Bank of America is one of the world’s leading 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. We are committed to attracting and retaining top talent across the globe to ensure our continued success. Along with taking care of our customers, we want to be the best place for people to work and aim at creating a work environment where all employees have the opportunity to achieve their goals.
Our employees help our customers and clients at every stage of their financial lives, helping them connect to what matters most. This purpose defines and unites us. Every day, we are focused on delivering value, convenience, expertise and innovation for individuals, businesses and institutional investors we serve worldwide.
* BA Continuum is a non-bank subsidiary of Bank of America, part of Global Business Services in the bank.
Process Overview*
The FAKC (Finance and Accounting Knowledge Center) was set up in 2007 as a part of the CFO Global Delivery strategy to provide offshore delivery to Line of Business and Enterprise Finance functions. The capabilities hosted include Accounts Payable, General Accounting & Reconciliations, Management Reporting & Analysis, Research & Analytics, Financial Transaction Processing, Finance Systems Support and Supply Chain Management.
Over the years, the scope of FAKC has been expanded to include operations for other enterprise control functions like Human Resources and Risk and Compliance.
Job Description*
Regulatory Reporting
This group provides financial reporting to the various regulatory, the Federal Reserve for Bank of America, NA, and Bank of America Corporation. The group works closely with business and finance units across the organization to gather, analyze and report this information under regulatory definition and requirements.
Responsibilities*
The financial analysts in Regulatory Reporting are responsible for filing most of Bank of
America’s reports to the US Banking Agencies. The financial analysts in Regulatory Reporting are organized around the types of reports filed; they are commonly referred to as the Daily, Call and NBS teams.
o The Call team files the largest of the Reports FFIEC 041 filed in Regulatory Reporting. FFIEC 041 (Call Report) refers to Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only. This report collects basic financial data of commercial banks in the form
of a balance sheet, an income statement, and supporting schedules. The Report of Condition schedules provide details on assets, liabilities, and capital accounts. The Report of Income schedules provides details on income and expenses.
o The NBS Reporting team – reports on assets, liabilities and Off balance sheet items for the Non Banking Subsidiaries of the bank domiciled in US and Outside US
o The Specialized Reporting Team – called the Daily Team – reports on the amount of cash and
deposits held by the bank each day, as well as the Weekly balance sheet (filed weekly) and the Country Exposure report (filed quarterly)
o Timely completion of weekly and quarterly reports to be filed to FED. (e.g FR2644, FR2314,
o Strong analysis and detailed review of reports prior to submission.
o Responsible for maintaining and ensuring completeness of process work papers and related documentation.
o Reporting in compliance with the US GAAP and regulatory requirements o Variance analysis, ensuring the compliance to FED requirements.
o Independently handling calls with the senior management.
Requirements*
o Education* CA/CWA/ CPA o Certifications If Any
o Experience Range* Minimum 7-10 years of relevant experience o Mandatory skills*
o Having understanding of accounting and reporting with exposure to US Regulatory / SEC reporting
o Excellent communication skills.
o Ability to understand the financial statements pertaining to Banking Industry & Banking products.
o Strong analytical skills with strong time management skills.
o Having good exposure to MS office including MS Word, Excel and Power point. o Ability to work under team spirit.
o Desired skills* US GAAP knowledge is preferred.
Work Timings*11AM to 10 PM ( 9 hour window)
Job Location* Gurgaon


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