Full-Time

Business Controls Senior Associate

Provide

Posted on 11/21/2024

Fifth Third Bank

Fifth Third Bank

10,001+ employees

Offers diverse banking and financial services

Fintech
Financial Services

Senior

Grand Rapids, MI, USA + 1 more

More locations: Cincinnati, OH, USA

Primary location is Cincinnati, Ohio.

Category
Risk Management
Finance & Banking
Required Skills
Data Analysis
Requirements
  • Bachelor’s degree or equivalent experience required (related field preferred). Master’s degree in relevant field preferred.
  • 5 + years of financial services industry, risk, business controls or compliance experience preferred.
  • Professional verbal and written communication skills and the ability to communicate with discretion and understanding when confidentiality is needed.
  • Must be analytical and possess ability to interpret and apply policies and regulations across a complex business.
  • Must proactively identify opportunities and take action to build trusting strategic internal and external relationships and networks.
  • Must be approachable, collaborative, and have the ability to influence others through interpersonal skills, thrive in a fast-paced dynamic environment, and be comfortable quickly shifting priorities on short notice.
  • Working knowledge of Microsoft Office products required.
  • Ability to work with minimal supervision.
  • For Investment Advisors: FINRA Series 7 and 63/66 licenses preferred. Knowledge of the Securities industry and SEC / FINRA regulations is preferred.
Responsibilities
  • Assists business controls leadership with the development of complex strategies and the implementation of controls, policies, and procedures to increase effectiveness and efficiency related to the respective business or functional area.
  • Provides relevant expertise and analysis to stakeholders related to the identification, assessment, control, monitoring, testing and reporting of risks.
  • Investigates and assists in root cause analysis in instances of actual or potential operational loss.
  • Gathers and integrates information.
  • Identifies the need for and collects information to better understand issues, problems, and opportunities; integrates information from a variety of sources; and detects trends, associations, and cause-effect relationships.
  • Leverages expertise and stays informed of industry best practices and regulations to ensure compliance with all applicable laws, standards, and requirements, including, but not limited to, OCC Heightened Standards.
  • Supports the resolution of internal audit, compliance, or risk management related issues that could impact the classification, availability, or integrity of data or processes.
  • Highlights control breakdowns, inadequate processes, and unexpected events. Implements corrective actions in partnership with Business Controls leadership to address process and control deficiencies.
  • Builds effective relationships with other internal business control groups and the second and third lines of defense (such as Legal, Compliance, Enterprise Risk, and Audit).
  • Collaborates with groups responsible for ensuring adequate information barriers are established, and the Bank’s compliance with policies and processes are in place in order to control the flow of certain information.
  • Serves as an analytical and procedural expert to peers on cross-functional processes or project deliverables.
  • Assists with execution of regulatory change management program to ensure applicable regulatory changes are identified, assessed against business processes, reported, and complied with.
  • May, if applicable, assist in the external change management for credit bureau working with centralized team and business control managers as build out testing.
  • Assists in identifying operational risks in accordance with the ERM, ensuring that adequate internal controls are in place to mitigate risks of all types.
  • Partners with business managers in implementing remediation actions per the Bancorp issues management framework; coordinates business ownership of processes, risks, controls, and tests.
  • Serves as coordinator for updates to data in archive systems (e.g., Open Pages, PPM, etc.).
  • Conducts RCSA facilitated sessions where risks and controls are rated.
  • Partners with Support Functions or Risk Experts to identify applicable Enterprise and Risk Appetite indicators and determine which will be designated "Key".
  • Collaborates with LOB on threshold evaluation and proposed changes; enter proposed indicators and changes in the GRC tool.
  • May assist in the determination of identifying loss events with applicable RCSA risks/processes.
  • May assist in the coordination root cause analysis, action plan evaluation with LOB and monitor action plan implementation.
  • Provides oversight to overall LOB Supplier/Outsourcing strategy and Review LOB business case for outsourcing & challenge.
  • Participates in escalated issues that impact LOB process & involve Supplier(s) where applicable.
  • Works with LOB to identify initial set of inherent risks and controls.
  • Identifies applicable governance processes and may complete control implementation.
  • Actively participates in issue remediation.
  • Executes on ERM Scenario Analysis risk management program.
  • Develop and manage product inventory and execute on ERM product risk review program.
  • May have additional responsibilities as assigned by LOB/Function leadership and Risk, including but not limited to: Assistance with new government programs or special internal projects. Assistance with new risk programs required by regulatory authorities or ERM. Assistance with diligence, closing, and other matters relating to acquisitions and strategic investments.

Fifth Third Bank provides a variety of financial services to individual consumers, small businesses, and commercial clients. Its offerings include personal banking products like checking and savings accounts, mortgages, personal loans, and insurance options such as life and health coverage. For businesses, the bank offers services including business accounts, commercial loans, and treasury management. Fifth Third Bank's revenue comes from interest on loans, account service fees, and commissions from insurance and wealth management services. The bank aims to help clients achieve their financial goals through comprehensive financial planning and retirement services.

Company Stage

IPO

Total Funding

N/A

Headquarters

Cincinnati, Ohio

Founded

1858

Simplify Jobs

Simplify's Take

What believers are saying

  • Digital transformation in treasury management is accelerating, benefiting Fifth Third Bank.
  • Growing demand for B2B payment solutions offers expansion opportunities for the bank.
  • Biometrics and 'Just Walk Out' tech could enhance banking security and customer experience.

What critics are saying

  • CFPB lawsuit for fake accounts could damage Fifth Third Bank's reputation.
  • Rapid digital adoption requires significant tech investment, posing financial risks.

What makes Fifth Third Bank unique

  • Fifth Third Bank offers a comprehensive range of personal and business banking services.
  • The bank provides specialized services like down payment assistance and escrow education.
  • Fifth Third Bank integrates wealth management with traditional banking for holistic financial solutions.

Help us improve and share your feedback! Did you find this helpful?

INACTIVE