Business Controls Senior Associate - Wealth and Asset Management

Fifth Third Bank • Cincinnati, OH

5d • Onsite

About The Position

As a first line of defense, the Business Controls Senior Associate analyzes, identifies, assesses, mitigates, and manages risks to help ensure compliance with new or changing laws, regulations, regulatory guidance, and relevant best practices. The role supports the development of Business Controls risk-management structures, processes, and tools in alignment with the Enterprise Risk Management (ERM) framework, and turns data into business intelligence and insights for stakeholders. It monitors risks and validates program effectiveness within assigned business or functional areas and Bancorp initiatives. The role is accountable for following policies and procedures, raising concerns, and managing risks within the Bank’s and line of business’s risk appetites while supporting positive customer and colleague experiences.

The position partners with business leaders, support functions, and Legal, Compliance, Enterprise Risk, and Audit teams to develop and implement controls, investigate potential losses, address control deficiencies, support regulatory change management, and coordinate risk assessments and remediation. It also contributes to supplier and outsourcing oversight, ERM scenario analysis, product risk reviews, and other risk initiatives as assigned. The role is based in Cincinnati, Ohio.

Requirements

• Bachelor’s degree or equivalent experience required; a related field is preferred.
• At least 5 years of financial services industry, risk, business controls, or compliance experience is preferred.
• Professional verbal and written communication skills, including discretion and understanding when confidentiality is needed.
• Analytical ability to interpret and apply policies and regulations across a complex business.
• Ability to proactively identify opportunities and build trusting strategic relationships and networks, internally and externally.
• Approachable and collaborative, with interpersonal skills to influence others.
• Ability to thrive in a fast-paced, dynamic environment and shift priorities quickly on short notice.
• Working knowledge of Microsoft Office products.
• Ability to work with minimal supervision.

Nice To Haves

• Master’s degree in a relevant field.
• For Investment Advisors: FINRA Series 7 and Series 63 or 66 licenses.
• Knowledge of the securities industry and SEC and FINRA regulations.

Responsibilities

• Assist Business Controls leadership with developing strategies and implementing controls, policies, and procedures to improve effectiveness and efficiency.
• Provide expertise and analysis to stakeholders on identifying, assessing, controlling, monitoring, testing, and reporting risks.
• Investigate and assist with root cause analysis of actual or potential operational losses.
• Gather and integrate information from varied sources to understand issues and identify trends, associations, and cause-effect relationships.
• Stay informed about industry best practices and regulations and support compliance with applicable laws, standards, and requirements, including OCC Heightened Standards.
• Support resolution of internal audit, compliance, and risk-management issues that could affect data or process classification, availability, or integrity.
• Identify control breakdowns, inadequate processes, and unexpected events; implement corrective actions with Business Controls leadership.
• Build relationships with internal business-control groups and second- and third-line partners, including Legal, Compliance, Enterprise Risk, and Audit.
• Collaborate on establishing information barriers and ensuring compliance with related policies and processes.
• Serve as an analytical and procedural expert to peers on cross-functional processes and project deliverables.
• Assist with regulatory change management by identifying regulatory changes, assessing their effects on business processes, reporting them, and supporting compliance.
• Identify operational risks under the ERM framework and ensure internal controls are in place to mitigate them.
• Partner with business managers on remediation under the Bancorp issues-management framework and coordinate business ownership of processes, risks, controls, and tests.
• Coordinate updates to data in archive systems such as Open Pages and PPM.
• Conduct facilitated RCSA sessions to rate risks and controls.
• Partner with Support Functions or Risk Experts to identify applicable Enterprise and Risk Appetite indicators and determine which should be designated as Key.
• Collaborate with the line of business on threshold evaluations and proposed changes, and enter proposed indicators and changes in the GRC tool.
• Assist with identifying loss events and applicable RCSA risks or processes, coordinating root cause analysis, evaluating action plans, and monitoring implementation, as applicable.
• Provide oversight of line-of-business supplier and outsourcing strategy, review and challenge outsourcing business cases, and participate in escalated supplier-related issues where applicable.
• Work with the line of business to identify inherent risks and controls, identify governance processes, and potentially complete control implementation.
• Participate actively in issue remediation.
• Execute the ERM Scenario Analysis risk-management program.
• Develop and manage product inventory and execute the ERM product risk-review program.
• Assist with new government programs, special internal projects, regulatory or ERM risk programs, and matters relating to acquisitions and strategic investments, as assigned.

Benefits

• Comprehensive benefits designed to support employees’ and families’ physical, financial, emotional, and social well-being.
• Eligible to participate in an incentive compensation plan, with payments based on company, line-of-business, and/or individual performance.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior