State Street

Vice President - Regulatory Reports Assurance

1 month agoHyderabad, India

Vice President - Regulatory Reporting Assurance (RRA) - Basel Profile

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $32.6 trillion in assets under custody and administration and $2.8 trillion in assets under management as of March 31, 2019, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. Clients include mutual funds and other collective investment funds, corporate and public pension funds, global hedge funds, and global banking organizations as counterparties to trading businesses. Founded as a bank in 1792 in Boston, Massachusetts, State Street employs more than 36,000 people. For more information, visit State Street's website at


State Street recognizes that highly skilled, engaged and productive employees are essential to our success. Our company values reflect our commitment to employee engagement, Global Inclusion and corporate social responsibility - to help you build a fulfilling career. Around the world, we aim to be an employer of choice by offering competitive compensation and benefits, personal and professional development opportunities, and a work environment that promotes a diverse array of people, ideas and skills.


Regulatory Reporting Assurance (RRA) department as an independent, First Line of Defense control function within the Finance organization has a mission to:

  • Provide credible challenge to management to drive compliance with regulatory and policy requirements
  • Basel Reports Target Assurance Reviews and Basel control testing. In addition manage a team in India .
  • Support executive management and the board by reporting on the effectiveness of key financial and regulatory processes
  • Advise in the proactive identification of operational and compliance risks and effective mitigation strategies through effective business partnership
  • Offer risk and control insights to improve business results predicated on collaborative business partnerships

    Reporting to the MD, Head FCO and Regulatory Assurance in Bangalore, the Vice President will provide leadership and oversight of FCO's teams in the India hub locations. In coordination with the onshore RRA Program leads, the Vice President will support the execution of the annual review plans for the Basel and CCAR Report Reviews.

    Planning programs through effective and efficient execution of key activities including the execution of risk assessment, internal control testing, monitoring and reporting capabilities. As part of the transformational change in Regulatory Assurance and as a member of the extended leadership team, the Vice President will drive initiatives focused on increasing the stature of the function, provide value-added perspective and opinion on the strength of the control environment and compliance-related activities, and influence compliance and risk management strategies both within and beyond Finance.

    The group will work alongside the established three lines of defense and complement and extend existing programs on a global level, working in conjunction with:
  • The first line of defense, which includes the Business Control Executives (BCE),
  • Compliance and other second line groups, including Enterprise Risk Management and
  • Internal Audit as the third line of defense

  • Build and continuously develop a dedicated team to achieve and sustain and an effective First Line of Defense function and best-in-class controls oversight framework
  • Deliver annual risk-based plans to assess the effectiveness of the First Line of Defense, and serve as an increasing basis of reliance for the Third Line of Defense and the external auditors
  • Serve as a subject matter expert to Controllership and stakeholders on internal controls and risk mitigation strategies
  • Manage the team to deliver regulatory assurance program.
  • Establish and maintain collaborative relationships with stakeholders and partners
  • Develop a deep understanding of the global business model, corporate functions activities, products, and processes to support a risk- based approach to controls oversight and monitoring
  • Influence and direct methodologies, approach and reporting capabilities resulting in continuous improvement of the operating model
  • Support the cultural change efforts across the Controller's organization to drive enhanced individual accountability, closer interaction with the business and increased stature of the Controller's network in oversight of the controls that are outside the SOX process
  • Draft recommendations and liaise with the business units to remediate risks, findings and gaps identified during the validation process
  • Provide updates to management as needed
  • Engage key business partners to facilitate completion of assigned deliverables and explain results
  • Cultivate relationships across the Finance organization and Corporation with key constituency groups, such as Regulatory Reporting, Product Controllers, Operations, Treasury, Technology and Risk
  • Develop subject matter expertise in Basel regulatory requirements, best practices and expectations
  • Identify and drive transformation efforts to further enhance the functionality of RRA as a first line of defense team
  • Provide day to day coaching and guidance to teammates
  • Design and execute a framework to test if the internal systems supporting compliance with regulatory requirements and expectations are properly designed, documented and implemented and include appropriate governance and data quality controls
  • Review and provide feedback on deliverables
  • Perform risk assessments to identify areas requiring detailed testing
  • Lead and participate in reviews, including assessing the internal control environment, developing testing strategies and reviewing control and sample data testing
  • Lead and participate in discussions with process and control owners to assess inherent risks, identify controls and control gaps, by conducting walkthroughs
  • Challenge, assess, detail test the design and operating effectiveness of controls

Job ID: StateStreet-R-658017