Operation Analyst-Custodial Operations

WEX, Inc.; United States; On-site; 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 Health, a part of WEX, Inc., seeks a Control Operations Analyst 1 to execute daily operational controls for HSA custodial services. You will monitor regulatory compliance, review consumer documentation, and coordinate with partner and banking teams to ensure accurate account setup and funding.

The role emphasizes risk mitigation, audit readiness, and the proactive identification of process improvements, including AI/automation opportunities, to scale operations and reduce manual work.

Qualifications

• Bachelor's degree in related field or 1 year in risk operations, internal controls, banking, or healthcare finance.
• Familiarity with HSAs regulatory guidelines (IRS, CIP/KYC, OFAC).
• Strong numerical/analytical capabilities with attention to detail.

Responsibilities

• Monitor OFAC sanctions and review consumer accounts for compliance.
• Review CIP/KYC documents and notify partners of missing information.
• Monitor balances and coordinate end-of-year funding for proper reconciliation.
• Enforce SOPs and support audit readiness; contribute to process improvements.
• Identify bottlenecks and opportunities to integrate AI/automation.

Skills

Numerical skills

Analytical thinking

Attention to detail

Organizational skills

Google Workspace

Excel proficiency

Communication skills

Education

Bachelor's degree in Business/Finance/Accounting

Tools

Google Workspace

Microsoft Excel

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.

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. This includes initiatives to drive scale, reduce reliance on manual processes, and mitigate operational risks.

These statements are intended to describe the general nature and level of work being performed rather than give an exhaustive list of all duties and responsibilities.

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).

Pay Range: $55,800.00 - $60,900.00

Benefits include health, dental and vision insurances, retirement savings plan, paid time off, health savings account, flexible spending accounts, life insurance, disability insurance, tuition reimbursement, and more.

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. For more information, check out the "About Us" section.