Business Risk Management, MD

Who We Are Looking For?

The Business Risk Management Executive, Managing Director is a valued partner in the Product Office in the identification, assessment, and mitigation of risk.  This individual will cultivate a framework of practices that enables a balance of commercial considerations with the risk excellence objectives established by business leadership and provides oversight and governance of all product controls for solutions being brought to market.

Successful candidates will have experience in overseeing a risk management team, will be skilled in sound risk management and governance practices, and have firsthand experience working in highly regulated environments.  In addition, experience designing, identifying, and testing controls for new products and services, preferably in the Digital Asset space is important in this role.  

The individual will partner across stakeholder groups to enhance risk, control, and operational management capabilities, improve the efficacy of the control environment, and better respond to regulatory guidance/mandates through the implementation of uniform governance and risk management practices. 

Who Are We?

Business Risk Management Executive is a critical function in the Product organization, playing a vital role in the identification, assessment, and mitigation of risk and ensuring appropriate controls are identified, implemented, tested and maintained.

Business

Who Do We Serve?

Business Risk serves State Street’s clients, leadership, and employees by designing a strong internal control environment and providing assurance of its effectiveness to our Board.

The team you will be joining is a part of State Street Institutional Services (IS) Chief Product Office.

Why this role is important to us

Business Risk Management Executive ensures risk management practices are followed and controls are implemented with firmwide risk and control objectives, assisting Product leadership with balancing risk management, improving business performance and bringing new Products to market.

What you will be Responsible For

• Oversight of the Product Risk Committee and ensuring policies, standards and procedures are appropriate documented and followed across Product teams
• Develop, generate and review appropriate metrics for review in Risk Committee
• Oversee and facilitate risk control self assessments (RCSAs) for each Product group and associated maintenance of control inventories in Archer across each Product group
• Oversee control design and execution of control testing across all Products
• Review and validate all issue and incident closures and provide support during remediation processes
• Escalation point for control gaps and weaknesses that could lead to financial, reputational and or regulatory exposure and ensures they are getting the appropriate level of attention.
• Ensures completeness of all open status risk identified items for the Product team
• Oversees emerging risks through review of regulatory enforcement actions, business change initiatives, attendance at risk forums/ committees, industry trade groups.
• Partners with Compliance, ERM in assessment of control design and effectiveness using business knowledge to ensure control strength is commensurate with the risk being mitigated.
• Manages the review and prioritization with the business of any serious control weakness identified through incidents or control assurance reviews.
• Advises business teams on risk prioritization and allocation of time and resources. 
• Ensures appropriate level of pressure and sense of urgency on management to resolve high rated issues.
• Partners with second and third line of defense to ensure awareness of changes in risk environment and where there are new emerging material risks.
• Understands Product’s strategic objectives to design and deliver well controlled digital asset products and solutions leveraging innovative technology - in particular distributed ledger, tokenization and smart contracts technologies.
• Collaborates across lines of defense to design, implement and monitor a control environment that effectively mitigates key risks inherent to digital assets and be a catalyst for positive change and continuous improvement
• Champions increased understanding of digital assets products company-wide
• Supports interpretation and application of evolving digital industry best practices and regulatory expectations
• Interacts with external parties to review and provide assurance around effective control environment (Fed, Industry partners etc.), including Digital Assets

What we value

These skills will help you succeed in this role

•        Possess 10-15 years of experience in risk, compliance, and/or audit functions withi