatives / routines for CCPs including portfolio reviews, identification and resolution of issues/control gaps/implement enhancements and other reporting requirements
Represent APAC Wholesale Credit on relevant governance and stakeholder forums
Assist with risk framework / policy design and implementation. Ensure these and governance procedures are embedded and adhered to by WC Officers regionally
Qualifications & Skills:
Tertiary qualification in a relevant field of study
Minimum 6 years of financial markets experience which should comprise direct CCP coverage responsibilities in one or more APAC countries
Good knowledge of the workings of Financial Market Infrastructures/ Central Counterparties
An ability to work under pressure to tight deadlines and to plan and prioritize appropriately
High personal standards of quality and a willingness to take responsibility for accurate and timely completion of tasks
Strong written and verbal communication skills in English
Pro-active & positive nature, problem solving skills, and results-oriented approach
Ability to build relationships across locations and be a team player