Head of OR Monetization, Scenario, Stress Testing & Regulatory Reporting, MD

State Street•Boston, MA

4d•$170,000 - $267,500

About The Position

The Head of Operational Risk Capital and Stress Testing is a senior leadership position within the Operational Risk Foundational Programs Team. The ORCAST team has responsibility for managing operational risk event data, producing macroeconomic scenarios and forecasts used in the Firmwide capital planning, budgeting and loss assessment process, and generating operational risk regulatory reporting. The role will require the leader to interface with a diverse group of stakeholders; including, senior management, risk and control owners, Business Executives, COOs, Audit, and regulators to achieve risk measurement and risk management objectives. The leader is expected to be deeply engaged during high-impact events such as Operational Risk Management program development and regulatory remediations. This role requires a senior leader who has extensive knowledge of global regulatory requirements, supervisory guidance and industry best practices. The role requires in-depth experience with designing, implementing and managing an integrated loss event, capital, stress testing and scenario programs. The role is global in nature and will require excellent communication, negotiation and partnership skills in order to influence a wide variety of stakeholders, including external regulators.

Requirements

Minimum of least 15 years of management experience in financial services; operational risk / Finance focus preferred
Conceptual thinking skills must be complemented by a strong qualitative orientation
Impeccable written and oral communication credentials
Advanced expertise with scenario analysis, stress testing, operational risk events, regulatory reporting and operating risk capital
Demonstrated experience driving consensus between competing opinions and objectives across a diverse group of stakeholders with varying levels of expertise
Advanced subject matter expertise in operational risk and related modeling concepts
Detail oriented with a demonstrated ability to independently manage and prioritize a book of work spanning change the bank and run the bank activities.
Strategic thinker with a demonstrated ability to distill complex, ambiguous information to create effective solutions and insights for leaders.
Ability to quickly analyze the status quo and identify opportunities for continuous improvement or re-engineering.
Equivalent to a university degree in computer science, business, accounting or related field.

Nice To Haves

Additional academic degree (e.g., MBA, doctorate) preferred.

Responsibilities

Define the operating model and related organizational support structure to deliver on the capabilities of the integrated ORCAST team; including, Operational Risk Events, Scenario Analysis, Regulatory Reporting, Stress Testing and Capital.
Ensure frameworks, methodologies, policies, processes, reporting are in line with regulatory expectations and industry standards. This includes driving Basel IV preparedness for Operational Risk.
Ensure ORCAST programs have a clear philosophy, purpose, and connectivity to the rest of the Operational Risk Management Framework so that its role in enabling effective management of operational risk is understood.
As a member of the Operational Risk Foundational Programs leadership team, contribute to the success of the overall team by ensuring coherence and effectiveness of the Operational Risk Management Framework, supportive growth of team members and successful engagement across the 3 lines of defense.
Manage key stakeholders at all levels across State Street to drive strategic priorities and objectives.
Foster relationships with key stakeholders globally across the First & Second lines of defense to ensure clear allocation of responsibilities for their role in operational risk event management and scenario analysis.
Responsible for building and managing a high performing global team
Active engagement with regulatory agencies, internal and external advisors and other internal control groups
Ensure that ORM’s processes, controls and governance framework align with firmwide Stress Testing Standards and Basel Regulatory Reporting framework through ORM own Policy and Standards
Develop methods to capture relationships between losses and macroeconomic conditions, analyze reasonableness of those observed relationship and produce insights to drive risk management decisioning
Develop and own the quantitative assessment of operational risk including the development and maintenance of the capital model and related assumptions
Provide reporting and insights on the Bank’s exposure to operational risk, including peer benchmarking and related variance analysis.
Provide analysis, commentaries, and tracking current and historical Operational Risk Capital and CCAR trends, as well as collaborating with model development / analytics teams to meet internal and regulatory reporting review, validation and audit needs.
Lead ongoing efforts around Basel and BCBS29 operational risk capital processes; including global capital forecasts
Develop macroeconomic scenarios used in stress testing for a range of internal and regulatory stress testing regimes
Assess the materiality of operational risk in the context of firm exposure, and internal risks and drivers including external risk factors
Oversee the preparation of regulatory reporting, ensuring it is completed timely and accurately
Design, implement and manage execution of the Operational Risk Event Program
Define minimum requirements for SLOD oversight / challenge practices and execution across State Street for all integrated Risk Identification & Assessment capabilities.
Own the strategy, design and execution of the applications within the GRC solution; transforming the existing implementation to align to the enhanced Operational Risk Management Policy and integrated framework
Oversee the preparation of regulatory reporting, ensuring it is completed timely and accurately
Develop training strategy and related materials to support ongoing education of the Company
Develop insights, solutions and reporting on operational risk events for senior management and core constituents to harness.
Engage with stakeholders within Risk and across business segments to mature the firm’s Operational Risk Scenario Analysis Framework
Lead global scenario analysis by collecting relevant internal / external data, managing specific scenario user tools, facilitating scenario workshops, producing qualification results and developing presentations to represent outcomes.
Develop training strategy and related materials to support the scenario analysis program
Design and deliver reports which clearly communicate outcomes of the Scenario Program for a variety of audiences including the Board & Senior Management.

Benefits

our 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