Bank of America Risk Management Reviews | Glassdoor

Bank of America Risk Management Reviews

10 reviews

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Risk Management

3.9
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Bank of America President & CEO Brian T. Moynihan
Brian T. Moynihan
5 Ratings

Employee Reviews

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Pros
Cons
  • "Work/Life balance can be overwhelming" (in 503 reviews)

  • "Lack of communication in upper management" (in 440 reviews)

More Pros and Cons

  1. "good employer for which to work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President Risk Management in Providence, RI
    Current Employee - Vice President Risk Management in Providence, RI
    Recommends
    Neutral Outlook
    Approves of CEO

    I have been working at Bank of America full-time (More than 10 years)

    Pros

    Work from home opportunities provide a great work life balance

    Cons

    well - it's a bank after all. Pay potential is somewhat limited - bonuses and pay increases restricted the last couple of years

    Advice to Management

    keep up good work


  2. "Great Company"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Vice President, Risk Management in Charlotte, NC
    Former Employee - Vice President, Risk Management in Charlotte, NC
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Bank of America full-time (More than 3 years)

    Pros

    Great benefits. Willing to let you expand your skill set.

    Cons

    There is a virtual ceiling for most associates at Band 4. Can be doing the job of a Band 3 but won't get promoted unless you are part of the in-crowd.

    Advice to Management

    Have more structured advancement opportunities.

  3. "Model Risk Management Sr. Risk Analyst"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Risk Analysis Senior Specialist ­ Model Risk Management in Charlotte, NC
    Former Employee - Risk Analysis Senior Specialist ­ Model Risk Management in Charlotte, NC
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Bank of America full-time (More than a year)

    Pros

    Working with smart people. Access to systems like Oracle, SAS, MicroStrategy which are good for career development.

    Cons

    The politics when it comes to compensation, bonus or promotions


  4. "Company provides good work life balance however difficult to do my job because of technology constraints and bureaucracy"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Risk Management in New York, NY
    Current Employee - Risk Management in New York, NY
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at Bank of America full-time (More than 3 years)

    Pros

    great benefits, lots of opportunities to move around within the company

    Cons

    Extremely bureaucratic, difficult to change the status quo


  5. "Great Potential and Platform, but currently bureaucracy/firm size limits career advancement and learning opportunties."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Vice President Capital Markets Risk Management in New York, NY
    Current Employee - Vice President Capital Markets Risk Management in New York, NY
    Doesn't Recommend
    Approves of CEO

    Pros

    (1) Strong Brand and Global Franchise
    (2) Open communciation and sharing of knowledge amongst all levels.
    (3) Inclusion of junior associates in senior level meetings
    (4) Management is flexible with hours/outside work commitments

    Cons

    (1) Limited empowerment -i.e. one needs to consult 10 people prior to making any type of decision
    (2) Size is overwhelming- difficult to navigate and get things done if you do not know who to contact.
    (3) Career advancement- if you are good at your job, you will receive praise in performance review, but management may be reluctant to see you move on if you do too good of a job.

    Advice to Management

    The organization needs to be streamlined to reduce bureacracy and increase efficiency. Additionally, talented employees should be encouraged to evolve.


  6. Helpful (1)

    "So far so good"

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Risk Management Analyst in Charlotte, NC
    Current Employee - Risk Management Analyst in Charlotte, NC
    Recommends
    Approves of CEO

    Pros

    -work life balance
    -opportunities to move around within bank
    -low stress job

    Cons

    -working at BofA has nothing to do with banking
    -poor middle managers

    Advice to Management

    promote talent.


  7. "Risk Management Analyst withing one of the major lines of business."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Risk Management Analyst in Charlotte, NC
    Current Employee - Risk Management Analyst in Charlotte, NC
    Recommends
    Disapproves of CEO

    Pros

    1. Opportunity to work for a major player in the banking industry
    2. Ability to have several different careers, and in different geographical locations, over a period of time while still working for the same parent company.
    3. Management is very open to employees moving to other roles after working in your current role for 2 years or so (assuming you at least meet expectations).
    4. You have access to all of the analytical software tools you need to get the job done. They also provide you free training on the most popular tools if necessary for your job (great for future career advancement and resume padding!).
    5. Good total compensation and benefits
    6. We have a new CEO with new and different ideas as to how to run the company

    Cons

    1. Red tape. Often difficult to get things done when you need information from several people in different parts of the company and country.
    2. Banking can get boring. Cranking out spreadsheets and reviewing numbers and dollars can only stimulate you for so long.
    3. You can often be so buried in the bowels of the business that you don't get to see the big picture reasons behind why your work is important and how it impacts the business and the bottom line. Makes you want to work for a smaller company at times.
    4. Business leaders can sometimes focus on the revenue numbers and ignore net income. This caused some of the financial catastrophe we've seen over the past 2 years. However, this has changed given the fallout of the mortgage crisis. The Risk team now has much more veto power than ever before. Risk is now a force to be reckoned with within the company.

    Advice to Management

    Reward employees for working with other divisions -- try to reduce the red tape and pain that comes with trying to implement change or research important issues within such a large company. Create more management rotation program for people already within the company. Why should fresh MBAs have all the fun? Encourage management to support work from home/satellite locations programs.

  8. "Great company for employee's with families and pregnant women. Not a great company for bachelor's and young people."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Risk Management Officer I in Dallas, TX
    Current Employee - Risk Management Officer I in Dallas, TX
    Approves of CEO

    Pros

    Excellent Benefits for employees. Especially if you have a family. If you are a bachelor who really works hard for advancement, you might want to look somewhere else to work, because you won't find any reward for a job well done here.
    Work-Life Balance
    Job Security

    Cons

    Salary
    Bonuses
    Monetary Compensation of any kind.
    Really a bunch of cheap-skates when it comes to rewarding successful employmees. No free lunches, no booze at the company x-mas party, if you actaully get one.

    Advice to Management

    Associates who take on additional responsibility to should be recognized and paid more than others that don't. If you want to keep younger employees to replace aging workers you need to pay them more. At least the same amount as their older peers are doing for the same work.


  9. "Outstanding growth potential with struggling compensation along the way."

    StarStarStarStarStar
    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Risk Management Analyst III in Phoenix, AZ
    Current Employee - Risk Management Analyst III in Phoenix, AZ
    Recommends
    Approves of CEO

    Pros

    Significant growth opportunity within the organization. It is fairly easy to move up in the company after you have proven yourself and built experience in a role.

    Cons

    Human resources controls most compensation increases; particularly when being promoted. I have ran into more than one scenario where I'm significantly underpaid for up to a year because my managers were forced to increase my salary over time. There are also mergers and aquisitions on a regular basis that always lead to internal movement to new positions or layoffs.

    Advice to Management

    Do better at recruiting top talent. Bank of America primarily relies on good applicants applying to the company rather than actively looking for recently graudated students with great potential and a lot to bring to the company right away. In my experience, Bank of America recruiting events were not impressive and did absolutely nothing to show students why they should want to work there; especially compared to other companies putting a lot of effort into the events and offering very competitive salaries.


  10. "Excellent company for graduates - good training"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Risk Management Analyst in Chester, England (UK)
    Former Employee - Risk Management Analyst in Chester, England (UK)
    Recommends
    Negative Outlook
    No opinion of CEO

    I worked at Bank of America full-time (Less than a year)

    Pros

    Great benefits package, good colleagues, on site gym, canteen. Free parking

    Cons

    Business was divested by U.S. Parent and morale declined sharply