Internal Controls Associate

Job Details

The Internal Controls Associate position involves providing analytical support to the Internal Controls department in evaluating complex and diverse processes, risks, and controls to ensure their security and reliability and to ensure compliance with laws and internal policies.

Tasks and responsibilities

The duties and responsibilities include:

• Collaborate with various business partners to support risk assessments and targeted operational risk assessment projects.
• Supporting principal risk owners and principal risk coordinators in identifying key risks and mitigation measures in their business areas and in developing action plans to close any gaps in mitigation measures.
• Conducting assessments focused on the anti-money laundering process to ensure that it complies with corporate policies and regulatory requirements, as well as performing tests to identify potential control weaknesses and preparing appropriate documentation (working papers).
• Collaborate with business units to develop action plans to address any gaps in mitigation measures.
• Investigating and evaluating the causes of loss/gain events and supporting business partners in remedying control deficiencies that have arisen as a result of such events.
• Reviewing new product proposals to ensure that they are supported by internal policies, suitability processes, documentation, and laws, and that they comply with regulatory requirements.
• Testing self-assessments/controls to identify potential control weaknesses in departments and functions as well as other operational areas and recommending changes to minimize these weaknesses.
• Support from third parties in the overall assessment and ongoing monitoring of open issues that require follow-up and clarification.
• Conducting regulatory research, disseminating regulatory information, and providing opinions and advice on regulatory matters.
• Reviewing policies, procedures, and practices to ensure they comply with laws and regulations, and implementing necessary changes.
• Monitoring the completion of all assigned activities by business partners to ensure that the agreed changes to remedy control weaknesses have been implemented.
• Preparation of reports on evaluations conducted and materials for committees.
• Supporting areas in developing key risk indicators, where applicable.
• Performing tasks and responsibilities specific to the department's functions and activities.

Qualifications

The qualifications include:

• BA degree in business administration or a related field, preferably, equivalent professional experience will be considered.
• At least 3 years of experience in the banking and/or broker-dealer industry.
• Demonstrable ability to follow operational guidelines and procedures