Commercial & Private Bank Business Risk & Internal Controls Associate

Position Title

Commercial & Private Bank Business Risk & Internal Controls Associate

Location

New York, NY 10018

Job Summary

The Private Bank Business Risk & Internal Controls (BRIC) Associate will support the implementation of the 1st Line of Defense (1st LOD) risk management framework and the ongoing identification, assessment, and measurement of the business line’s material risks and key controls. The Private Bank BRIC Associate will report directly into the Head of Private Bank Business Risk & Internal Controls and will collaborate with colleagues in Enterprise Risk Management and Compliance (2nd LOD), Internal Audit (3rd LOD), and External Regulatory Agencies.

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 position is key to supporting Flagstar’s and the Private Bank’s strategy and the Bank’s ability to meet large bank regulatory heightened standards. This position will provide 1st LOD leadership by ensuring prudent risk and compliance management which can permit the Bank’s growth.

Pay Range: $84,878 - $112,463 - $140,049

Pay Range: Local Minimum Wage - $0.00 - $0.00

Job Responsibilities:

Risk Advisory Framework

• Support the creation of and the ongoing maintenance of key Operational Risk framework activities, including but not limited to: Risk & Control Self-Assessment, Issue Management, Internal Operational Risk Loss Events, External Risk Events, Control Identification and Design, and Quality Assurance programs.
• Conduct reviews of incidents and issues and support identification of root-cause analysis, action plans, supporting documentation and testing of implemented controls to effectively remediate findings or issues.
• Conduct risk management assessment of new products and services, including enterprise change management programs, and adeptly identify process improvement opportunities such as the centralization of bifurcated payment controls and systems.
• Support the creation and ongoing maintenance of key risk and control data, inventory, and metrics, including ongoing reporting and metrics monitoring.
• Provide risk advisory and guidance on new policies and procedures, project initiatives, risk assessments, and risk remediation efforts impacting the Business Units. 
• Ensure Risk Management Frameworks are effective to manage risks associated with the Private Bank’s strategic plan.

Procedure & Process Management

• Provide direction and expertise on the development of sufficient documentation including policies, procedures, processes, and user guides to increase efficiencies, reduce errors and mitigate risk.
• Ensure regulatory/compliance related requirements are embedded within Business Unit procedures and user guides. 
• Ensure ongoing / annual reviews of Risk procedures to ensure accuracy and compliance with policies.
• Understand the current systems and their respective capabilities. 

Bank Initiative Partner

• Support the coordination of Internal Audits, Compliance Tests, and External Exams with Business Process Owners to ensure timely delivery and completeness of required documentation.
• Produce and gather document requests to support interactions with the Bank’s regulators and Internal Auditors.
• Prepare comprehensive written reports and summaries communicating results of findings and highlighting overall business risk, where necessary.

• Uses independent judgement and discretion to make decisions.
• Analyzes and resolves problems.

ADDITIONAL ACCOUNTABILITIES

• 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.

JOB REQUIREMENTS

Required Qualifications:

• Education level required: High School / High School Equivalency (GED, HiSET, TASC) / Foreign Equivalent 
• Minimum experience required: 4+ Years of risk and internal control (or similar) experience
• Experience in Private Banking and associated deposit and lending products.
• Proven ability to operate in fast-paced environment.

Preferred Qualifications:

• Education level preferred: Undergraduate Degree (4 years or equivalent) or equivalent experience. in Finance, Economics, Business, Data & Analytic or similar.
• Understanding of Sarbanes-Oxley requirements and Risk and Control Self-Assessments (RCSA).
• Working knowledge of operational risk management and audit industry best practices.
• Working knowledge of laws and regulations impacting financial institutions.
• Ability to manage and execute multiple complex projects within required timelines.
• Experience defining and documenting business processes and functions.

Job Competencies:

• 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.
• Ability to think critically and logically.
• Analyzes and resolves problems pertaining to risk governance, audit, and compliance.
• Proactive self-starter with good people management skills and a strong work-ethic.
• Demonstrates a strong ability to build and maintain effective relationships with stakeholders by communicating clearly, engaging in proactive collaboration, and leveraging cross functional insights. Aligns relationship building efforts with enterprise goals to accelerate performance and drive strategic results.
• Builds trusted client relationships, whether internal or external, by identifying needs and delivering tailored solutions to enhance the overall client experience.
• Fosters or supports a positive work culture and productive work environment, displaying importance of effective relationships with customers and stakeholders.
• Travel Requirements: Travel may be required depending on location of hire.  If required, travel is not expected to be frequent.
• Physical demands (ADA): No unusual physical exertion is involved.

Flagstar is an Equal Opportunity Employer

Flagstar provides teammates access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program. Please click the following link for detailed information: Benefits | Flagstar Bank