SVB Principal First Line Risk Manager (Enhanced Due Diligence)

Overview

This is a remote role that may be hired in several markets across the United States.

This position is a first line of defense risk professional responsible for support and execution of various risk programs and Business Unit (BU) risk activities in adherence with the Company’s Risk Appetite and Corporate Strategy. This role is responsible for engaging with the BU in management of risks and controls across all risk types, facilitating and/or monitoring execution of risk policies, procedures and/or program requirements, providing advisory to effectively manage risks, and serving as an effective communication channel between the Risk Management Department, regulators, and FCB business units. May manage the work of others and acts as a mentor to associates.

The SVB Commercial Risk & Controls team partners with the business to help identify, mitigate, and monitor risk through consistent implementation of 1LOD risk management, risk assessments, effective challenge, and monitoring and reporting of the Bank’s Risk Profile, including top and emerging risks.

Responsibilities

About the Role:

The Commercial Bank Risk Team is a first line team that reports directly to the Commercial Bank President. The Commercial Risk Team aims to achieve a high level of consistency and quality in approach, standards, and methodology for non-financial risk and controls. The Commercial Risk Team is made up of risk management professionals committed to enabling business success in today’s complex legal and regulatory environment. The team is in the 1st Line of Defense (1st LOD).

SVB is hiring a Principal First Line Risk Manager as an individual contributor supporting the Enhanced Due Diligence teams. This key role will serve as a trusted partner and advisor and will be responsible for working within the team to drive consistent implementation of 1st LOD risk management. The Principal First Line Risk Manager role will be part of a team of risk professionals responsible for supporting and coordinating all disciplines of non-financial risk and controls. The ideal candidate will support the work to drive awareness, risk perspective, risk accountability and risk culture within the Enhanced Due Diligence team which includes AML, KYC, BOI and COI; and provide risk management and subject matter expertise / specialist knowledge to support 1st LOD accountable leaders in risk informed decision making.

This position will require subject matter expertise in Commercial Banking products and understanding of relevant regulations including AML, Sanctions, Banking Secrecy Act, US Patriot Act and EDD and KYC processes.  An understanding of these functions’ operations and typical risks inherent within the functions is critical. The right candidate will play an important role in supporting the development and implementation of risk management services in a sustainable framework. Being able to “connect the dots” between related teams and workflows will be paramount to achieving success in this role. 

The Essential Functions And Key Responsibilities Of The Principal First Line Risk Management Team Include The Following Areas, Which This Role Will Support:

• Facilitate and implement risk management across the 1st LOD, including:
• Accountable and responsible for supporting and facilitating end-to-end identification and assessment of existing and new process/product/system risks and controls.
• Establish the maintenance and change management processes for business profile, risk/control library and issues inventory.
• Responsible for identifying risk trends and/or symptoms of process control breakdowns.
• Drive risk awareness, risk accountability and risk culture throughout all areas of the Business Units
• Facilitate and provide advisory support in the identification of expected controls to meet risk program and regulatory obligations.
• Provide support, coordination, and inventory of all testing activities performed (e.g., control testing, compliance testing) and drive maturity improvements based on outputs of control testing.
• Act in a business advisory role to 1st LOD accountable leaders exhibiting deep risk subject matter expertise in the following areas:
• Provide 1st LOD business stakeholders with advisory support, consultation, facilitation, and review on risk management related topics including:
• Risk identification and scoring
• Control identification and assessment
• Gap/issue identification, monitoring, mitigation planning and closure.
• Advise 1st LOD stakeholder by considering internal and/or external factors (e.g., control testing results, compliance testing results, risk program reports, operational risk events, customer complaints, external events, Internal audit finding, and supervisory reports)
• Advise 1st LOD business stakeholders of the latest developments on risk management trends, tools, risk landscape and regulatory focuses.
• Advise 1st LOD business stakeholders on how to incorporate risk management processes into policies, operating procedures, and standards.  Ensures focus on change management and ability for business to adopt/implement changes in an effective way.
• Assist with translating control deficiencies into action plans and provide recommendations to enhance governance practices in alignment with risk and compliance frameworks.
• Advise senior management on the status of their control environment related to risk identification and control weaknesses. Identifies critical areas to monitor and escalates issues and findings to appropriate stakeholders.
• Develop business relationships and drive 1st LOD risk management coordination, including:
• Drives inclusion, dialogue and decision making on key risks within 1st LOD and 2nd LOD risk governance forums.
• Communicates overall risk identification and control environment health results to 1st LOD and 2nd LOD.
• Provides coordination and guidance between 2nd LOD, 3rd LOD, and external regulators specific to 1st LOD inquiries, exam, and audits.
• Leads change management communication with 1st LOD stakeholders based on new products and/or risk management requirements.
• Ensures risks associated with business activities are effectively identified, measured, monitored, and controlled.
• Anticipates business needs and proactively identifies opportunities to improve and strengthen the control environment through actionable insights.
  
  

Duties & Responsibilities:

• Risk Strategic Activities- Works with FRM leader and senior management to create risk management strategies ensuring key risks are appropriately 20 managed and are aligned. Provides BU risk considerations for business/strategic plans. Effectively challenges risk programs outputs, ensuring bank and regulatory alignment.
• Risk Program Implementation – Supports the development, implementation and maintenance of the organizations risk management framework, policies and procedures. Coordinates risk assessments to evaluate and manage key risks across the organization. Manages book of work to identify gaps and assess capacity, ensuring alignment with strategic objectives and prioritization of risk management initiatives. Develops test plans and methodologies for evaluating the effectiveness of control activities, executes control testing procedures in accordance with the established test plan, identifies and supports remediation of control deficiencies. Lead the tracking and resolution of issues across the organization, ensuring timely escalation and remediation. Collaborates with BU and stakeholders to develop action plans and mitigation strategies to address root causes and prevent issue recurrence. Monitor the status and effectiveness of issue remediation efforts, providing regular updates and reports to senior management. Coordinate with other functions (i.e. Compliance, 2LOD) to ensure alignment with broader risk management and governance objectives.
• Regulatory Engagement - Participates in regulatory inquiries, examinations, and audits in collaboration with internal stakeholders. Support regulatory submissions, response and reporting requirements, ensuring accuracy, completeness, and timely submission. Monitor regulatory developments and findings and assess their potential impact on the organization’s risk profile and regulatory compliance.
• Risk Governance & Reporting – Develops BU risk reports that provide a comprehensive view of risks impacting the BU. Monitors BU risk and control performance Identifies and summarizes BU Top and Emerging trends and actions to address impacts. Reports key indicators and limits to ensure timely escalation of breaches as required by the Risk Appetite Framework (RAF). Advises BU senior leadership in relevant risk governance meetings utilizing understanding of the BU operations, risks, controls and related laws and regulatory guidance. Provides feedback and collaborates on relevant governance documents to support BU activities and manage risk. Drives the implementation of program policies, standards, and procedures. Ensures timely communication around current and emerging issues and regulatory requirements.
  
  

Qualifications

Bachelor’s Degree with a minimum of 10 years of experience in Financial Services, First Line Risk, Enterprise Risk or Operational Risk. OR High School Diploma or GED and a minimum of 14 years of experience Financial Services, First Line Risk, Enterprise Risk or Operational Risk.

Preferred Qualifications:

• 10+ years of related operational, strategic, and reputational risk management experience at a leading financial institution.  
• Experience identifying reputational, strategic, compliance, technology and operational risks and assessing the adequacy of controls to manage such risks, including recommending enhanced or additional controls.
• 1st LOD and / or 2nd LOD experience in risk management within a large financial institution
• Comfortable challenging the status quo.
• Excellent project management skills
• High energy and proven track record of accomplishments and results
• Experience developing and/or providing input into presentations for team, Senior Leadership or Committees
• Strong interpersonal skills, with evidence of working in collaboration across large, complex organizations, including effective influencing skills, a proactive and 'no surprises' approach in communicating issues/requests.
• Strong knowledge of applicable laws, rules, regulations, supervisory guidance, and expectations for large financial institutions (LFIs)
• Understanding of business strategy, critical success factors, risk profile, and potential exposures
• Experience in technology risk management
• Ability to quickly learn new products, lines of business, processes, software, systems, and client needs.
• Effective risk management skills and ability to predict and mitigate risks and issues, as well as anticipating and proactively preparing for changes and impacts to clients and SVB’s business.
• Diplomacy, active listening, persuasiveness, and presentation skills to evangelize new products or changes and gain buy-in, consensus, and cooperation in the face of conflicting viewpoints, resistance to change, constraints, etc.
• Critical-thinking, business analysis, and process engineering skills to manage, contribute to, and foresee pitfalls in process-related deliverables.
  
  

This job posting is expected to remain active for (45) days from the initial posting date listed above. If it is necessary to extend this deadline, the posting will remain active as appropriate. Job postings may come down early due to business need or a high volume of applicants.

If hired in NC, AZ & UT, the base pay for this position is generally between $145,000.00 - $251,333.00 per year.

For CA the base pay for this position is relative to your experience but the range is generally $174,000.00 – $301,600.00 per year.

For Illinois the base pay for this position is relative to your experience but the range is generally $159,500.00 – $276,467.00 per year.

For MA the base pay for this position is relative to your experience but the range is generally $152,250.00 – $263,900.00 per year.

Actual starting base pay will be determined based on skills, experience, location, and other non-discriminatory factors permitted by law. For some roles, total compensation may also include variable incentives, bonuses, benefits, and/or other awards as outlined in the offer of employment.

First Citizens benefits programs are designed to meet our associates where they are in life. Full-time associates (20+ hours) are offered a comprehensive benefits program, with customized offerings, including those designed to support families, however defined. More information regarding our benefits offerings can be found here https://jobs.firstcitizens.com/benefits