Wealth Management - Flagstar Advisors Risk & Controls Associate

Flagstar Bank; New York (NY); On-site; USD 80,000 - 110,000; Full time

Benefits offered by this job

Medical, dental, and vision insurance

Life and disability insurance

Comprehensive leave program

Job summary

A major financial institution in New York is seeking a Wealth Management - Risk & Controls Associate. This role involves designing and implementing a risk management framework and supporting ongoing assessments of risks and controls. Ideal candidates will have over 4 years of relevant experience in risk management, particularly within Wealth Management and a Broker Dealer context. This position is full-time and offers comprehensive benefits.

Qualifications

• 4+ years of experience in risk and internal control.
• Experience in Wealth Management products.
• Broker Dealer and/or Large Bank experience.

Responsibilities

• Support risk and control programs with execution.
• Conduct Risk & Control Self-Assessments.
• Provide risk advisory to Business Process Owners.

Skills

Risk management

Regulatory compliance

Operational risk management

Change management

Investment management

Education

High School / GED

Undergraduate Degree (preferred)

Job description

Job Title

Wealth Management - Flagstar Advisors Risk & Controls Associate

Location

New York, NY 10018

Overview

The Wealth Management – Flagstar Advisors Risk & Controls Associate will help design, build, transform, and implement a risk management framework and lead the ongoing identification, assessment, and measurement of the business line’s material risks and key controls. The role will partner with the Private Bank & Wealth Management business as it develops a Chief Investment Office, Family Advisory & Trust, and Insurance practice, bringing knowledge of regulatory requirements and risk experience in Wealth Management.

Job Responsibilities

• Supports the Wealth Management Risk & Control organization in the 1st LOD with execution of risk and control programs adhering to the Risk Governance Framework.
• Supports the transformation of a Non-Financial Risk Management framework and consistently executes the framework.
• Exemplifies a high level of acumen across Enterprise Risk stripes – Operational, Compliance, Strategic, Credit, Liquidity, Interest Rate, Price, and Reputational Risk.
• Consistently executes a Risk Governance Framework subject to Bank regulatory heightened standards, including Risk Culture, Risk Appetite, Roles and Responsibilities, Risk Governance, Risk Assessment, and Risk Monitoring & Reporting.
• Conducts Risk & Control Self-Assessments, Issue Management, Internal Operational Risk Loss Events, External Risk Events, Key Risk Indicator, Control Identification and Design, and Quality Assurance programs while supporting ongoing improvement and transformation.
• Directly engages with Broker Dealer and Bank leaders on identified incidents and issues in root cause analysis, action plans, supporting documentation, and testing of implemented controls.
• Coordinates risk management assessment of new products and services, including enterprise change management programs, and identifies process improvement opportunities involving Broker Dealer Advisor oversight practices and third‑party platforms.
• Provides risk advisory and guidance to the Business Process Owners/Advisors on process and control design, early risk identification, control environment operating effectiveness, policies and procedures, vendor risk, model risk, and data governance.
• Leads project initiatives, risk assessments, and risk remediation efforts impacting the Wealth Management Business Unit.
• Ensures the Risk Management Framework is effective to manage risks associated with the Wealth Management and Flagstar strategic plan.
• Participates in Enterprise Risk and Compliance forums and socializes with Wealth Management Advisors and leaders.
• May interact with and support interactions the Broker Dealer and Bank’s regulators (OCC, FINRA, SEC, FRB) and Internal Auditors.
• Coordinates Internal Audits, Compliance Tests, and External Exams with Business Process Owners/Advisors to ensure timely delivery and completeness of required documentation.
• Actively executes appropriate Business Unit Review Governance model and cadence for Wealth Management, including up to the Flagstar Advisors Board.
• Ensures compliance with all Enterprise Risk management policies and standards and manages Enterprise Risks within the Bank’s risk appetite.
• Implements risk management methodologies for the Wealth Management Business Unit.
• Ensures key risk and control data, inventory, metrics, and reporting are established and actively monitored.
• Ensures risk culture is embedded across the Flagstar Advisors organization with an appropriate training regimen.
• Assists in interpreting complex regulatory requirements and effectively communicates potential impact to affected Flagstar Advisors business leaders.
• Supports development and implementation of regular communication and training methods to keep employees informed of policy, procedural and regulatory updates.
• Regularly evaluates Business Unit processes and practices to ensure consistency with applicable regulatory requirements and expectations.
• Stays abreast of compliance and regulatory changes at Flagstar and within the industry to act as a risk subject matter expert for advising and monitoring processes across the Business Unit.
• Provides guidance on developing sufficient documentation, including policies, procedures, processes, and user guides to increase efficiencies, reduce errors, and mitigate risk.
• Ensures regulatory/compliance related requirements are embedded within Business Unit procedures and user guides.
• Ensures ongoing/annual reviews of Risk procedures to ensure accuracy and compliance with policies.
• Understands the current systems and their respective capabilities.
• Prepares comprehensive written reports and summaries communicating findings and highlighting overall business risk where necessary.
• Uses independent judgment and discretion to make decisions pertaining to risk governance, audit, and compliance.
• Analyzes and resolves problems pertaining to risk governance, audit, and compliance.
• Performs special projects and additional duties and responsibilities as required.
• Consistently adheres to regulatory and compliance policies and standards linked to the job and completes required compliance training.

Job Requirements

Required Qualifications

• Education level required: High School / High School Equivalency (GED, HiSET, TASC) / Foreign Equivalent.
• Minimum experience required: 4+ years of risk and internal control (or similar) experience.
• Experience in Wealth Management products and services including Investment Management & Advisory, Insurance, Trust Advisory, and Fiduciary Advisory.
• Broker Dealer and/or Large Bank experience.
• Experience with Fiduciary Compliance obligations.
• Proven ability to lead and execute in change management environments, and experience implementing risk programs/frameworks.
• Experience in acquisition/integration environments.

Preferred Qualifications

• Education level preferred: Undergraduate Degree (4 years or equivalent).
• Demonstrated effectiveness in managing operational requirements, preferably in a Wealth Management capacity.
• Strong understanding of Risk and Control Self-Assessments (RCSA).
• Strong understanding of operational risk management and audit industry best practices.
• Strong understanding of compliance requirements associated with laws and regulations impacting financial institutions.
• Able to manage and execute multiple complex projects within required timelines.
• Experience defining and documenting business processes and functions.

Job Competencies

• Proven ability to partner effectively across all levels of the organization and develop positive working relationships.
• Demonstrated ability to follow company policies, guidelines and procedures.
• Strong attention to detail, highly organized, and ability to prioritize.
• Demonstrated ability to maintain confidentiality using tact and diplomacy.
• Excellent verbal and written communication skills and demonstrated success communicating with various levels within an organization.
• Ability to analyze and assess the adequacy of operational controls and identify opportunities for process improvements.
• Drives change in the organization and ability to handle complex change management while remaining risk disciplined.
• Ability to think critically and logically.
• Proactive self-starter with good people management skills and a strong work ethic.
• Demonstrates a strong ability to build and maintain effective relationships with stakeholders by communicating clearly, engaging in proactive collaboration, and leveraging cross-functional insights. Aligns relationship-building efforts with enterprise goals to accelerate performance and drive strategic results.
• Builds trusted client relationships, whether internal or external, by identifying needs and delivering tailored solutions to enhance the overall client experience.
• Fosters or supports a positive work culture and productive work environment, displaying importance of effective relationships with customers and stakeholders.
• Travel Requirements: Travel may be required depending on location of hire. If required, travel is not expected to be frequent.
• Physical demands (ADA): The job requires a moderate degree of physical exertion and stamina such as standing, sitting, walking, driving or infrequent lifting.

Additional Information

Flagstar is an Equal Opportunity Employer.

Flagstar provides teammates access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program. Benefits | Flagstar Bank

Seniority level

• Mid‑Senior level

Employment type

• Full‑time

Job function

• Finance and Sales
• Banking