SVP, Head of Operational Risk Business Oversight- State Street Global Advisors & Corporate Functions at State Street in Boston, Massachusetts

Job Description:

Role Summary:

The Head of Operational Risk Business Oversight for State Street Global Advisors & Corporate Functions provides risk management oversight to State Street Global Advisors business and Corporate Functions globally. State Street Global Advisors is the investment management division which creates and manages investment strategies for governments, corporations, non-profits, asset managers, financial advisors and other intermediaries. In addition, this leader provides oversight for core Corporate Functions, excluding CFO & Technology.

The role holder will lead a team of senior risk professionals to oversee framework execution in the business to ensure effective identification, measurement, control and management of State Street Global Advisors & Corporate Function operational risks globally. This leader will partner, both directly and through their team, with a material business, within a matrix structure environment with the purpose of ensuring that the First Line of Defense effectively and optimally manages operational risk in line with risk appetite. As a "critical partner" to senior business leaders in the First and Second Line of Defense, the incumbent must be skilled at effectively influencing business behaviors and risk culture, highlighting issues and articulating outcomes.

The Senior Vice President position sits within the 2nd line of defense and reports to the State Street Global Head of Operational Risk. This leader will drive a risk-aware culture throughout the organization by challenging the status quo and providing objective thought leadership to our organization.

The role is global in nature and will require excellent communication, negotiation and partnership skills in order to influence a wide variety of stakeholders at the executive level as well as external regulators.

Other Key Responsibilities Include:

• Leading and managing the global operational risk management coverage team for State Street Global Advisors & Corporate Functions; providing independent operational risk oversight and challenge for the full range of segments within the business.


• Developing a detailed understanding of business/corporate function strategy, the customer base, products and services as well as relevant industry issues, frameworks and emerging risks for the business.


• Partnering with senior leaders to enable risk informed key business and strategy decisions through their understanding of the business and their role in the governance of the business (e.g. as a member or attendee of Business Control Committees and Business Risk Committees).


• Providing proactive, insightful analysis and interpretation of risks to the First and Second Line based on a thorough technical understanding of the Operational Risk Management Framework (ORMF), robust and relevant knowledge of the business with which they partner and a deep and broad external market view on risk theories and current best practice.


• Providing direct and measurable commercial benefit to the business in managing risk effectively.


• Providing superior thought leadership to the senior First and Second Line management through the use and evolution of risk frameworks to deliver effective risk management to the business and through the education of the senior management team in effective risk management.


• Overseeing and actively managing risks in line with risk appetite, oversee the continued refinement and/or development of appropriate controls and ensure thorough and timely resolution of issues.


• Driving initiatives to proactively identify, escalating and solving complex risk and control issues as well as potential conflicts with risk management results and expected outcomes in a timely manner.


• Supporting and challenging the First Line using superior influencing and negotiating skills to identify, assess and control emerging risks prior to material P&L impact.


• Owning and driving the process of overseeing the embedment of the operational risk framework throughout the business areas and contribute to the risk and control culture of the organization through knowledge sharing and awareness on the importance of risk management.


• Supporting 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.


• Driving execution of remediation plans and regulatory commitments as applicable.

• Minimum of fifteen years of asset management experience in financial services with a proven track record for achieving operational excellence and delivering franchise wide transformation initiatives.


• Experience across Operations, Risk Management and / or Audit roles which require the management of diverse risk types including operational risk.


• Cutting edge subject matter expertise in operational risk discipline


• Detail oriented with a demonstrated ability to independently manage and prioritize a book of work spanning change the bank and run the bank activities.


• Strategic thinker with a demonstrated ability to distill complex, ambiguous information to create effective solutions and insights for leaders


• Ability to quickly analyze the status quo and identify opportunities for continuous improvement or re-engineering


• Equivalent to a university degree in finance, business, accounting or related field.


• Graduate degree level preferred (e.g., MBA, doctorate)


• Experience with US regulations as well as a strong working level of knowledge of European and Asia Pacific regulations.


• Proven interpersonal and communication skills at both the executive and board level


• Highly organized with extensive analytical, problem-solving and negotiation skills

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.

About State Street

What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we're making our mark on the financial services industry. For more than two centuries, we've been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You'll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.

Inclusion, Diversity and Social Responsibility. We truly believe our employees' diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.

State Street is an equal opportunity and affirmative action employer.

Discover more at StateStreet.com/careers

Salary Range:
$225,000 - $337,500 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.