Fraud Risk and Assurance, Assistant Vice President (Wealth Custody and Clearing)

State Street•Dallas, TX

7d•Onsite

About The Position

State Street Wealth Services - Wealth Custody and Clearing is seeking a skilled and proven Business Risk Advisor, Assistant Vice President, specializing in Fraud Risk, Strategy and Controls. The successful candidate will serve as the primary Wealth Custody and Clearing fraud risk subject matter expert and support leadership in the identification, assessment, mitigation, monitoring and reporting of fraud risk across the business. The role is expected to be approximately 80% focused on fraud risk management and approximately 20% focused on broader Business Risk Advisor responsibilities. Fraud and risk management experience, especially within a G-SIFI, bank, broker-dealer, wealth management, custody, clearing, payments or other regulated financial services organization, will contribute to a candidate's success in this position. Candidates will demonstrate strong knowledge of fraud typologies, risk and control frameworks, preventive and detective controls, and current industry practices for strengthening fraud risk management programs. Effective fraud risk management is critical to protecting client assets and information, supporting regulatory and policy requirements, and maintaining a controlled and client-focused operating model. As a member of the Business Risk Management (BRM) team, you will help lead the execution and continuous enhancement of the Wealth Custody and Clearing fraud risk management framework while also supporting broader business risk activities in furtherance of the firm's risk excellence goals.

Requirements

Deep understanding of fraud risk management, fraud typologies, preventive and detective controls, and the financial services control environment.
Ability to identify, synthesize and articulate fraud and broader risk and control themes to senior management and governance forums.
Demonstrated ability to collaborate and influence across Operations, Product, Technology, Data, Compliance, Legal, Global Security, Cybersecurity, Audit, client-facing teams and third-party service providers.
Strong decision-making, critical thinking and proactive problem-solving skills, with the ability to translate incidents, metrics, trends and complex risk information into clear actions and management insights.
Strong organizational awareness and relationship-management skills, including the ability to facilitate discussions, resolve conflicts and influence stakeholders across a matrixed organization.
Ability to make informed, risk-based decisions under time pressure and drive issues toward timely and sustainable resolution.
Good understanding of the roles and responsibilities of the first, second and third lines of defense.
Ability to manage complexity, prioritize multiple responsibilities, and work independently in non-routine or time-sensitive situations.
Excellent verbal and written communication skills, supported by strong influencing, collaboration, organizational and project-management capabilities.
Attention to detail, intellectual curiosity and a continuous-improvement mindset.
Demonstrated initiative, accountability and ownership, with sound judgment and appropriate escalation.
Self-motivation, discretion and the ability to handle sensitive or confidential information.
Excellent team player who treats others with respect and builds effective working relationships.
Bachelor's degree or equivalent, with significant relevant financial services, risk management or fraud risk experience.
7+ years of relevant experience in fraud risk management, fraud strategy, operational risk, business risk management, fraud operations, financial crimes, compliance, audit or a related financial services discipline.
Experience within a regulated financial services organization, preferably banking, broker-dealer, wealth management, custody, clearing or payments.
Demonstrated experience with fraud risk assessments, control design and oversight, monitoring and analytics, incident and issue management, policies and procedures, third-party oversight and management reporting.
Working knowledge of fraud typologies affecting client onboarding, authentication, account maintenance, money movement, digital channels, employee access and vulnerable clients.
Demonstrated influential leadership, sound risk-based judgment, regulatory awareness and the ability to build effective relationships and drive issues to resolution.

Nice To Haves

Experience with Microsoft tools and risk, issue, reporting or data visualization platforms such as Archer, OpenPages, Tableau and SharePoint is preferred.
Professional certification such as Certified Fraud Examiner (CFE), Certified Anti-Money Laundering Specialist (CAMS), Certified Financial Crime Specialist (CFCS), or another relevant fraud, financial crimes, risk or compliance credential is preferred.

Responsibilities

Maintain and continuously enhance the Wealth Custody and Clearing fraud risk framework, governance routines, risk taxonomy, control inventory and strategic roadmap in alignment with enterprise policy and business objectives.
Lead or coordinate periodic and event-driven fraud risk assessments across products, services, client channels, processes, systems and third-party relationships; identify material fraud themes, emerging exposures and control gaps requiring management attention.
Develop and maintain fraud prevention and detection strategies aligned with the Wealth Custody and Clearing business model, risk appetite, products and client population. Partner with control owners to design, implement, document and enhance sustainable preventive and detective controls.
Define and assess fraud control requirements related to client onboarding, identity verification, authentication, account maintenance, beneficiary and ownership changes, money movement, transaction approvals, employee access, exception management and other high-risk activities.
Establish and monitor fraud key risk indicators, key performance indicators, thresholds, dashboards and management information. Analyze fraud events, alerts, losses, prevented losses, control exceptions and client friction to identify trends and control enhancement opportunities.
Partner with Operations, Product, Technology, Data, Cybersecurity and service providers to enhance fraud rules, monitoring scenarios, decision logic, alert quality and reporting, and to assess whether controls appropriately cover new products, channels and emerging fraud patterns.
Monitor and assess threats including account takeover, identity theft, social engineering, impersonation scams, fraudulent money movement, insider activity, digital-channel threats, financial exploitation and other relevant internal and external fraud typologies.
Review new products, material business changes, process changes and technology initiatives to ensure fraud risks, dependencies and required controls are identified and addressed early in the change lifecycle.
Coordinate the Wealth Custody and Clearing response to potential or confirmed fraud incidents in accordance with established escalation and response protocols. Ensure timely engagement of Global Security, Compliance, Legal, Operations, Cybersecurity, third parties and other stakeholders, as appropriate.
Lead or facilitate root-cause and lessons-learned reviews; ensure control deficiencies are documented, assigned, escalated and remediated through the applicable issue management process; and monitor remediation progress through closure.
Oversee fraud-related risks and controls arising from clearing, custody, technology, RIA, vendor and other third-party relationships. Define and assess fraud-related reporting, incident notification, control evidence, audit trail, service level and escalation requirements.
Produce concise, decision-useful reporting for senior management and governance committees on fraud exposure, incidents, losses, control performance, issues, remediation status and strategic priorities. Develop fraud awareness materials and provide guidance to Wealth Custody and Clearing personnel.
Dedicate approximately 20% of capacity to broader non-fraud Business Risk Advisor activities, including regular risk reviews, business risk reporting, governance support and the identification and assessment of business risks and controls.
Assist the business in identifying non-fraud issues, incidents and control gaps; support root-cause analysis, remediation planning, escalation and ongoing monitoring of corrective actions.
Assist with the preparation and coordination of audit events, regulatory examinations and other independent reviews; escalate perceived violations of rules, regulations, policies or procedures and recommend an appropriate course of action.
Partner with the second and third lines of defense consistent with risk management and control objectives; support the Business Line Risk Profile and relevant Third-Party Risk Management, Information Security Risk Management, Data Governance and other enterprise risk activities.

Benefits

retirement savings plan (401K) with company match
insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages
paid-time off including vacation, sick leave, short term disability, and family care responsibilities
access to our Employee Assistance Program
incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans)
eligibility for certain tax advantaged savings plans
inclusive development opportunities
flexible work-life support
paid volunteer days
vibrant employee networks