Bank of America and Responsibilities Required for a Position of Risk Analyst
The aim of my work is to study the vacancy of a risk analyst. The paper is dedicated to investigating the connecting-link of international economy Bank of America. The research focuses on history of its foundation, products and services provided by the corporation, as well as the number of employees, size, reputation and earnings of the bank. The work will outline the functions of a risk analyst, specific tasks, duties and opinions of employees working at this position. Finally, I will highlight the issues, concerned with the license, certification, or experience which may be required from a worker.
The banks history takes roots to the year of 1904: Amadeo Peter Giannini contributed significantly to development of the Bank of America, because it was the exact year when he opened the Bank of Italy in San Francisco (The Editors of Encyclop?dia Britannica, n. d.). In 1968 the Bank of America Corporation was formed in Delaware and in fifteen years the purchase of a Washington state bank Seafirst Corporation was made. In the year of 1991, the Bank of America became the first company to offer coast-to-coast operations in the United States. By early 21st century the corporation was operating nearly 5,500 bank branches in more than 20 states of the USA and cooperating with world-renowned international companies. In 2006 the bank was conferred the rank of a leading issuer of credit cards. Meanwhile, the banks team assures that the inspiration from the past events and banks reputation plays a key role in the operations, since the stuff always looks forward to the future.
Moreover, the firm has a vast number of product offerings: CDs, Health Saving Accounts (HSA), credit cards, checking and money market savings. Bank of America creates conditions for ensuring the clients comfort: everyone can securely deposit a check without making the way towards financial centers or ATM. Moreover, the corporation is guided by individuals preferences: it offers cash rewards credit cards, travel and airline bonus schemes, lower interest rate, building and rebuilding credit, no annual fee cash cards and, last but not least, credit cards for students. Bank of America claims: Saving for your health is investing in your future (Bank products, 2016). The Health Savings Account gives a possibility to save money on many out-of-pocket medical expenses: dental and vision care, doctor visits, and prescriptions. Money market accounts pay a higher interest rate than savings accounts, which is one of the benefits of savings and checking accounts. At the same time, it is a perfect way to save wages for new goals and causes.
Additionally, the Bank of America is one of the largest worldwide corporations: according to the statistics from 2014, over 159.03 thousands employees collaborate work in the bank (Leading banks, n. d.). The company is convinced that diversity and inclusion catalyze the its advancement and development. Such position disposes the employees to meet the needs and requests of a vast number of clients, communities and customers. In addition, the bank fosters a real career growth by providing with both up-to-date learning programs and development resources for its employees. The workers themselves praise the company, assuring that working there is the best choice if trying to build work experience. However, it is a challenge to organize a well working schedule to fulfill and meet the individual expectations from the job.
Bank of America is in the list of top 10 biggest banks; its assets value is at $2.15 trillion. The headquarters are based in Charlotte, North Carolina, USA; nevertheless, job openings are available almost in any location around the world. Asia Pacific, Canada, Europe, Africa, Middle East and Latin America are the places where the branches of the head offices are located. Such an international background of a firm gives its employees a perfect opportunity to get the relevant international experience and acquire new skills.
It would seem that the corporation should have a spotless reputation, but, unfortunately, mass media claim that the bank has the worst reputation in the banking industry, though. The testimony of one of the former workers should read as follows: Bank of America systematically delayed and unjustly denied mortgage modifications under the 2009 Home Affordable Modification Program. Consequently, thousands of innocent people suffered from losing their homes to foreclosure. In fact, the more the corporation delayed the HAMP modification process, the more fees it could recollect. Needless to say, the clients had a lot of problems over the years, so, they emphasize that they were misinformed and deceived. Moreover, the banks customer service is extremely poor and continual apologies and excuses certainly cannot recompense such a terrible neglect of personnels duties. Nowadays, both long and short-term rates are extremely low. Dick Bove, a banking analyst at Rafferty Capital, affirmed: Now they dont want the deposits, and they dont want the branches. Theyre getting rid of them. Various sources of information provide with a rather controversial data; the bank itself, however, brags about the success and advancement of the company, while customers and mass-media argue to the contrary.
The company has recently presented its annual earnings for 2015: the net income reported was $15,9 billion. The global banking business, which provides services to small, medium and large companies, delivered $5.3 billion income. The shareholders received $4.5 billion from the Bank of America this year. As compared with year 2014, when the corporation earned $3.1 billion, the last quarter of 2015 brought $3.3 billion. Finally, a $73 million increase was marked in net charge-offs. On the whole, the report testifies that commercial losses are significantly low: it amounts to $289 million and it is an improvement of $86 million from the Q4 2014. The loss was guided by the $612 million pretax charge as well as by the impact on the UK tax law changes.
The role of a risk analyst involves identifying and analyzing the spheres of potential risk that might endanger the assets. Such an employee is responsible for predicting changes and new trends, forecasting their costs to the company, as well as helping the organization to protect its resources. In collaboration with his/her colleagues, a risk analyst should navigate challenging business situations and avoiding excessive risks.
The employee of this sort should have strong academic background, with a BA/BS degree in Finance, Economics, Accounting or related disciplines; a master's degree is highly advisable as well. It is important to have two or three years of previous risk analysis experience, preferably in a multinational bank. However, candidates with a non-relevant experience are considered depending on the skills and previous work . Fortunately, the company does not require a license when employing a candidate.
Among the tasks of a risk analyst is the preparation of industry reports analyses and due diligence on organizations, sectors and industries. He or she needs to have a deep understanding of banking products, including derivatives, loans, treasury products and trade. Fluency in both spoken and written English as well as the ability to read and understand financial statements across industries are essential. The analyst must be attentive to details and have perfect organizational skills.
The work is rather stressful. Therefore, the workers should have the capability of working under pressure with time-sensitive deadlines. The risk analyst in the Bank of America is an excellent team player who manages to build working relationships with business partners and among co-workers. He/she also is proficient in PC knowledge, familiar with Microsoft Word, PowerPoint and Excel.
More specifically, global risk analytics in Bank of America work closely with the technology organizations to deliver a generation of models and tools within the Bank's strategic infrastructure. Furthermore, the worker must have ability to multitask and possess strong time management skills, while at the same time be experienced in data analysis. It would be advantageous to be proficient in Market Risk, Front Office, Finance or Product Control.
An indispensable task of the Bank of America lies in highlighting the opinion of employees working in the position of a risk analyst. As a rule, the workers point out the good working environment: the business invests a lot in employee's learning and development. Risk analysts assure that job gives a great opportunity to climb the ladder and devote themselves to self-development. Salary and benefits also stimulate the candidates to apply for the position of a risk analyst. The workers appreciate the possibility to build good relationships with clients, and learn a great deal about banking process/
Nevertheless, if the risk analyst is working with globally distributed teams, it will be a challenge to achieve work-life balance (Bank of America, 2016). Some employees claim that the system is not transparent enough in getting promoted and there is no place to grow. Sometimes, there are customers who intensify the already stressful atmosphere and the interest to the work wanes. It is rather difficult to combine private life with the professional one, because the job has no fixed schedule.
In conclusion, the paper considered the vacancy of a risk analyst in the Bank of America and highlighted the bank's history which takes roots in 1904. Nowadays, the corporation operates approximately 5.500 branches in more than 20 US states. To ensure the clients comfort, the company offers CDs, Health Saving Accounts (HSA), credit cards, checking and money market savings. Over 159.03 thousand employees work with the bank, according to the statistics. However, it is a challenge to organize an appropriate schedule and solve all the necessary problems. To top it all off, the Bank of America claims to have a spotless reputation, with mass media arguing the opposite, though. The company systematically delayed HAMP modification process, and, as a result, thousands of people lost their homes. The bank presented the unclouded annual report of earnings in 2015, with a record net profit. Finally, a risk analyst should analyze the spheres of potential risks, prepare industry reports and act due diligence on organizations and sectors. The worker should have strong academic performance, with BA/BS degree in Finance, Economics, Accounting or related disciplines. Finally, salary and benefits are the most essential prospects for a risk analyst, the customers can be both predisposed to the worker and have negative attitude.
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