Wealth Management - Flagstar Advisors Risk & Controls Associate

Position Title

Wealth Management - Flagstar Advisors Risk & Controls Associate

Location

New York, NY 10018

Job Summary

The Wealth Management – Flagstar Advisors Risk & Controls Associate 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 Risk and Controls Lead in this 1st Line of Defense (1st LOD) role will bring knowledge of and experience in regulatory requirements and risk experience in Wealth Management. The role will partner with the Private Bank & Wealth Management business as it develops a Chief Investment Office, Family Advisory & Trust, and Insurance practice.

• 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 individual contributor will collaborate with colleagues in Enterprise Risk Management and Compliance (2nd LOD), and Internal Audit (3rd LOD).
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.

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

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

Job Responsibilities:

Risk Framework

• Supports the Wealth Management Risk & Control organization in the 1st LOD with execution of risk and control programs adhering to the Risk Governance Framework
• Supports the transformation of a Non-Financial Risk Management framework and consistently executes the framework.
• Exemplifies high level of acumen across Enterprise Risk stripes - Operational, Compliance, Strategic, Credit, Liquidity, Interest Rate, Price, and Reputational Risk.
• 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.
• 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 while supporting the ongoing improvement and transformation of these areas.
• 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.
• Coordinates 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 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 Wealth Management Business Unit. 
• Ensures Risk Management Frameworks are effective to manage risks associated with the Wealth Management and Flagstar strategic plan.

Bank Initiative Partner

• Participates in Enterprise Risk and Compliance forums and socializes with Wealth Management Advisors and leaders.
• May interact with and/or support interactions the Broker Dealer and Bank’s regulators (including OCC, FINRA, SEC, and FRB) and Internal Auditors.
• Works closely with the following Business Unit partners: 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.

Governance

• 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.

Risk Advisory Guidance and Communication

• 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.

Procedure & Process Management

• Provides guidance 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.

• Uses independent judgement and discretion to make decisions pertaining to risk governance, audit, compliance
• Analyzes and resolves problems pertaining to risk governance, audit, compliance

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 Wealth Management products and services including Investment Management & Advisory, Insurance, Trust Advisory, and Fiduciary Advisory
• Broker Dealer and/or Large Bank experience
• Experience with Fiduciary Compliance obligations
• Proven ability to lead and execute in change management environments, and has experience in the implementation of risk programs / frameworks
• Experience in acquisition/integration environments

Preferred Qualifications:

• Education level preferred: Undergraduate Degree (4 years or equivalent)
  • Demonstrated effectiveness in managing operational requirements, preferably in a Wealth Management capacity
  • Strong understanding of Risk and Control Self-Assessments (RCSA)
  • Strong understanding of operational risk management and audit industry best practices
  • Strong understanding of compliance requirements associated with 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

Job Competencies:

• 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
• 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):The job requires a moderate degree of physical exertion and stamina such as standing, sitting, walking, driving or infrequent lifting.

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