Head of Enterprise Operational Risk, Senior Vice President

Why this role is important to us:

The SVP of Enterprise Operational Risk Management reports directly to the Chief Risk Officer for State Street and is responsible for overseeing the development, implementation and management of the global enterprise wide framework for Operational Risks. The role sets out State Street's enterprise-level strategies, governance, policies and practices to proactively identify, assess, measure, report on, mitigate and control operational risk exposures associated with the Company's businesses and functions at all levels of the organization. The role will have responsibility for the second line of defense function that oversees and guides the quality and effectiveness of operational risk management practices across the Company.
The role is accountable for collaborating with Business Unit Executives, ERM peers, other leaders within Legal, Compliance, Regulatory & Industry Affairs and Corporate Audit.

What you will be responsible for:

• Develop and monitor existing and emerging Operational Risks, identifying material trends, escalating applicable risk issues and ensure appropriate risk responses are developed in timely manner.
• Provide independent oversight of operational risk management by the first line of defense as well as the quality of operational risk management practices across the Company.
• Propose enterprise level operational risk strategies and policies for approval by the Company's Board and update them as required.
• Provide framework and structure to challenge management's decisions, business processes, and activities to understand and strengthen overall operational risk practices and programs.
• Advise and consult with senior leaders across the Company on operational risk-related events to determine root cause and develop an appropriate risk management response, and implement measures to prevent future occurrences
• Manages relationships with regulatory agencies regarding operational risk management including, but not limited to, the Federal Reserve, FDIC, PRA, FCA, ECB, etc.
• Ensure that impact from the firm's strategic plans, financial capital planning and global risk identification processes are aligned to the framework.
• Monitor changes in Business Unit Operational Risk profiles and provide effective challenge to Business stakeholder's remediation plans
• Work closely with business unit management to establish appropriate risk culture and ensure business line ownership, accountability and responsibilities for risks they generate
• Lead, manage, and direct programs including:
  
  • Risk and Control Self-Assessment - the primary risk identification and assessment program for the Company
  • Standards for the Company's Internal Control Framework including testing requirements across Operational Risk types
  • Issues Management
  • Operational Risk Loss Event and Incident Management and Lessons Learned
  • Operational Risk Scenario Analysis

• Ensure timely reporting of relevant risks to senior management and the Board
• Ensure all monitoring and reporting procedures align with risk policies and ensure that the organization works effectively with individual business group conducting gap analyses and defining related remediation work.
• Chair applicable company or business unit-wide committees and serve in applicable global and regional committee and ensure that relevant risk-related management information is produced and reviewed at appropriate intervals.
• Collaborate day-to-day on Operational Risk governance practices across ERM functions as well as Legal, Compliance, Regulatory and Industry Affairs and Corporate Audit to further enhance the connectivity of ERM processes
• As a member of the senior management team for Risk Management, the role works closely with other risk management leaders in the general management of the ERM function.
• Lead and manage a multi-jurisdictional team of professionals ensuring that there are clear lines of reporting, authority levels, objectives and progress against performance priorities
• Develop and manage the planning and budgets (people, infrastructure, consulting) as assigned by the Chief Risk Officer

Education and Preferred Qualifications:

• Minimum of 20 years of related experience in the Operational Risk capacity within the financial services industry including time spent managing in an executive capacity
• Experience leading a global Operational Risk Management Framework at the organization level.
• A strong analytical background with 10-15 years of experience in empirical data analysis, risk modelling and stress testing.
• Proven interpersonal and communication skills at both the executive and board level
• Detailed understanding of global regulatory requirements
• Demonstrated experience evaluating risks and developing strategies to mitigate operational risks for a multi-jurisdictional global financial services company
• Deep knowledge and understanding of risk management principles and strategies as well as the emerging trends
• Highly organized with extensive problem-solving and negotiation skills
• GSIB experience an asset
• Graduate degree in Finance, Mathematics, Economics, Physics, or MBA preferred

Are you the right candidate? Yes!
We truly believe in the power that comes from the diverse backgrounds and experiences our employees bring with them. Although each vacancy details what we are looking for, we don't necessarily need you to fulfil all of them when applying. If you like change and innovation, seek to see the bigger picture, make data driven decisions and are a good team player, you could be a great fit.

About State Street
What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we're making our mark on the financial services industry. For more than two centuries, we've been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.
Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You'll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.
Inclusion, Diversity and Social Responsibility. We truly believe our employees' diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.
State Street is an equal opportunity and affirmative action employer.

Salary Range:
$225,000 - $337,500 Annual
The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.