Flagstar Advisors Risk & Controls Officer-Wealth Management
Flagstar Bank
2024-09-22 12:46:52
New York City,
New York,
United States
Job type: fulltime
Job industry: Banking & Financial Services
Job description
JOB SUMMARY The Wealth Management - Flagstar Advisors Business Risk and Controls Officer will help to design, build, transform and implement a risk management framework and lead the ongoing identification, assessment, and measurement of the business line's material risks and key controls. The Wealth Management - Flagstar Advisors Business Risk and Controls Officer in this 1st Line of Defense (1st LOD) role will bring expertise in regulatory requirements and risk experience in Wealth Management. • Flagstar Advisors is a licensed broker-dealer and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA") and the Securities Investor Protection Corporation ("SIPC"). Flagstar Advisors is an introducing firm and, as such, clears its trades through National Financial Services, LLC ("NFS"), a wholly-owned subsidiary of Fidelity Investments. Flagstar Advisors contracts NFS to provide trade execution, settlement, and custodian services for its clients. Flagstar Advisors partners with Envestnet Inc. to provide Investment Advisory research and reporting services. • Flagstar Advisors provides these services to clients of the Private Bank. The Private Bank consists of Private Client Groups (PCGs) who are highly specialized in providing white glove service to High Net Worth and Commercial clients by offering Deposit products, lending, and products and services from Flagstar's broader offerings. This leader will collaborate with colleagues in Enterprise Risk Management and Compliance (2nd LOD), Internal Audit (3rd LOD), and External Regulatory Agencies. This position is critical to supporting the Commercial & Private Banking strategy, the Bank's ability to meet large bank regulatory heightened standards, and will provide 1st LOD Leadership by ensuring prudent risk and compliance management which can permit the bank grow profitably. The salary range for this position is $200,000- $250,000
JOB RESPONSIBILITIES
Risk Framework
- Heads the Wealth Management Risk & Control organization in the 1st LOD, and responsible for building a risk organization to support Flagstar Advisors.
- Builds, leads, transforms, and consistently executes a Non-Financial Risk Management framework.
- Exemplifies high level of acumen across Enterprise Risk stripes - Operational, Compliance, Strategic, Credit, Liquidity, Interest Rate, Price, and Reputational Risk.
- Builds, leads, and consistently executes a Risk Governance Framework subject to Bank regulatory heightened standards, including Risk Culture, Risk Appetite, Roles and Responsibilities, Risk Governance, Risk Assessment, and Risk Monitoring & Reporting.
- Builds, leads, transforms, and consistently executes Risk & Control Self-Assessments, Issue Management, Internal Operational Risk Loss Events, External Risk Events, Key Risk Indicator, Control Identification and Design, and Quality Assurance programs.
- Directly engages with Broker Dealer and Bank leaders on identified incidents and issues in root cause analysis, action plans, supporting documentation and testing of implemented controls to effectively remediate findings or issues.
- Leads and drives risk management assessment of new products and services, including enterprise change management programs, and can adeptly identify process improvement opportunities involving Broker Dealer Advisor oversight practices and third-party platforms.
- Provides risk advisory and guidance leadership to the Business Process Owners / Advisors including process and control design, early risk identification, control environment operating effectiveness, policies and procedures, vendor risk, model risk, and data governance.
- Provides risk advisory and guidance leadership on project initiatives, risk assessments, and risk remediation efforts impacting the Flagstar Advisors Business Unit.
- Ensures Risk Management Frameworks are effective to manage risks associated with the Wealth Management and Flagstar strategic plan.
- Actively influences and engages in Enterprise Risk and Compliance forums and socializes with Wealth Management Advisors and leaders.
- Directly interacts with the Broker Dealer and Bank's regulators (including OCC, FINRA, SEC, and FRB) and Internal Auditors.
- Works closely with the following Business Unit partners: Bank Examiners, External Bank Auditors, Enterprise Risk Management, Internal Audit, Regulatory Compliance, Regulatory Affairs, Business Process Owners, and Shared Services organizations.
- Coordinates Internal Audits, Compliance Tests, and External Exams with Business Process Owners / Advisors to ensure timely delivery and completeness of required documentation.
- Actively executes appropriate Business Unit Review Governance model and cadence for Wealth Management, including up to the Flagstar Advisors Board.
- Ensures compliance with all Enterprise Risk management policies and standards, and management of Enterprise Risks within the Bank's risk appetite.
- Implements risk management methodologies for the Wealth Management Business Unit.
- Ensures key risk and control data, inventory, metrics, and reporting are established and actively monitored.
- Ensures risk culture is imbedded across the Flagstar Advisors organization with an appropriate training regimen.
- Assists in the interpretation of complex regulatory requirements and effectively communicates the potential impact to affected Flagstar Advisors business leaders.
- Supports the development and implementation of regular communication and training methods to keep employees informed of policy, procedural and regulatory updates.
- Regularly evaluates Business Unit processes and practices to ensure consistency with applicable regulatory requirements and expectations.
- Stays abreast of compliance and regulatory changes at Flagstar and within the industry to continue to act as a risk subject matter expert for advising and monitoring processes across the Business Unit.
- Provides direction and expertise on development of sufficient documentation including policies, procedures, processes, and user guides to increase efficiencies, reduce errors and mitigate risk.
- Ensures regulatory/compliance related requirements are embedded within Business Unit procedures and user guides.
- Ensures ongoing / annual reviews of Risk procedures to ensure accuracy and compliance with policies.
- Understands the current systems and their respective capabilities.
- Prepares comprehensive written reports and summaries communicating results of findings and highlighting overall business risk, where necessary.
- Responsible for talent management functions including: employment, performance evaluations, staff development/training, disciplinary actions, succession planning and ensuring all staff comply with compliance requirements.
- Performs special projects, and additional duties and responsibilities as required.
- Consistently adheres to regulatory and compliance policies and standards linked to the job as listed and complete required compliance trainings. Accountable to maintain compliance with applicable federal, state and local laws and regulations.
Required Qualifications:
- Education level required: Undergraduate Degree (4 years or equivalent).
- Minimum experience required: 15+ Years.
- Experience in Wealth Management businesses and Investment Advisory products.
- Broker Dealer and/or Large Bank experience.
- Proven ability to lead and execute in change management environments and has built programs / frameworks from the ground up.
- Experience in acquisition/integration environments.
- Demonstrated effectiveness in managing operational requirements, preferably in a Wealth Management capacity.
- Advanced understanding of Sarbanes-Oxley requirements and Risk and Control Self-Assessments (RCSA).
- Advanced understanding of operational risk management and audit industry best practices.
- Advanced understanding of laws and regulations impacting financial institutions.
- Able to manage and execute multiple complex projects within required timelines.
- Experience defining and documenting business processes and functions.
- Proven Leadership skills, both through leading a team as well as leading larger stakeholder / business organizations.
- Proven ability to partner effectively across all levels of the organization and develop positive working relationships.
- Demonstrated ability to follow company policies, guidelines and procedures.
- Strong attention to detail, highly organized, and ability to prioritize.
- Demonstrated ability to maintain confidentiality using tact and diplomacy.
- Excellent verbal and written communication skills and demonstrated success communicating with various levels within an organization.
- Ability to analyze and assess the adequacy of operational controls and identify opportunities for process improvements.
- Drives change in the organization and ability to handle complex change management while remaining risk disciplined.
- Ability to think critically and logically.
- Uses independent judgement and discretion to make decisions pertaining to risk governance, audit, compliance.
- Analyzes and resolves problems pertaining to risk governance, audit, compliance. . click apply for full job details