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Risk Management of Bank of America

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By 2025, risk functions in banks will likely need to be fundamentally different than they are today

As hard as it may be to believe, the next ten years in risk management may be subject to more transformation than the last decade. And unless banks start to act now and prepare for these longer-term changes, they may be overwhelmed by the new requirements and demands they will face.

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Establishing a culture built on integrity and ethical business conduct starts with it being a priority for our CEO and the management team, the Board of Directors, and other leaders. Our Board’s structure and composition enables it to oversee and hold senior management accountable for managing all types of risk, including those related to compliance and conduct. As part of their oversight responsibilities, annually, the Board, Enterprise Risk Committee and Audit Committee review or approve certain enterprise policies related to compliance and conduct. Our Global Environmental, Social and Governance Committee also regularly considers emerging issues, as well as concerns raised by advocates, regulators, and other stakeholders, to ensure that these concerns are integrated into our business decisions and are understood and managed at the highest levels of the company. While there is no single culture metric, the company analyzes a variety of data sources to ensure we are living our values as a company. For example, we drive our culture and related expectations for conduct throughout the employee lifecycle – from hiring, to onboarding, to training and development, to decisions on compensation and promotions

Our decisions behind our performance management, compensation and recognition programs are rooted in our culture and in our conduct expectations for all employees.

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Bank of America Corporation, a multinational banking and financial services organization that is the second largest holding company in the entire United States by assets, and the fourth largest bank by capitalization. Headquartered in Charlotte, North Carolina, the banks serves clients in more than 150 countries and has a business relationship with over 99% of U.S. Fortune 500 companies and 83% of the Fortune Global 400. As of 2010, the bank is the 5th largest company in the United States by total revenue, as well as the 2nd largest non-oil company in the United States, while Forbes listed it as the 3rd biggest company in the world (The Global 2000. (21 April 2010). Bank of America built its success by leveraging different elements of bank deregulation to grow the company into a national bank in the U.S., one of the country's largest. The driving force behind this success was visionary leadership at the top of the company and the ability to integrate a high growth platform with multiple acquisitions at the more functional managerial levels of the company

Thus, the company's leadership development program has been instrumental to its run of success. There are seven components to Bank of America's leadership development program. The company believes that leaders matter, especially with respect to creating systems of accountability (Fishel, B. And Conger, J. (2010). The company believes in creating strong links between performance and reward, and it therefore sees talent as a critical enterprise resource. Flowing from the performance orientation, the company recognizes that today's leaders are not necessarily the ones that will lead tomorrow.

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To sum up, i to be a sustainable company, Bank of America must be a company that values their people and gives all employees the support they need to build their careers, achieve their goals, and have the resources they need to improve their lives and the lives of their families. They have a diverse and inclusive workplace that refects the diversity of the customers, clients, and communities we serve in more than 35 countries around the world

Bank of America provides resources and strategies to help employees develop no matter where they are in their careers. Through their recruitment programs and partnerships, they are investing in the future by bringing the best and brightest to work at Bank of America.

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The Global 2000. (21 April 2010). Forbes.com. Retrieved from: http://www.forbes.com/lists/2010/18/global-2000-10_The-Global-2000_Rank.html

Fishel, B. And Conger, J. (2010). Bank of America. In M. Goldsmith and L. Carter, eds. Best Practices in Talent Management. New York: John Wiley

Carter, L. (2012) How Bank of America develops leadership talent around the world. Talent Management.

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