Head of Controls Assurance-Commercial & Private Bank

Flagstar Bank-posted 3 months ago
$195,789 - $255,934/Yr
Full-time • Senior
Remote • New York, NY
Credit Intermediation and Related Activities
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The Head of Controls Assurance is responsible for leading and building an Internal Controls Assurance team at Flagstar Bank as part of the First Line of Defense Risk and Controls framework. This is a critical leadership role, responsible for developing, implementing, and overseeing risk-based Control Testing and Quality Assurance (QA) methodologies and approaches to assess the design and operational effectiveness of internal controls across the First Line Business Units of the Commercial & Private Bank. Oversees the Quality Assurance (QA) and Control Testing plan execution and ensures our programs align with regulatory requirements, internal policies and standards, and industry best practices. This position will lead a Risk & Control organization within the Bank's Commercial & Private Banking Division. This leader will collaborate with our First Line Business Units, Control Assurance & Testing organizations within the Second Line of Defense, and Independent Testing in the Third Line of Defense.

  • Develop Control Assurance & Control Testing Methodologies and Approaches: Design, document, and continuously enhance a risk-based Quality Assurance function and process to independently assess processes and controls are operating effectively.
  • Design, document, and continuously enhance risk-based internal Controls Testing methodologies and approaches, ensuring alignment with best practices, regulatory requirements, and the evolving risk landscape.
  • Establish standardized Control Assurance (QA & Control Testing) procedures to support the Commercial & Private Bank, ensuring consistency and scalability across the organization.
  • Collaborate with cross-functional teams to integrate QA and Testing strategies into broader risk management frameworks, providing comprehensive and actionable insights for control improvements.
  • Create and Execute QA and Control Testing Plans: Lead the creation of comprehensive QA and Control Testing plans predicated on a risk-based sampling approach, prioritizing testing based on risk assessment and business objectives.
  • Oversee and manage the execution of QA and Control Testing plans, ensuring the timely completion of all assurance activities while meeting regulatory and audit deadlines.
  • Develop and apply data analytics tools and techniques to enhance testing accuracy, efficiency, and coverage across control processes.
  • Collaborate with Business Units and control owners to define testing scope, objectives, and control criteria to be assessed during each assurance and testing cycle.
  • Collaborate with Second Line and Third Line independent testing functions to ensure appropriate Control Assurance plan prioritization and avoid duplication in Control Testing plans.
  • Monitor testing progress, ensuring adherence to timelines, resource allocation, and escalation protocols as necessary.
  • Evaluate and Assess Control Effectiveness: Lead the assessment of internal control design and operating effectiveness across operational and compliance controls.
  • Identify and document control gaps, deficiencies, and operational inefficiencies during Control Assurance reviews, providing clear recommendations for remediation and process improvement.
  • Utilize advanced risk management tools to assess the control environment and prioritize testing in high-risk areas.
  • Provide Leadership and Guidance to Control Assurance Team: Build, lead, mentor, and develop a team of internal Control Assurance reviewers and testers, ensuring the effective execution of assurance and testing plans, and promoting continuous learning and professional development.
  • Ensure reviewers and testers have the resources and training needed to apply testing methodologies consistently and accurately.
  • Establish key performance and risk metrics for testing quality and effectiveness, holding the team accountable for delivering high-quality results.
  • Reporting and Stakeholder Communication: Present detailed Control Assurance results to First Line Business Units and Risk & Controls Advisory, control owners, and relevant governance committees, highlighting risks, issues, and proposed remediation plans.
  • Provide strategic insights and recommendations to First Line leadership regarding control design weaknesses, operational inefficiencies, and opportunities for continuous improvement.
  • Prepare comprehensive reports for second line of defense, internal audit, regulatory bodies, and external auditors as required, ensuring full transparency and adherence to reporting requirements.
  • Develop and maintain strong relationships with First Line Risk & Control Advisory and stakeholders across the organization to promote awareness and understanding of control testing processes.
  • Regulatory Compliance and Continuous Improvement: Stay informed of emerging regulatory requirements and industry best practices related to internal controls and risk management.
  • Ensure internal Controls Assurance methodologies are updated regularly to address new risks, changing regulatory environments, and evolving business operations.
  • Drive the adoption of automation, AI, and data-driven techniques to modernize testing processes and enhance the efficiency and effectiveness of the control testing environment.
  • Responsible for talent management functions including: employment, performance evaluations, staff development/training, disciplinary actions, succession planning and ensuring all staff comply with compliance requirements.
  • Education level required: Undergraduate Degree (4 years or equivalent) in Finance, Economics, Business, Data & Analytics or equivalent experience.
  • Minimum experience required: 12+ Years of risk management, internal audit or internal control experience.
  • Large Bank experience.
  • Experience in Banking and Lending products and services.
  • Experience managing Control Assurance and Testing programs in either First, Second, or Third Lines of Defense.
  • Extensive experience with developing and applying risk-based testing methodologies, frameworks, and plans in large, complex financial institutions.
  • Advanced understanding of Risk and Control Self-Assessments (RCSA) and Sarbanes-Oxley requirements.
  • Advanced understanding of Non-Financial Risk management and audit industry best practices.
  • Advanced understanding of laws and regulations impacting financial institutions.
  • Proven ability to manage and execute multiple complex projects within required timelines.
  • Experience defining and documenting business processes and functions.
  • Medical insurance
  • Dental insurance
  • Vision insurance
  • Life insurance
  • Disability insurance
  • Comprehensive leave program
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