Senior Team Lead-Custody Operations

WEX•Maine, NY

About The Position

About the Team/Role The Senior Team Lead-Custody Operations holds a critical and highly visible leadership position, ensuring the efficient operation, regulatory compliance, and fiduciary integrity of the WEX Inc. Non-Bank Custodian (NBC) offering. This function provides custody services for HSA bank accounts on behalf of Partner organizations. The role manages high-value risk by working closely with Bank Partners, Sub-Custody Partners, Custody Vendors, and both internal and external HSA plan administrators to ensure proper custody and control of consumer funds. This role is a key contributor to the Receivables & Financial Risk Operations function. The Senior Team Lead-Custody Operations will be responsible for leading and mentoring a team of NBC Operation Analysts, establishing the control framework, and ensuring the integrity and effectiveness of WEX's HSA custody offering. This role involves maintaining a strategic oversight of all custody operations, managing high-priority escalations, and driving continuous process improvement to meet compliance standards and enhance efficiency. How you'll make an impact CUSTODY OVERSIGHT & RISK MANAGEMENT: Lead the team in support of proper management of HSA assets entrusted to the fiduciary non-bank custodian, including abandoned account monitoring and reporting, and monitoring consumer accounts for adherence to the HSA Custodial Agreement. Responsible for the comprehensive Operational Oversight of Custody services and governance of Custody operational agreements. Conduct and oversee processes related to Identity Verification (IDV) for Health Savings Accounts, including Consumer Identification Program (CIP) Audits, Aging Identity Verification failure management, and OFAC monitoring directing corrective actions for recurring or systemic issues. Act as the highest point of contact for Escalated Service items, coordinating resolution across internal and external partners. Ensure rigorous adherence to KPIs and Service Level Agreements (SLAs), implementing performance improvement plans as needed. DATA ANALYSIS + REPORTING: Oversee the analysis of custody data to identify root causes of errors or inconsistencies and guide the team in recommending solutions. Prepare and present quality reports to management, highlighting key findings, team performance, and recommendations. Track and report on key performance indicators related to the team's responsibilities. Utilize data analytics tools and techniques to gain deeper insights into operational performance and identify trends, guiding the team in their analysis. PEOPLE MANAGEMENT: Responsible for core people management functions of Selection/Assessment, People Development, Performance Management, and Building Bench Strength/Succession Planning Oversee and guide the development and delivery of training plans, programs and documentation. Monitor and cultivate employee satisfaction and engagement. Ensures systems are in place to measure capacity utilization. PROCESS + PROJECT MANAGEMENT Drive the team to proactively identify areas for improvement in operational processes and collaborate with relevant teams to implement corrective actions. Lead the development and maintenance of documentation for policies, procedures, and best practices within the team's scope. Champion the identification and execution of process improvement initiatives, utilizing process improvement methodologies. Evaluate and potentially implement new technologies and tools to improve and automate routine tasks within the team.

Requirements

Bachelor's degree in Finance, Accounting, Business Administration, or a related field.
Requires 3–5 years of people management experience ideally in Financial Services.
In-depth understanding of Custody Services Business components combined with 3+ years in a control or governance capacity.
Advanced knowledge of Custody Operations components and Market specifics for HSA/Financial Services.
Excellent analytical, problem-solving, and decision-making skills.
Effective communication and interpersonal skills, with the ability to provide constructive feedback.
Proficiency in relevant software and technologies.
Excellent attention to detail and ability to manage competing, high-stakes deadlines under pressure.
Requires high integrity and confidentiality when handling sensitive financial and customer information.
Proven experience leading projects and delivering results across multiple business areas/functions.
Must successfully pass a background investigation.

Nice To Haves

Requires superior analytical and numeracy skills to assess oversight results, model impact, and identify trends to ensure an efficient oversight model.
Proven experience identifying and executing process improvement initiatives, applying methodologies such as Lean or Six Sigma to drive efficiency and effectiveness.
Possesses superior communication and relationship-building skills, with a proven ability to collaborate effectively and influence stakeholders across all levels, including senior management, to achieve organizational goals.
Proven ability to design, implement, and govern the control framework, demonstrating a strong control and fiduciary mind-set.

Responsibilities

Lead the team in support of proper management of HSA assets entrusted to the fiduciary non-bank custodian, including abandoned account monitoring and reporting, and monitoring consumer accounts for adherence to the HSA Custodial Agreement.
Responsible for the comprehensive Operational Oversight of Custody services and governance of Custody operational agreements.
Conduct and oversee processes related to Identity Verification (IDV) for Health Savings Accounts, including Consumer Identification Program (CIP) Audits, Aging Identity Verification failure management, and OFAC monitoring directing corrective actions for recurring or systemic issues.
Act as the highest point of contact for Escalated Service items, coordinating resolution across internal and external partners.
Ensure rigorous adherence to KPIs and Service Level Agreements (SLAs), implementing performance improvement plans as needed.
Oversee the analysis of custody data to identify root causes of errors or inconsistencies and guide the team in recommending solutions.
Prepare and present quality reports to management, highlighting key findings, team performance, and recommendations.
Track and report on key performance indicators related to the team's responsibilities.
Utilize data analytics tools and techniques to gain deeper insights into operational performance and identify trends, guiding the team in their analysis.
Responsible for core people management functions of Selection/Assessment, People Development, Performance Management, and Building Bench Strength/Succession Planning
Oversee and guide the development and delivery of training plans, programs and documentation.
Monitor and cultivate employee satisfaction and engagement.
Ensures systems are in place to measure capacity utilization.
Drive the team to proactively identify areas for improvement in operational processes and collaborate with relevant teams to implement corrective actions.
Lead the development and maintenance of documentation for policies, procedures, and best practices within the team's scope.
Champion the identification and execution of process improvement initiatives, utilizing process improvement methodologies.
Evaluate and potentially implement new technologies and tools to improve and automate routine tasks within the team.