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Head of Operational Risk Business Oversight - State Street Global Advisors

State Street Corporation
Boston, USA
Closing date
Jan 5, 2024

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Job Function
Risk Management
Industry Sector
Finance - General
Employment Type
Full Time
Position Summary:
**MUST have: Operational Risk, Wealth Management and Business Process Management to be considered** Who we are looking for: As Head of Operational Risk Business Oversight - State Street Global Advisors, MD for State Street Global Advisors' Enterprise Risk Management (ERM), you will lead State Street Global Advisors (SSGA) program strategy and framework execution to ensure effective identification, measurement, control and management of SSGA operational risks globally. This role also has responsibility for understanding and communicating technology risks and impacts to the operating environment. The Managing Director position sits within the 2nd line of defense and reports jointly to the State Street Global Advisor Chief Risk Officer (CRO) and to the State Street Global Head of Operational Risk, creating synergy between global functional leadership and strong cross risk discipline coordination and vision. You will drive a risk-aware culture throughout the organization by challenging the status quo and providing objective thought leadership to our organization. Our Team:
We are a diverse team of over 65 risk professionals based in Boston, Stamford, London, Dublin, Krakow, Bangalore and Sydney. As a combined group, we are responsible for identification, control, and reporting of operational, investment, liquidity, credit, and model risk globally. All over the world, institutional investors rely on State Street Global Advisors to help them deliver on diverse investment objectives, handle risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and talented, engaged employees are critical to our continued success. Our promise to maintain an environment where every employee feels valued and able to meet their full potential inspires our mission. It's also part of our dedication to inclusion, development and engagement, and corporate social responsibility. Want to take advantage of this exciting career opportunity and combine it with tools to help you balance your professional and personal life, paid volunteer days, and access to employee networks that help you stay connected to what matters to you? Please apply and join us. State Street is an Equal Opportunity Employer. What you will be responsible for: As Head Operational Risk Business Oversight for SSGA you will:
  • Lead and manage the global operational risk management coverage team for SSGA.
  • Provide independent operational risk oversight and challenge for the full range of segments within SSGA.
  • Develop detailed understanding of business strategy, the customer base, products and services as well as relevant industry issues, frameworks and emerging risks.
  • Promote an independent and holistic risk culture within SSGA Operational Risk, with a focus on escalation and proactive management of emerging risks.
  • Advise senior business leadership regarding appropriate policies and processes leveraging risk management metrics/risk opinions, track performance and monitor trends across the business.
  • Review and challenge SSGA Front Line operational risk program execution; including, but not limited to, projects and business initiatives, business continuity, external fraud, information risk management, safety and physical security, transaction processing, third party, as well as various risk assessment policies and programs.
  • Oversee and actively manage risks in line with risk appetite, oversee the continued refinement and/or development of appropriate controls and ensure thorough and timely resolution of issues. Understand themes and trends across the risk types along with the impact of those themes and trends.
  • Drive initiatives to proactively identify, escalate and solve complex risk and control issues as well as potential conflicts with risk management results and expected outcomes in a timely manner.
  • Leverage experience to bring industry leading standards, practices and tools to the organization.
  • Assist Operational Risk leadership with strategy development and drive priorities of the work function.
  • Implement the Operational Risk Management Framework through promoting adoption of the Operational Risk Programs, setting clear behavioral expectations for risk management; ensuring that roles and responsibilities are understood and accountabilities enforced.
  • Manage day to day operations of the SSGA advisory team; inclusive of organizational design, process optimization and strategy.
  • Support the Head of Operational Risk in running and changing the operational risk management program; including providing strategic advice on organizational design, managing regulator engagements, developing budget, defining training strategies and preparing executive level materials and briefings for Senior Management and the Board.
  • Maintain relationships with primary regulators on Operational Risk Advisory topics for SSGA.
  • Demonstrate and sponsor appropriate risk management and leadership behaviors in support of doing what is right for the customer, people as a competitive advantage, ethics and diversity and inclusion initiatives.
  • Drive execution of remediation plans and regulatory commitments as applicable.
  • Provide education and tools to the 1st line business to promote/enable self-assessment, measurement, reporting and management of operational risk.
  • Closely collaborate with the Chief Risk Officer (CRO) and leaders from various risk disciplines to maintain proper local governance structures in EMEA, APAC and North America.
  • Monitor applicable changes in the risk profile and proactively incorporate into the overall risk programs.
  • Promote a strong risk management culture and discipline throughout the business.
  • Oversee hiring, coaching, performance, and development of Operational Risk staff globally.
  • Act as primary liaison on operational risk related questions with regulators, internal and external advisors and other internal control groups on operational risk issues.
  • Build strong relationships with leadership across IT and State Street corporate divisions to identify understand technology risks and impact(s) on the operating environment.
  • Report regularly to corporate, local and regional governance committees with appropriate, timely and relevant risk data.
  • Participate in SSGA committees [potentially chairing a committee]; ensuring operational risk matters are transparently presented and that the materials delivered aid members in making risk-based decision.
  • Develop effective working relationships and communications with staff and ensure that staff are motivated, developed and supported.
  • Maintain the highest standards of conduct and integrity and ensure compliance with accepted industry practice, company policies, statute and regulatory requirements.
What we value: These skills will help you succeed in this role:
  • Exceptional program leadership, influence, and relationship building skills.
  • Strong ability to understand and engage in business transformation; productively highlight risks and opportunities and effectively manage a successful outcome.
  • Passion for complex problem solving and demonstrated proficiency in strategies to drive engagement, transparency, and shared sense of urgency in others.
  • Proven ability developing strong internal partnerships with portfolio managers, traders, client facing teams, operations staff, and senior management while also injecting objective oversight when needed.
  • Strong track record managing, coaching, and collaborating with staff across multiple locations.

Education & Preferred Qualifications:
  • 10+ years of asset management or financial experience with at least a substantive portion in Operational Risk, Information Technology Risk, Enterprise Risk Management, Compliance, and/or other like control function.
  • Demonstrated understanding of the investment management business providing portfolio management and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies.
  • Deep understanding of operational risk programs (Risk & Control Self-Assessment, Operational Risk Events, Issues Management, Key Risk Indicators, Scenario, etc.)
  • Proven ability to proactively manage and resolve conflict and effectively defend decisions with objective rationale.
  • Leadership skills: specifically, the ability to influence and manage effectively in a matrixed operating model.
  • Ability to interact independently with senior leaders and with all levels of an organization.
  • Strong relationship management skills and the ability to effectively exert influence.
  • Excellent verbal, written and interpersonal communication skills.
  • Ability to articulate complex concepts in a clear, concise and contextualized manner.
  • Strong analytical skills with high attention to detail and accuracy.
  • Familiar with project management methodologies and experience in managing risk associated with business process or technology change initiatives.
  • CFA, FRM, MBA or similar designation desired.
What we offer Are you the right candidate? We truly believe in the power that comes from the diverse backgrounds and experiences our employees bring with them. Although each vacancy details what we are looking for, we don't necessarily need you to fulfil all of them when applying. If you like change and innovation, seek to see the bigger picture, make data driven decisions and are a good team player, you could be a great fit.

Salary Range:
$170,000 - $267,500 Annual
The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.

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