First Line Risk & Control Officer (Finance)

About the Team:

Business Risk & Control

The Business Risk & Control (BRC) team is focused on the implementation and oversight of the MUSO Operational Risk Management (ORM) Framework covering all non-financial risks. The BRC team provides core banking and securities coverage and works closely with all business lines and corporate functions to ensure an effective control environment.

First Line Risk & Control Officer

The First Line Control Officer is a member of a centralized first line control team within BRC that supports business lines and corporate functions with control activities and promotes an effective control environment. The First Line Control Officer reports directly to BRC, with an additional reporting line to the relevant business line or corporate function.

This role is hybrid and based in our New York City Office.

Principal Duties

The First Line Control Officer (FLCO) is:

• Accountable for the quality, accuracy and timeliness of all control-related deliverables and artifacts.
• Expected to lead certain control activities including: 1) the annual RCSA process; 2) maintaining process mapping documentation; 3) supporting internal control testing; 4) documenting Risk Events, Self-Identified Issues (SIIs) and Risk Acceptances (Ras); 5) monitoring control remediation activities; and 6) reporting on the division's non-financial risk profile and key risk indicators, etc.
• Expected to work closely with their colleagues on balancing non-financial risk requirements with the need for efficient business operations.

Additional Roles and Responsibilities

• Collaborate with, guide and counsel colleagues on control design and implementation to mitigate risks.
• Collaborate with, guide and counsel process and control owners for control assurance, including identifying non-financial risks, associated controls, evaluating effectiveness.
• Function as liaison to 2nd and 3rd line control teams in adhering to non-financial risk control framework requirements.
• Execute and manage the advancement of core risk program requirements such as process mapping, RCSAs, risk reporting, as well as other related enterprise risk programs (BCP, Information Security, Sales Practices, Conduct Risk, etc.).
• Work with the business and support teams to provide operational risk expertise and consulting for new products and key initiatives.
• Conduct risk assessments to evaluate the adequacy and effectiveness of policies, procedures, processes, systems, technology and internal controls.
• Report risk assessment findings through non-financial risk governance forums and develop business cases to influence control owners and business sponsors on the need for additional or improved controls to mitigate risk as applicable.
• Establish and update regular risk reports for communication of risk ratings, issues and key topics.
• Establish a formal communication channel to broadcast risk program updates, risk profiles, policy updates and other key risk program information to Division senior management.
• Analyze business, industry, system changes or other material business environment changes to determine impact, identify and assess operational risk issues.
• First Line Control Officers may also be asked to support non-financial risk Regulatory exams, Audit reviews and Compliance Testing in the capacity of SME and / or to support non-financial risk remediation efforts.
• First Line Control Officers may be designated to coordinate responses to outside inquiries from regulators and external audit.

Qualifications

The ideal candidate for the Finance Division Control Officer position should possess prior experience in a Financial Control Officer or Internal Audit role within a Corporate Investment Banking (CIB) sell-side financial services organization, demonstrating substantial subject matter expertise in Regulatory Reporting and Financial Accounting. Additionally, the candidate is expected to have a comprehensive understanding of associated control areas and processes, including Product Control, Regulatory Reporting, Accounts Payable, Payroll, and Securities Financial Control.

The individual will be embedded within the Finance Division and collaborate closely with Department Heads of Product Control, Financial Accounting, and Regulatory Reporting. The level of the position is commensurate with the experience and knowledge of the individual selected for the role.

• 5+ years experience in Finance Control or similar role with an in depth understanding of applicable control areas and the controls required to support a trading business
• Ability to conceptualize, develop, and deliver quality analysis and highly actionable management information.

• Strong interpersonal and critical thinking skills with the ability to collaborate with others to deliver impactful results.
• Demonstrated capability to confidently raise issues, escalate early, and engage in constructive credible challenge independently.
• Ability to articulate complex concepts in a clear manner.
• Highly professional, adaptable and proactive mindset.
• Proactively resolve conflict and maintain objectivity.
• Works independently and have sound judgment.
• Strong analytical skills with high attention to detail and accuracy.
• Demonstrated capacity to proactively and independently analyze and solve problems and address risks within the business unit's risk appetite and all risk and compliance program requirements.
• Keep a pulse on the latest developments in the financial services market / regulatory environment.
• Bachelor or Master's degree.

The expected base salary ranges from $180,000.00 - $215,000,00. Salary offers are based on a wide range of factors including relevant skills, training, experience, education, and, where applicable, certifications and licenses obtained. Market and organizational factors are also considered. In addition to salary and a generous employee benefits package, including but not limited to Medical, Dental and 401k that begin on day one of employment, successful candidates are also eligible to receive a discretionary bonus.

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