Operation Analyst-Custodial Operations

WEX Inc.; Maine; Hybrid; USD 56,000 - 61,000; Full time

Benefits offered by this job

Health insurance

Dental insurance

Vision insurance

Retirement savings plan

Paid time off

Health savings account

Flexible spending accounts

Life insurance

Disability insurance

Tuition reimbursement

Job summary

WEX Inc. Health custodial services role focuses on daily operational control, monitoring OFAC and CIP compliance, and mitigating regulatory risk across HSA custodial services.

You'll review and resolve partner inquiries, maintain SOPs, and support audit readiness while exploring AI-driven automation to scale processes and reduce manual bottlenecks.

Qualifications

• Bachelor’s degree or 1 year of risk operations/financial services experience.
• Familiarity with HSAs, CIP/KYC, OFAC, IRS guidelines or related regulations.
• Strong numerical and analytical ability with attention to detail.

Responsibilities

• Perform daily operational control execution and monitor partner compliance.
• Identify and mitigate regulatory and financial risk across HSA custodial services.
• Collaborate with Banking to onboard/terminate partners and ensure proper setup.

Skills

Attention to detail

Analytical thinking

Regulatory knowledge

Strong communication

Google Workspace

Excel

Education

Bachelor's degree in Business, Finance, Accounting, or related field

Tools

Microsoft Excel

Google Workspace

Job description

About the Team/Role

WEX Health provides custodial services to Health Savings Account (HSA) partners and consumers through the WEX Inc. Non-Bank Custodian (NBC). The NBC Control Operations Analyst 1 performs daily operational control execution, monitors partner compliance, and helps identify and mitigate regulatory and financial risk across HSA custodial services.

Company Overview

WEX is a global commerce platform that helps businesses solve for operational complexities like employee benefits, managing and mobilizing fleets, and streamlining payments. With over 6,500 employees, we work with large and small companies in more than 200 countries and territories, and can tailor our services to meet the unique needs of their businesses. We hire people who share our passion for continuous innovation and client service that is unparalleled in the industry.

How you'll make an impact

Daily Operations

• Monitor reporting and review consumer accounts to ensure compliance with OFAC (Office of Foreign Assets and Control) sanctions
• Review documents to ensure compliance with the Consumer Identification Program (CIP) and notify partners of required action for accounts lacking proper consumer identification documentation
• Monitor reporting on consumer account balances and notify partners of overdrawn accounts, including coordinating end-of-year funding to ensure accounts are properly funded and reconciled
• Monitor third-party administrator (TPA) and partner operational workflows to enforce adherence to Non-Bank Custodian compliance standards and established service levels
• Collaborate with the Banking team to onboard and terminate partners, ensuring account setup, access, and related banking processes are completed accurately and in accordance with established procedures

Partner & Stakeholder Support

• Resolve partner-submitted operational tickets and inquiries within established SLAs, maintaining clear, professional communication
• Investigate and resolve escalated inquiries regarding HSA tax reporting (e.g., Forms 1099-SA and 5498-SA)
• Maintain active partner operational contact lists and distribute compliance notifications and operational alerts

Operational Excellence & Process Improvement

• Identify friction points, recurring defects, or manual bottlenecks in daily workflows and suggest process enhancements
• Assist in updating and maintaining Standard Operating Procedures (SOPs), process flows, and audit-ready control documentation
• Support audit readiness by compiling sample documentation and evidence for internal and external control evaluations
• Execute other cross-functional operational projects as assigned
• Proactively identify and embrace opportunities to integrate AI and automation technologies into operational processes, including initiatives to drive scale, reduce reliance on manual processes and mitigate operational risks

Experience you'll bring

• Bachelor’s degree in Business, Finance, Accounting, or a related field; or a minimum of 1 year of experience in risk operations, internal controls, banking, or healthcare financial services
• Working familiarity with regulatory frameworks impacting HSAs (e.g., IRS guidelines, CIP/KYC, and OFAC)
• Strong numerical and analytical capabilities, with high attention to detail in discrepancy identification
• Strong organizational skills with demonstrated ability to manage competing operational deadlines independently
• Proficiency in Google Workspace and Microsoft Excel
• Clear, professional written and verbal communication skills across internal and partner-facing channels
• Must successfully pass a comprehensive background investigation
• Demonstrated capability to independently manage individual work-queues under changing priority environments
• Strong working knowledge of spreadsheet data manipulation functions (including Pivot Tables, data filtering, and text matching)

The base pay range represents the anticipated low and high end of the pay range for this position. Actual pay rates will vary and will be based on various factors, such as your qualifications, skills, competencies, and proficiency for the role. Base pay is one component of WEX's total compensation package. Most sales positions are eligible for commission under the terms of an applicable plan. Non-sales roles are typically eligible for a quarterly or annual bonus based on their role and applicable plan. WEX's comprehensive and market competitive benefits are designed to support your personal and professional well-being. Pay Range: $55,800.00 - $60,900.00

Benefits

• Health insurance
• Dental insurance
• Vision insurance
• Retirement savings plan
• Paid time off
• Health savings account
• Flexible spending accounts
• Life insurance
• Disability insurance
• Tuition reimbursement
• and more

WEX is an equal opportunity employer committed to diversity and inclusion in the workplace. All qualified applicants will receive consideration for employment without regard to sex, race, color, age, national origin, religion, sexual orientation, gender identity, protected veteran status, disability or other protected status. WEX promotes a drug-free workplace. Qualified individuals with a disability have the right to request a reasonable accommodation. If you require a reasonable accommodation as a result of your disability at any point in the job application process, please submit your request through our Reasonable Accommodation Request Form. This form is for accommodation requests only and cannot be used to inquire about the status of applications.