My client is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in the investment banking, financial services for consumers and small business, commercial banking, financial transaction processing, and asset management.
The Commercial Banking (CB) Control Manager Senior Associate will be responsible for providing support for the end-to-end execution of Control & Operational Risk Evaluation (CORE) requirements, including control breaks and resolutions, to reduce financial loss, regulatory exposure and reputational risk. The role will support the all control related efforts for the Wholesale Lending Services (WLS) Operations and will be part of the Control and Continuity Services team. The role will be working closely with various Operational roles and peers across the WLS Business Operations Executive (BOE) team and will engage with legal, compliance, risk, audit, and technology control functions.
Control Management (CM) maintains a strong and consistent control environment across the firm. With Control Managers appointed for each Line of Business, Function and Region, there is a comprehensive coverage and joint accountability model with the business executive that promotes early operational risk identification and assessment, effective design and evaluation of controls and sustainable solutions to mitigate operational risk.
Control Management focuses on four areas:
1) Control design and expertise
2) Risks and controls identification/assessment
3) Control breaks and resolution
4) Control governance & reporting
- Initiate, represent & support Risk and Control Projects for WLS.
- Rollout regular training programs to strengthen control environment around the transaction lifecycle, Risk Reporting, etc.
- Represent WLS on Control Forums and provide updates on control issues along with Scorecards, Dashboards, Key metrics, KPIs as applicable.
- Assess the impact of changes in the internal policies to WLS. Monitor and review actual and potential exceptions to policy requirements and initiate remedial actions.
- In partnership with stakeholders, evaluate and perform an end-to-end analysis of the business’ risk and control environment to identify significant gaps and weaknesses and determine root cause of control breaks
- Ensure that controls are properly designed, operating effectively, and essential to a proactive risk and control culture that leverages proven evaluation strategies and sound change management protocols
- Provide control related due diligence to business units to foster a proactive risk and control culture that leverages proven evaluation strategies and sound change management protocols
- Partner effectively with colleagues across the firm, business, operations management, legal, compliance, risk, audit, regulators and technology control functions to drive consistent and rigorous operational risk practices and Control programs including: control committees, risk mitigation, key risk indicators, control design and effectiveness evaluation/testing
- Help establish/reinforce control governance and reporting to identify meaningful metrics to inform on health of operational risk and control environment; escalate control breaks based on key reporting indicators; and provide input to control committees and forums.
- Leverage technology and process improvements to mitigate reliance on manual processes.
- Support business operations by partnering with the business and regional stakeholders to create best practice solutions and drive process and control enhancements, providing expertise in risk/controls and the development of corrective action plans.
- Acting liaison for internal and external audits including compliance related exams.
- Understand the local regulatory, compliance landscape and drive control & process adherence. Monitor any remediation arising out of changes in regulatory requirements.
- Bachelor’s degree or equivalent experience required
- 5-7 years of experience in financial services industry with background in controls, audit, quality assurance, operational risk management, or compliance preferred; or equivalent subject matter expertise in a relevant business related function/operation. Lending product knowledge preferable
- Proficient in Microsoft Office Suite (Word, Excel, PowerPoint, Visio).
- Business knowledge - ability to understand the Commercial Banking and Corporate & Investment Bank business / knowledge of regulation surrounding business
- Team Player – strong influencing skills and ability to develop strong partnerships across businesses
- Communication/presentation - excellent written and verbal communication skills with an ability to influence business leaders in a meaningful and actionable manner
- Networking – strong interpersonal skills; strong collaboration and relationship building skills
- Leadership – Track record of execution/delivery/process improvement/leadership in a challenging environment.
- Work autonomously to affect change - flexible, adaptable to shifting priorities; manages competing priorities to achieve the most effective result and able to work in a fast-paced, results driven environment
- Decision Making/judgement – moderate level of independent decision making using sound judgement
- Problem solving / Analytical skills - solid critical thinking, attention to detail and analytical skills; ability to synthesize large amounts of data and formulate appropriate conclusions
- Understanding root cause / identifying control breaks
- Developing timely and sustainable solutions
- Analyze metrics for emerging risk
- Ability to make subjective and informed decisions based upon output, influence stakeholders and justify decision making