Risk Controls Specialist - Wealth Management

About Northern Trust:

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.  

Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Wealth Management – Risk Controls Specialist

Overview of the role:

The Risk Specialist is responsible for ensuring the Wealth Management (WM) business has a sustainable and disciplined end-to-end control environment. This role will be performing process reviews to identify and escalate issues, while also ensuring issues are accurate and remediated in a timely manner by serving as an Audit Liaison. The individual will assist in real time control issue detection through ad-hoc process reviews and lessons learned assessments. Through risk assessments, you’ll be responsible for root cause analysis and assisting the business in developing corrective action to address risks identified through various 2LOD programs and 3LOD assurance activities. 

Responsibilities

Under direction from the WM Control Manager:

• Issue Remediation

  • Serve as a liaison for Audit and Regulatory reviews. Advise business on audits, action plans, MRA responses, leveraging a proactive approach to ensure satisfactory resolution

  • Perform Root Cause Analysis and partner with Internal Audit Department to ensure Issues, Risk Statements and Root Cause Statements are accurate

  • Maintain a close working relationship with WM Practices and Internal Audit

  • Track status of remediation efforts for open issues and provide guidance to WM practices on effectiveness of newly implemented/enhanced controls

  • Assist in the development of a framework to identify and track issues identified through various 2LOD Programs (e.g. RCSA, BCP, Third Party Vendor Management)

  • Provide WM leadership with regular updates on issue remediation data (KRI/KPI)

• Targeted Reviews

  • Perform self-testing of remediated issues prior to WM leadership asserting closure to Audit Services

  • Perform targeted reviews as requested by WM Practices and in response to operational incidents (Frauds, Service Losses, Privacy breaches). Provide

  • Create process workflows in Visio and identify key controls as well as compensating controls. Assess the design of the controls and identify enhancements for the WM Practices to consider

  • Coordinate with Digital Client and Partner Experience partners from each practice related to new business initiatives to assess risk and advise management on solutions to mitigate it

  • As WM digitization efforts expedite, serve as a trusted resource for the Digital services team as well as WM practices to identify risk and control considerations throughout the journey/change process

  • Identify, develop and track metrics associated with issues identified through various targeted reviews performed.

Knowledge & Skills

• Strong knowledge of Operational and Enterprise Risk Management (ERM) adept at and with a proven track record of working across multiple areas of businesses and functions.

• Outstanding communication and influencing skills, both written and verbal, with demonstrated ability to develop and present materials effectively.

• Flexibility and ability to rapidly adapt to change and shifting business priorities

• Strong problem-solving skills with the ability to rapidly understand the business context, process and synthesize large amounts of information and/or data to identify and advise the business on risk mitigation or issue resolution.

Requirements

• 4+ years of experience working in risk, control, audit or related function at a large financial institution

• An undergraduate or graduate degree in Finance, Risk, and/or other relevant field is highly preferred

• Proficient in Microsoft Office Suite (Visio, Power Automate, Lists, PowerPoint) preferred

• Wealth Management experience a plus

Salary Range:

Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.

Working with Us: 

As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.

Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.

We’d love to learn more about how your interests and experience could be a fit with one of the world’s most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater 

Reasonable accommodation

Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com.

 
We hope you’re excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.

Apply today and talk to us about your flexible working requirements and together we can achieve greater.