First Line Risk Sr Manager - Embedded Banking

Description

As the First Line Risk Senior Manager for the Embedded Banking business, you will represent the First Line of Defense and identify and mitigate potential risks within the embedded banking risk and controls environment. This includes assessment of the likelihood and impact of a risk event and understanding the bank’s risk appetite.  You will serve as a trusted risk advisor, interfacing with business partners to drive meaningful identification and mitigation of risk. You will provide and direct complex analysis on embedded banking relationships and payment structures to establish mitigating controls, risk thresholds, and continuously monitor control effectiveness. This role will be responsible for proactively reviewing, analyzing, and identifying new and emerging risks in the embedded banking business while partnering to drive continuous innovation and significant business growth.  

You will work with the Senior Director/Director to adhere to internal governance processes for new risk strategies and provide suggestion for remediation and to identify opportunities to improve risk management processes and procedures through automation and or Artificial Intelligence (AI).  You will lead change control efforts to ensure impacts are appropriately assessed, documented, and implemented. You will work closely with Second and Third Lines of Defense partners to ensure they have transparency to the embedded banking program and corresponding risk and control inventory, inclusive of providing guidance for applicable state and or federal regulatory requirements. You will also work with the First Line Risk Manager to initiate root cause analysis into control failures and identification of themes.  Additionally, this role will have some oversight of pilot programs, products, and strategies.

Key Skills and Qualifications:

• Strong Knowledge of Risk Management Principles: A solid understanding of various risk types (e.g., operational, financial, compliance, reputational) and risk management methodologies, including COSO and OCC Heightened Standards. 
• Payment Products: Foundational knowledge of core payment capabilities in the U.S. financial system, inclusive of, but not limited to: Wire, ACH, Real Time Payments and Virtual Cards, including embedded banking use cases.  Understanding of how the risk landscape may change based upon the nature of payment structures and process flows and implementation of adequate and effective controls to mitigate risk in an embedded payment relationship.
• Financial Industry Experience: Experience in banking or financial services at a nationally chartered institution is highly desirable.  Understanding of B2B, B2C, C2C legal and payment structures. 
• Risk Assessment Skills: The ability to manage and execute risk assessments on new business initiatives and implement new and or revised controls to applicable product and service risk inventories.  Experience in establishing risk and control inventories and executing an annual and or ad hoc targeted risk and control self-assessment on a product and service inventory. 
• Regulatory Knowledge: Familiarity and staying updated with relevant banking regulations (FRB, OCC) and compliance requirements, specifically Anti-Money Laundering (AML).  Special industry vertical knowledge which may have specific regulatory requirements in an embedded banking relationship (i.e., gaming, fintech, etc.) and licensing or registration requirements. Knowledgeable of Payment Channel Operating rules (NACHA, RTP Operating Rules, Payment Card Network (Mastercard, Visa) rules.
• Relationship Building Skills: The ability to develop, maintain, and enhance internal and external business relationships to facilitate risk advisory, knowledge sharing, and familiarity with ongoing industry trends and best practices.
• Problem-Solving Skills: The ability to independently identify and resolve risk-related issues.
• Third Party Risk Management: Ensure embedded banking partners are identified and evidenced within the Bank’s Third-Party Risk Management program.  Confirm due diligence activities at onboarding and on-going monitoring are conducted and conform to policy requirements.
• Technology Risk Management: Focus on identifying and mitigating risks associated with new technologies and digital banking platforms in support of an embedded banking relationship.  Work with technical partners to ensure the security and stability of core banking systems and payment applications through operational and technical resiliency.  Stay updated on emerging cybersecurity threats and implement appropriate security measures. 
• Knowledge of Tools: GRC Archer, JIRA, Confluence, Excel, Tableau.

Qualifications

• BS Science – Accounting, Finance, Business Administration, MBA a plus
• 5-8 Years experience in Audit, Risk Management, Compliance related roles
• Preferred Certifications – Certified Internal Auditor (CIA), Accredited Payments Risk Professional (APRP), Certified Fraud Examiner (CFE), Certified Anti Money Laundering Specialist (CAMS) 

Hours & Work Schedule:
Hours per Week: 40
Work Schedule: M-F 8-5

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Equal Employment Opportunity

Citizens, its parent, subsidiaries, and related companies (Citizens) provide equal employment and advancement opportunities to all colleagues and applicants for employment without regard to age, ancestry, color, citizenship, physical or mental disability, perceived disability or history or record of a disability, ethnicity, gender, gender identity or expression, genetic information, genetic characteristic, marital or domestic partner status, victim of domestic violence, family status/parenthood, medical condition, military or veteran status, national origin, pregnancy/childbirth/lactation, colleague’s or a dependent’s reproductive health decision making, race, religion, sex, sexual orientation, or any other category protected by federal, state and/or local laws. At Citizens, we are committed to fostering an inclusive culture that enables all colleagues to bring their best selves to work every day and everyone is expected to be treated with respect and professionalism. Employment decisions are based solely on merit, qualifications, performance and capability.