Business Controls Senior Associate - Wealth and Asset Management

Fifth Third Bank • Cincinnati, OH

6d • Onsite

About The Position

As a first line of defense, the Business Controls Senior Associate analyzes, identifies, assesses, mitigates, and manages risks to support compliance with changing laws, regulations, regulatory guidance, and stakeholder expectations. The role supports the development of risk-management structures, processes, and tools within the Enterprise Risk Management (ERM) framework, and turns data into business intelligence for stakeholders. It monitors and manages risks in an assigned line of business or functional area and Bancorp initiatives, including validation of program effectiveness.

The role works with business controls leadership, business managers, support functions, and Legal, Compliance, Enterprise Risk, and Audit partners to strengthen controls, investigate potential operational losses, resolve issues, and implement remediation. It also contributes to regulatory change management, risk and control assessments, indicators, supplier and outsourcing oversight, scenario analysis, product risk reviews, and other risk initiatives as assigned. The position is based in Cincinnati, Ohio. It is eligible for incentive compensation in addition to base salary; salary amounts are not provided.

Requirements

• Bachelor’s degree or equivalent experience required; a related field is preferred.
• Five or more years of financial services industry, risk, business controls, or compliance experience preferred.
• Professional verbal and written communication skills, including discretion and understanding when confidentiality is required.
• Analytical ability to interpret and apply policies and regulations in a complex business.
• Ability to proactively identify opportunities and build trusting strategic internal and external relationships and networks.
• Approachable, collaborative, and able to influence others through interpersonal skills.
• 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 preferred.
• For Investment Advisors, FINRA Series 7 and Series 63 or 66 licenses preferred.
• Knowledge of the securities industry and SEC and FINRA regulations preferred.

Responsibilities

• Assist business controls leadership in developing complex strategies and implementing controls, policies, and procedures to improve effectiveness and efficiency.
• Provide expertise and analysis for identifying, assessing, controlling, monitoring, testing, and reporting risks.
• Investigate potential or actual operational losses and assist with root cause analysis.
• Gather and integrate information from multiple sources; identify trends, associations, and cause-and-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; partner with Business Controls leadership on corrective actions.
• 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 policies and processes governing information flows.
• 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 impact on business processes, reporting them, and supporting compliance.
• If applicable, assist with external credit bureau change management and testing in partnership with a centralized team and business control managers.
• Identify operational risks under the ERM framework and help ensure adequate internal controls are in place.
• Partner with business managers to implement remediation under the Bancorp issues management framework and coordinate ownership of processes, risks, controls, and tests.
• Coordinate updates to data in archive systems such as Open Pages and PPM.
• Conduct facilitated RCSA sessions in which risks and controls are rated.
• 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 into the GRC tool.
• May assist in linking loss events to applicable RCSA risks and processes, coordinating root cause analyses, evaluating action plans, and monitoring their implementation.
• Oversee the line of business’s supplier and outsourcing strategy and review and challenge outsourcing business cases.
• Participate in escalated issues affecting line-of-business processes involving suppliers, where applicable.
• Work with the line of business to identify initial inherent risks and controls; identify applicable governance processes and, where appropriate, complete control implementation.
• Participate actively in issue remediation and execute the ERM Scenario Analysis risk-management program.
• Develop and manage product inventory and execute the ERM product risk review program.
• May assist with new government programs, special internal projects, regulatory or ERM risk programs, and diligence, closing, or other matters related to acquisitions and strategic investments.
• Carry out other responsibilities assigned by line-of-business or functional leadership and Risk.

Benefits

• Comprehensive benefits programs supporting 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