OPERATIONAL RISK MANAGEMENT: HEAD OF FIRM-WIDE RISK IDENTIFICATION TEAM Boston, Massachusetts/en-US/Global/job/Boston-Massachusetts/Operational-Risk-Capital-and-Stress-Testing_R-604434/apply
OPERATIONAL RISK MANAGEMENT: HEAD OF FIRM-WIDE RISK IDENTIFICATION TEAM VICE PRESIDENT
The Operational Risk Methodology Team, in Enterprise Risk Management, is responsible for maintaining and driving continuous improvement to State Streets core operational risk programs, including its risk identification and control assessment programs, operational risk appetite framework, key risk indicators and Board and Senior Management reporting. The Team is looking for a candidate to lead the firm-wide risk identification team with responsibility for the Banks two primary risk identification programs:
The strategic risk identification program engages senior executives from across the global business areas and control functions to assess the Firms most material exposures across all risk types. The results from this program serve as a foundational element to State Streets broader Enterprise Risk Management Framework including, its risk appetite statement and limits, capital adequacy and stress testing processes and consolidated risk reporting to senior management and the Board of Directors. The business line risk and control program is facilitated with the Business Unit Controls and Management Teams, as well as the second line Control Teams to assess the non-financial risks associated with key business processes and the effectiveness of the control environment. The results from this program are used to strengthen internal processes, inform controls and testing activities and are an important input into the strategic risk identification program.
In addition, the candidate will be a key stakeholder in several critical processes, including: the enterprise-wide stress testing program that supports the Federal Reserves CCAR Program, the operational risk scenario analysis program and a cross-functional corporate initiative aimed at creating an integrated second line oversight model for non-financial risk across the Enterprise Risk Management, Corporate Compliance and First Line Controls groups.
This position will report directly to the Managing Director that oversees the Operational Risk Methodology Team and will be supported by a small team.
PRIMARY JOB DUTIES AND RESPONSIBILITIES:
Execute Risk Identification Programs:
Lead quarterly risk identification processes focused on the identification of material risks and emerging issues at both the corporate and business unit-levels.
Manage a horizontal review process to evaluate the accuracy and completeness of the risk assessments completed by each business unit and to aggregate risks to reflect firm-wide exposures.
Analyze program results to identify material risks, key trends and emerging issues. Develop presentations for all levels of management and the Board to facilitate their review and approval of the program results.
Oversee the documentation of the risk identification program methodology in connection with the Firms annual CCAR submission to the Federal Reserve.
Serve as the primary point of contact for all examinations of the Firms risk identification practices with internal Audit and the Federal Reserve.
Maintain Program Methodology:
Maintain, and drive improvements to, program methodology for both risk identification programs, including all related policies and procedures.
Provide regular training and support to educate business units on key risk identification program concepts and address any issues that arise to ensure successful outcomes.
Collaborate with key stakeholders to maintain and improve the Firms process, risk and control taxonomies.
Stay abreast of industry rules, regulations and industry best practices to ensure risk assessment programs adhere to supervisory expectations.
Participate as a Stakeholder in Key Risk Programs:
Work with the CCAR Teams to develop stress scenarios tailored to the Firms risk profile and to ensure that all material risks are captured in the stress testing and capital adequacy processes.
Work with Risk Governance Team to ensure that changes in Firms material risks are captured in key framework programs, such as the Risk Appetite Statement, Board Reporting, Stress Testing, etc.
Participate in the Operational Risk Scenario Analysis Program used to estimate stressed exposures under hypothetical scenarios in support of the Firms stress testing programs.
Partner with Corporate Compliance and First Line Controls teams to identify opportunities to drive convergence across risk assessment programs.
MINIMUM QUALIFICATIONS, SKILLS AND EXPERIENCE:
+7 years of experience in banking with a focus in operational risk management, internal audit or internal control testing.
Excellent written and verbal communication, including the ability to create and deliver clear, well-structured presentations.
High degree of attention to detail and focus on error-free execution.
Strong multitasking skills with the ability to successfully manage a number of work streams to deadlines and high standards of quality.
Ability to work across all levels of management in the organization, including senior executives.
Bachelors degree or military service.
ABOUT STATE STREET:
State Street Corporation (NYSE: STT), is the worlds leading provider of financial services to institutional investors, to which it provides custody and management of their assets; accounting, daily pricing, and administration of their funds; the information and analytical tools that help them make investment decisions; and the foreign exchange, cash management, credit, and electronic trading services that help them negotiate complex, global financial markets efficiently and effectively.
Posted TodayFull timeR-604434
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