Business Risk Management, MD at State Street in Boston, Massachusetts

Job Description:

Who We Are Looking For?

The Business Risk Management Executive, Managing Director is a valued partner in the Product Office in the identification, assessment, and mitigation of risk. This individual will cultivate a framework of practices that enables a balance of commercial considerations with the risk excellence objectives established by business leadership and provides oversight and governance of all product controls for solutions being brought to market.

Successful candidates will have experience in overseeing a risk management team, will be skilled in sound risk management and governance practices, and have firsthand experience working in highly regulated environments. In addition, experience designing, identifying, and testing controls for new products and services, preferably in the Digital Asset space is important in this role.

The individual will partner across stakeholder groups to enhance risk, control, and operational management capabilities, improve the efficacy of the control environment, and better respond to regulatory guidance/mandates through the implementation of uniform governance and risk management practices.

Who Are We?

Business Risk Management Executive is a critical function in the Product organization, playing a vital role in the identification, assessment, and mitigation of risk and ensuring appropriate controls are identified, implemented, tested and maintained.

Business

Who Do We Serve?

Business Risk serves State Street's clients, leadership, and employees by designing a strong internal control environment and providing assurance of its effectiveness to our Board.

The team you will be joining is a part of State Street Institutional Services (IS) Chief Product Office.

Why this role is important to us

Business Risk Management Executive ensures risk management practices are followed and controls are implemented with firmwide risk and control objectives, assisting Product leadership with balancing risk management, improving business performance and bringing new Products to market.

What you will be Responsible For

• 
  Oversight of the Product Risk Committee and ensuring policies, standards and procedures are appropriate documented and followed across Product teams


• Develop, generate and review appropriate metrics for review in Risk Committee


• Oversee and facilitate risk control self assessments (RCSAs) for each Product group and associated maintenance of control inventories in Archer across each Product group


• Oversee control design and execution of control testing across all Products


• Review and validate all issue and incident closures and provide support during remediation processes


• Escalation point for control gaps and weaknesses that could lead to financial, reputational and or regulatory exposure and ensures they are getting the appropriate level of attention.


• Ensures completeness of all open status risk identified items for the Product team


• Oversees emerging risks through review of regulatory enforcement actions, business change initiatives, attendance at risk forums/ committees, industry trade groups.


• Partners with Compliance, ERM in assessment of control design and effectiveness using business knowledge to ensure control strength is commensurate with the risk being mitigated.


• Manages the review and prioritization with the business of any serious control weakness identified through incidents or control assurance reviews.


• Advises business teams on risk prioritization and allocation of time and resources.


• Ensures appropriate level of pressure and sense of urgency on management to resolve high rated issues.


• Partners with second and third line of defense to ensure awareness of changes in risk environment and where there are new emerging material risks.


• Understands Product's strategic objectives to design and deliver well controlled digital asset products and solutions leveraging innovative technology - in particular distributed ledger, tokenization and smart contracts technologies.


• Collaborates across lines of defense to design, implement and monitor a control environment that effectively mitigates key risks inherent to digital assets and be a catalyst for positive change and continuous improvement


• Champions increased understanding of digital assets products company-wide


• Supports interpretation and application of evolving digital industry best practices and regulatory expectations


• Interacts with external parties to review and provide assurance around effective control environment (Fed, Industry partners etc.), including Digital Assets

These skills will help you succeed in this role

• Possess 10-15 years of experience in risk, compliance, and/or audit functions within a Product organization, preferably with experience in launching new products and services.

• Strategic thinker with an understanding of regulatory, operational, market, and technology risks in financial services, preferably within Product functions.

• Strong organizational awareness with ability to facilitate and resolve conflicts; ability to make informed, risk optimized decisions under time pressure.

• Demonstrated success as a change agent that possesses both superior relationship management and communications/influencing skills across all levels of a global and complex organization; ability to execute on goals and objectives under challenging circumstances.

• Attention to detail and a propensity to drive issues toward resolution.

• Keen awareness and appreciation for teamwork and collaboration

• Superior verbal and written communication skills; it is vital that the candidate possess the ability to articulate complex thoughts in a cogent, linear, and method-driven manner and to assimilate information for senior executives concisely and appropriately for the situation at hand.

• Effective manager with the ability to develop and motivate a team

• Risk and control knowledge and experience for digital custody and tokenization a plus

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

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.