Fraud Officer - Vice President, Wealth Custody and Clearing

Who we are looking for

State Street Wealth Services - Wealth Custody and Clearing is seeking an experienced Vice President to serve as its Fraud Officer. Reporting to the Head of Wealth Custody and Clearing Compliance, this role will be fully dedicated to establishing, implementing and executing the Wealth Custody and Clearing fraud risk management program. The Fraud Officer will be accountable for translating enterprise fraud policy and regulatory expectations into a practical, sustainable and risk-based program tailored to the Wealth Custody and Clearing business model, client lifecycle, products, channels and third-party ecosystem.

The successful candidate will bring senior level fraud risk leadership experience within a regulated financial institution and the ability to build a program from design through execution. The role requires strong judgment, executive presence and the ability to drive outcomes across Compliance, Business Risk Management, Operations, Product, Technology, Data, Global Security, Cybersecurity, Legal, Audit and third-party service providers.

Why this role is important to us

Wealth Custody and Clearing introduces a distinct retail wealth, digital channel and third-party fraud risk profile. The Fraud Officer will provide focused leadership and accountability for the fraud program, helping protect client assets and information, meet policy and regulatory expectations, strengthen preventive and detective controls, and support a secure and client focused operating model. This role will also serve as the principal Wealth Custody and Clearing liaison to the State Street Fraud Program Office and relevant governance forums.

What you will be responsible for

• Program ownership and execution: Own the end-to-end design, implementation, execution and continuous enhancement of the Wealth Custody and Clearing fraud risk management program, including the operating model, governance, standards, procedures, control framework, implementation roadmap and ongoing program maintenance.
• Strategy and roadmap: Set the fraud program strategy and prioritized roadmap in alignment with the State Street Fraud Risk Management Policy, enterprise risk appetite, applicable legal and regulatory requirements, business objectives and the evolving Wealth Custody and Clearing operating model.
• Governance and accountability: Establish clear fraud governance, decision rights, escalation thresholds, roles and responsibilities, reporting routines and documented accountability across Wealth Custody and Clearing and its internal and external partners.
• Fraud risk assessments: Direct periodic and event driven fraud risk assessments across products, services, client types, digital channels, processes, systems and third-party relationships. Translate assessment results into funded remediation plans, control enhancements, and measurable risk reduction priorities.
• Control framework: Define minimum preventive and detective fraud control requirements across onboarding, identity verification, authentication, account servicing, beneficiary and ownership changes, money movement, ACH, wires, disbursements, ACATS and other asset transfers, employee access, exception management and other high risk activities.
• Control implementation and effectiveness: Drive implementation of fraud controls with accountable control owners, establish evidence and testing expectations, assess control design and operating effectiveness, and require timely remediation or compensating controls where gaps are identified.
• Detection strategy and analytics: Establish the fraud detection and analytics agenda, including data requirements, typologies, scenarios, rules, thresholds, alert quality standards and management information. Partner with Technology, Data, Operations and platform providers to build or enhance scalable detection capabilities.
• Program monitoring: Own a decision useful suite of key risk indicators, key performance indicators and thresholds covering incidents, attempted and actual losses, prevented losses, false positives, client friction, investigation timeliness, control performance and remediation progress.
• Incident response coordination: Lead Wealth Custody and Clearing coordination for potential or confirmed fraud events in accordance with enterprise reporting pathways and the Fraud Response Plan. Ensure prompt escalation, containment, evidence preservation, stakeholder engagement and management communication without displacing the formal investigative responsibilities of Global Security, Legal or other designated functions.
• Issues, remediation and lessons learned: Direct root cause and lessons learned reviews, ensure control deficiencies are formally documented and assigned, challenge remediation plans for sufficiency, and drive sustainable closure through the applicable issue management process.
• Third-party and Apex oversight: Set fraud control, data sharing, incident notification, audit trail, service level and escalation expectations for Apex and other material service providers, technology vendors, RIAs and correspondent relationships. Establish risk-based due diligence, ongoing monitoring, scorecards and event driven reviews.
• New products and change: Exercise fraud risk review and challenge over new products, client propositions, material process changes, technology releases and market expansion. Define required fraud controls and readiness conditions before launch and monitor post-launch performance.
• Client and vulnerable-investor protection: Sponsor fraud prevention measures addressing account takeover, identity theft, impersonation, social engineering, scams, unauthorized transfers, insider activity and financial exploitation of vulnerable or specified adults while balancing protection, client experience and operational efficiency.
• Regulatory and policy alignment: Maintain alignment with applicable State Street policies and relevant regulatory expectations. Coordinate fraud related regulatory, audit and independent review readiness with Compliance, Legal, Regulatory Relations, Business Risk Management and Internal Audit.
• Executive reporting and governance: Provide concise, forward looking reporting and recommendations to the Head of Wealth Custody and Clearing Compliance, business leadership and relevant governance committees. Escalate material exposures, incidents, control failures and overdue remediation promptly.
• Enterprise partnership: Serve as the primary Wealth Custody and Clearing point of contact to the Fraud Program Office and a senior fraud risk advisor to business and control partners. Promote consistent application of enterprise guidance while representing the specific needs of the Wealth Custody and Clearing business.
• Training and awareness: Establish role based fraud awareness, procedures and training for Wealth Custody and Clearing personnel and relevant partners and reinforce clear escalation and reporting expectations.
• Program resources and delivery: Define required capabilities, staffing, technology and external support for the fraud program. Lead assigned resources and workstreams, manage dependencies and hold stakeholders accountable for agreed deliverables and timelines.

What we value

• Executive ownership and accountability for building and operating a fraud risk management program in a complex, regulated environment.
• Deep expertise in fraud typologies, fraud prevention and detection, risk assessment, control design, analytics, incident response, issue management and third-party oversight.
• Ability to convert policy, regulatory expectations, risk information and operational realities into an executable program with clear ownership, milestones and measurable outcomes.
• Strong executive communication and the ability to present complex fraud issues, options and recommendations to senior management and governance forums.
• Demonstrated ability to influence senior stakeholders and drive action across a matrixed organization without relying solely on direct authority.
• Sound judgment under pressure, including the ability to escalate promptly, make risk-based recommendations and balance fraud loss prevention with client experience and operational efficiency.
• Strong understanding of first, second and third-line responsibilities and the ability to operate effectively across Compliance, business, risk, audit and investigative functions.
• High integrity, discretion and the ability to manage sensitive incidents, confidential information and competing priorities.

Education & Preferred Qualifications

• Bachelor's degree or equivalent relevant experience; an advanced degree is preferred.
• 10+ years of relevant experience in fraud risk management, fraud strategy, fraud operations, financial crimes compliance, operational risk, business risk management, investigations, audit or a related discipline, including meaningful experience leading programs or major workstreams.
• Experience in banking, broker-dealer, wealth management, custody, clearing, payments, fintech or another highly regulated financial services environment.
• Demonstrated success designing and implementing fraud frameworks, controls, analytics, governance, reporting and remediation in a complex organization.
• Working knowledge of fraud risks affecting onboarding, authentication, account servicing, money movement, digital channels, employee access, third parties and vulnerable clients.
• Experience overseeing material third parties and defining control, data, incident, service level and escalation requirements.
• Experience engaging senior management, regulators, auditors and governance committees on fraud risk matters.
• Experience with risk, issue, reporting, case-management or data visualization platforms such as Archer, OpenPages, Tableau and SharePoint is preferred.

Salary Range:

$100,000 - $171,250 Annual

The range quoted above applies to the role in the location specified. If the candidate would ultimately work outside of the location above, the applicable range could differ.

Employees are eligible to participate in State Street’s comprehensive benefits program, which includes: our retirement savings plan (401K) with company match; insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages; paid-time off including vacation, sick leave, short term disability, and family care responsibilities; access to our Employee Assistance Program; incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans.

For a full overview, visit https://hrportal.ehr.com/statestreet/Home.

About State Street

Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.

We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you’ll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.

As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.

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