Wealth Management - Flagstar Advisors Risk & Controls Associate

Job Title

Wealth Management - Flagstar Advisors Risk & Controls Associate

New York, NY 10018

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.

• 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…