Chief Controls Assurance & Quality Testing

Flagstar Bank; New York (NY); On-site; USD 196,000 - 256,000; Full time

Job summary

Flagstar Bank New York seeks a Head of Controls Assurance to lead a risk-based QA and control testing function across the Commercial & Private Bank. This role builds and guides a team, aligning testing plans with regulatory requirements and business objectives in a large financial institution.

You will collaborate with First, Second, and Third Line teams, drive automation and data analytics, and deliver actionable remediation insights to leadership across Risk & Controls Advisory and business

Qualifications

• Education level required: Undergraduate Degree (4 years or equivalent) in Finance, Economics, Business, Data & Analytics or equivalent experience.
• Minimum experience required: 12 Years of risk management, internal audit or internal control experience.
• Large Bank experience.
• Experience in Banking and Lending products and services.
• Experience managing Control Assurance and Testing programs in either First, Second, or Third Lines of Defense.
• Extensive experience with developing and applying risk-based testing methodologies, frameworks, and plans in large, complex financial institutions.

Responsibilities

• Develop Control Assurance & Control Testing Methodologies and Approaches.
• Design, document, and continuously enhance a risk-based Quality Assurance function and process to independently assess processes and controls are operating effectively.
• Design, document, and continuously enhance risk-based internal Controls Testing methodologies and approaches, ensuring alignment with best practices, regulatory requirements, and the evolving risk landscape.
• Establish standardized Control Assurance (QA & Control Testing) procedures to support the Commercial & Private Bank, ensuring consistency and scalability across the organization.
• Collaborate with cross-functional teams to integrate QA and Testing strategies into broader risk management frameworks, providing comprehensive and actionable insights for control improvements.
• Create and Execute QA and Control Testing Plans.
• Lead the creation of comprehensive QA and Control Testing plans predicated on a risk-based sampling approach, prioritizing testing based on risk assessment and business objectives.
• Oversee and manage the execution of QA and Control Testing plans, ensuring the timely completion of all assurance activities while meeting regulatory and audit deadlines.
• Develop and apply data analytics tools and techniques to enhance testing accuracy, efficiency, and coverage across control processes.
• Collaborate with Business Units and control owners to define testing scope, objectives, and control criteria to be assessed during each assurance and testing cycle.
• Collaborate with Second Line and Third Line independent testing functions to ensure appropriate Control Assurance plan prioritization and avoid duplication in Control Testing plans.
• Monitor testing progress, ensuring adherence to timelines, resource allocation, and escalation protocols as necessary.
• Evaluate and Assess Control Effectiveness.
• Lead the assessment of internal control design and operating effectiveness across operational and compliance controls.
• Identify and document control gaps, deficiencies, and operational inefficiencies during Control Assurance reviews, providing clear recommendations for remediation and process improvement.
• Utilize advanced risk management tools to assess the control environment and prioritise testing in high-risk areas.
• Provide Leadership and Guidance to Control Assurance Team.
• Build, lead, mentor, and develop a team of internal Control Assurance reviewers and testers, ensuring the effective execution of assurance and testing plans, and promoting continuous learning and professional development.
• Ensure reviewers and testers have the resources and training needed to apply testing methodologies consistently and accurately.
• Establish key performance and risk metrics for testing quality and effectiveness, holding the team accountable for delivering high-quality results.
• Reporting and Stakeholder Communication.
• Present detailed Control Assurance results to First Line Business Units and Risk & Controls Advisory, control owners, and relevant governance committees, highlighting risks, issues, and proposed remediation plans.
• Provide strategic insights and recommendations to First Line leadership regarding control design weaknesses, operational inefficiencies, and opportunities for continuous improvement.
• Prepare comprehensive reports for second line of defense, internal audit, regulatory bodies, and external auditors as required, ensuring full transparency and adherence to reporting requirements.
• Develop and maintain strong relationships with First Line Risk & Control Advisory and stakeholders across the organization to promote awareness and understanding of control testing processes.
• Regulatory Compliance and Continuous Improvement.
• Stay informed of emerging regulatory requirements and industry best practices related to internal controls and risk management.
• Ensure internal Controls Assurance methodologies are updated regularly to address new risks, changing regulatory environments, and evolving business operations.
• Drive the adoption of automation, AI, and data-driven techniques to modernize testing processes and enhance the efficiency and effectiveness of the control testing environment.
• Responsible for talent management functions including: employment, performance evaluations, staff development/training, disciplinary actions, succession planning and ensuring all staff comply with compliance requirements.

Skills

Leadership

Risk management

Quality Assurance

Data analytics

Cross-functional collaboration

Education

Undergraduate Degree in Finance, Economics, Business, Data & Analytics

Job description

Flagstar Bank New York seeks a Head of Controls Assurance to lead a risk-based QA and control testing function across the Commercial & Private Bank. This role builds and guides a team, aligning testing plans with regulatory requirements and business objectives in a large financial institution.

You will collaborate with First, Second, and Third Line teams, drive automation and data analytics, and deliver actionable remediation insights to leadership across Risk & Controls Advisory and business