Job description
Business Risk Officer - Wealth Advisory Services
Wilmington Trust
POSITION RESPONSIBILITIES:
Responsible for Risk Management oversight of the First Line of Defense for Wealth Management including but not limited to, Financial Risk, Operational Risk, Regulatory Risk, Reputational Risk, etc.
Establish and maintain the Wealth Management Risk Framework, including Risk Management approach, risk appetite statement(s), risk pillars, governance, risk policy, metrics, monitoring and reporting, roles and responsibilities, testing, and training and ongoing assessments.
Collaborate with business line and senior management within the Division to identify, assess, monitor and control risk throughout the division; ensure development and maintenance of required controls, policies and procedures in accordance with the risk appetite statement.
Serve as liaison with Corporate Compliance, support Corporate Compliance initiatives, seek approval for exceptions and incorporate ongoing changes within the Corporate Compliance program into Divisional business processes.
Communicate divisional risks to centralized Risk Management and appropriate Risk Governance Committees (e.g., Operational Risk Committee, Regulatory Compliance Risk Committee, etc.).
Report and monitor Divisional Internal Audit recommendations and activity to provide transparency, guidance over execution and adherence to key deadlines.
Oversee compliance with applicable laws and regulatory guidelines, including development of business-line specific policies, procedures and training.
Work with Corporate Operational Risk to ensure adherence to M&T Bank's Operational Risk Policy; provide tracking and oversight for operational risks.
Manage and oversee Division-wide risk reporting and provide regular reporting to Division leadership and centralized Risk Management to ensure their continued awareness.
Collaborate with business line leadership to limit reputational and customer relationship risk while balancing the need for key decision-making to mitigate or eliminate risk; ensure balance is maintained between control monitoring and good business judgment.
Collaborate with business line leadership to support compliance with regulatory issues and track violations to ensure transparency.
Oversee development of Division-specific training and monitor completion of Bank-wide Compliance Training by Division personnel.
Review new or enhanced products, services, fees, channels or markets to understand, assess and mitigate risk to acceptable levels.
Oversee development and execution of First Line of Defense monitoring and where appropriate testing of key Wealth Management risks and controls; implement strategies for continuous monitoring and improvement of Division-owned risks and controls.
Exercise usual authority of a manager concerning staffing, performance appraisals, promotions, salary recommendations, performance management and terminations.
Understand and adhere to the Company's risk and regulatory standards, policies and controls in accordance with the Company's Risk Appetite. Design, implement, maintain and enhance internal controls to mitigate risk on an ongoing basis. Identify risk-related issues needing escalation to management.
NATURE AND SCOPE:
This position is responsible for overseeing all related risk functions for the Wealth Management division. As such, the position must collaborate with business partners on risk management, including, but not limited to, compliance and regulatory issues. The position also communicates with executive management on all matters of significance related to risk management across Wealth.
AREAS OF EMPHASIS:
Mission (Evaluation of Current Risk Process) - There needs to be a considered evaluation of where the real risks reside and how best to manage. Collaborating with others and taking a fresh look at the framework will be critical.
Talent - The need to evaluate the team's talent and org structure while leveraging internal and external resources.
Work Process - Will be responsible for streamlining work flows and seek efficiencies. There are clear automation and offshoring opportunities that exist.
Partnership - The risk function touches many different areas of the bank regularly. The individual in this role will need to have strong communication skills and be able to build relationships while being open to sharing ideas and information. Because of the nature of risk management, the individual in this role will need to be well networked and quick to reach out to others with information, be a strong decision maker, and network the resources one has.
MINIMUM QUALIFICATIONS REQUIRED:
Bachelor's degree and a minimum of 12 years' financial services risk management and/or business management experience or in lieu of a degree a combined minimum of 16 years' higher education and/or work experience, including a minimum of 12 years' financial services risk management and/or business management experience.
Strong knowledge of profitability and Wealth Management business dynamics.
Experience and success in forming and directing cross-functional teams.
Strong verbal and written communication skills.
Strong managerial and cross-functional collaboration skills.
Ability to communicate concepts and theories and develop alternative recommendations.
Strong presentation skills.
Ability to maintain strong working relationships with senior management as well as business partners within and outside of the Bank.
IDEAL QUALIFICATIONS PREFERRED:
Strong knowledge of the 1940 Investment Company Act and 1940 Investment Advisors Act
Master's degree or MBA.
Advanced knowledge of risk analytics, including the development, implementation and use of all relevant decision technologies within an operational and regulatory compliant framework
About M&T
At M&T, we strive to be the best place our employees ever work, the best bank our customers ever do business with and the best investment our shareholders ever make. So when looking to advance your career, look to M&T. As a top 20 US bank holding company and one of the best performing regional banks in the country, we offer a wide range of performance based career development opportunities for talented professionals. And through our longstanding tradition of careful, conservative and consistent management and a strong commitment to the communities we serve, we continue to grow with a focus on the future.
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Location
Radnor, Pennsylvania, United States of America
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