Risk Management Specialist

LPL Financial•Cleveland, OH

2d•$26 - $44

About The Position

Where Ambition Meets Innovation Build a career that matches all your initiative with an impressive dose of innovation. From cutting-edge resources and a collaborative environment to the freedom to make an impact and more, you’ll find the ingredients you need at LPL Financial to shape your success while helping clients pursue their financial goals. Private Trust Company (PTC), an affiliate of LPL Financial, is a growing, entrepreneurial business located in Cleveland, Ohio. PTC assists families with a wide range of financial management needs, with a strong concentration on the planning and implementation of wealth transfers to future generations, charities, and the broader community. We combine the sophistication of experienced trust and investment officers with an exceptional client-service model. The Risk Management Specialist will report directly to the VP, and will be primarily responsible for managing and executing the Fiduciary Risk Management and Self‑Assurance Program, including oversight of PTC’s illiquid asset program. The analyst will also support risk reporting, operational governance, and assurance activities across all business channels.

Requirements

Undergraduate degree
4–6 years of experience in trust operations, brokerage, investment services, or a related financial field.
Core Competencies: Computer and analytical skills.
Excellent communication and client‑service abilities.
Attention to detail; highly organized, efficient, and accuracy‑focused.
Professional presence and ability to engage in thoughtful, constructive debate in executive‑level settings.
Comfort interacting with internal staff at all levels as well as external parties including examiners, auditors, board members, parent‑company ex

Nice To Haves

Knowledge of financial accounting, fiduciary concepts, bank operations, and trust laws (including principal and income accounting) is beneficial.

Responsibilities

Illiquid Securities Risk Oversight Provide day-to-day management of the illiquid asset risk program, including: Maintaining and updating dashboards and reporting for all illiquid assets to the Trust Investment Committee.
Managing program documentation including policies, procedures, checklists, and correspondence.
Working with Trust Officers, Investment Advisors, prior trustees, and/or beneficiaries to ensure proper asset ownership records and KYC documentation.
Ensuring appropriate insurance coverage, tax payments, and other asset‑related responsibilities are tracked and completed.
Developing and maintaining processes for disbursements related to illiquid assets.
Monitoring assets with stale pricing or no stated value and coordinating follow‑up.
Performing additional illiquid asset oversight duties as needed.
Risk Management & Self‑Assurance Activities Responsibilities include: Managing the continuous improvement and execution of the Fiduciary Risk Management and Self‑Assurance Program.
Conducting reviews and testing related to account administration, investment processes, and operational practices.
Leading discussions at management committees regarding emerging risks identified through testing and monitoring.
Recommending process enhancements to reduce the organization’s overall risk profile.
Reporting test results, insights, and recommendations through the committee and governance structure.
Creating, reviewing, and updating risk assessments, policies, procedures, and internal training materials.
Supporting oversight of custodial retirement accounts, including management of meeting calendars and program effectiveness reporting.
Assisting with internal and external reviews or examinations as needed.
Managing and monitoring the governance calendar for financial, fiduciary, and I/T‑related milestones.
Organizing internal training to ensure key risk topics and requirements are communicated and understood.
Coordinating and participating in Administrative Governance Committee meetings and presenting relevant risk and assurance updates.
Evaluating impacts of new or proposed regulatory standards to identify risk implications and recommend mitigation strategies.
Supporting administration and operations teams as needed, including assisting with tax return processing and other reporting.
Participating in special projects, risk reviews, and reporting initiatives as required.