Business / Operational Audit, AVP

State Street - Boston, MA (30+ days ago)3.5

The Financial and Regulatory Assurance (“FRA”) group is a second line of defense group in the Controller’s Organization within Corporate Finance. FRA is responsible for the independent verification of controls and processes over global regulatory reporting including Basel, CCAR, and RRP and areas of high risk and enhanced regulatory focus. The primary focus of the team is the review and assessment of the quality of information pertaining to reporting and compliance with relevant regulations and the assessment of relevant risk management programs. The team works closely with other functions across Finance, Global Treasury, Risk Management, and Business Units as well as other assurance functions. This is an opportunity to join a growing group and actively participate in its development and maturity to learn about key current regulatory requirements and gain an understanding of all areas of the company’s business.

Key responsibilities

Assisting with risk assessments to identify areas requiring detailed testing
Leading and participating in reviews including assessing the internal control environment by conducting walkthroughs developing testing strategies and performing control and sample data testing
Drafting recommendations and liaising with the business units to remediate risks findings and gaps identified during the validation process
Participate in discussions with process and control owners to assess inherent risks identify controls and control gaps by conducting walkthroughs
Challenge assess and detail test the design and operating effectiveness of key controls
Identify document and maintain evidence supporting process and controls objectives
Assist in the identification and risk assessment of issues and suggest control improvements to remediate exceptions identified; work with management to track issues to resolution
Provide updates to management as needed
Engage key business partners to facilitate completion of assigned deliverables and explain results
Cultivating relationships across the Finance organization with key constituency groups such as Regulatory Reporting, Product Controllers, Operations, Treasury, Technology, and Risk
Develop subject matter expertise in regulatory requirements best practices and expectations
Identify and drive transformation efforts to continue to enhance the functionality of the Regulatory Assurance Program
Providing day to day coaching and guidance to teammates

Bachelor’s degree in accounting finance or a related field
CIA CPA or CFA certifications or candidates preferred
6-8 years of Audit Risk or Compliance experience preferably at a large financial institution
Strong knowledge of banking products and services especially loans deposits securities and derivatives
Strong understanding of current accounting and regulatory reporting principles and policies particularly FR Y-14 FFIEC 101 FR Y-9C and the Call Report.
Demonstrated Audit, Risk, or Compliance experience in the financial services industry, particularly in asset management, mutual funds, institutional investment, private wealth management, custody, treasury, global securities services, foreign exchange, securities lending, investment manager solutions, capital markets, corporate, trading, derivatives and compliance
Demonstrated knowledge of financial and operational internal control methodologies and terminologies
Demonstrated experience with risk management practices and techniques
Must be proactive and goal oriented strategic thinker with ability to identify creative solutions
Staying current with evolving industry and regulatory changes and analyzing impact to external reporting process and compliance.
Must be able to manage complexity, to multi-task and work independently in non-routine situations
Must facilitate effective communication and coordination with business management at all levels and must have excellent written, verbal, interpersonal and presentation skills
Must be able to quickly develop a thorough understanding and knowledge base of the company’s operations, establish effective business relationships within the company and assist management in the understanding and adaptation of internal control principles
Must have strong team leadership skills which include creating an environment of trust, soliciting diverse views from team members and coaching and developing staff through timely meaningful feedback
Must maintain a current knowledge of industry practices and ensure best practices are always considered