With branches across the world and headquarters in New York City, Bank of America Corporation offers numerous financial services to individuals and businesses while aiding various communities. Serving over 57 million clients, Bank of America originated more than 220 years ago.
The financial institution traces its roots to 1784, with the chartering of the Massachusetts Bank. However, it took until the 20th century for Bank of America to become the conglomerate it is today. Some credit the 1920 merging of the San Francisco-based Bank of Italy and the Los Angeles-based Bank of America into BankAmerica as the start of this process. Others go forward several decades, to when North Carolina National Bank purchased several thousand banks across the nation and combined them into a single entity. Regardless, Bank of America remains proud of its history and operates six Heritage Centers throughout the country.
About the Author:
A financial executive for nearly two decades, Rao Chalasani has served with firms such as JPMorgan Chase & Co.; Merrill Lynch & Co., Inc.; and Deutsche Bank AG. Chalasani also functioned as Chief Technology Officer and Risk Strategist Director for the Global Markets Trading Risk Management division of Bank of America-Merrill Lynch.
The digital nature of banking and investment transactions today means that risk managers (or risk strategists, as they are sometimes called) must possess fluency in technological systems that facilitate investment and trading. In addition to managing financial risk, a risk manager must identify and account for potential systemic threats. In other words, risk management involves a determination as to the risk level of certain loans and trades, as well as an analysis of potentially risky online and offline systems that allow those loans and trades to go through.
When working in international markets, the role of a risk manager becomes even more complex, as factors such as political instability, inflation, currency fluctuation, famine, and drought enter the picture and influence the viability of various financial transactions. Juggling these risks requires sound and far-reaching knowledge. Technological advances mean that risk managers may depend upon software to help them, but human instinct will likely always be a big part of the job.
About Rao Chalasani: A former Chief Financial Officer and Risk Strategist for Merrill Lynch and Bank of America-Merrill Lynch, Rao Chalasani has focused on global markets and credit, real estate, and structured products. Rao Chalasani is the sole designer and creator of the scalable “Enterprise Risk Management System,” for which a patent is pending.