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Vice President of Risk Management - LPL Business Solutions

Job ID: R-018414 Date posted: 10/04/2021 Primary Location CA-San Diego Other Locations SC-Fort Mill , CA-Remote , NC-Remote ,SC-Remote

The Vice President of Risk Management will be responsible for leading the evolution of the LPL Business Solutions risk management functions into a strategic asset and business differentiator that drives growth by managing risk well and meeting all regulatory requirements. This role will provide a comprehensive view of risks across risk types, including regulatory and business risks, in conjunction with Compliance, Legal and Risk (CLR) and other business partners. They will engage in strategic planning with the business and are responsible to confirm alignment of the business's strategic priorities with its risk appetite. 

Specific responsibilities include: 

General Leadership Functions

  • Review and streamline existing quality control program and policies and procedures to ensure they are currently fit for purpose and stay aligned as the business and external environment evolve. Process improvement should include technology solutions such as automation, robotics, and machine learning.

  • Promote a strong risk management culture throughout the Business Solutions program with a focus on maintaining a risk/reward balance that meets the program's risk appetite.

  • Take proactive steps in partnership with the business to address risks early in new business initiatives.  Serve as critical advisor to business leaders on strategic priorities and critical risk issues across a mature and growing business. 

  • Identify and escalate risk and control issues to CLR and Business Leaders with transparency and in accordance with company policies and procedure. 

  • Work with all leaders to enhance the business risk framework for all key regulatory and business risks; including metrics, controls, monitoring and oversight across the first two lines of defense.

  • Identify trends in the internal and external environment that present opportunities or reflect gaps in risk management strategy of the company.

  • Management and oversight of Business Solutions Quality Control Program and Risk Management team, including Admin Solutions scope functions and Marketing Solutions Marketing Regulatory Review functions

  • Lead and complete any remediation efforts, including management action plans, regulatory, and internal audit projects

Manage Existing Program Scope

  • Review scope review requests and make decisions

  • Answer ad-hoc scope questions from business partners

  • Submit new vendors through scope review process

  • Gain Compliance, Legal, and Risk approval for one-off exceptions

  • DST Vision principal level approvals

Subject Matter Expert and Point of Contact for Risk Management

  • Work with Compliance, Legal, and Risk on any regulatory compliance-related inquiries

  • Handle any compliance concerns/escalations raised by Business Solutions employees

  • Answer any general compliance questions from LAS employees

  • Run regular Risk Governance meetings with senior leadership business partners for both Delivery and Product teams

  • Work with Product Management and Product Development teams to ensure all pilots and upcoming rollouts have been vetted, approved, and documented

  • Ensure all new offerings are assessed to ensure program can compliantly accommodate

  • Work with Legal on any incidents that arise, such as front-line human errors

  • Point person for contract updates and working with Legal on obtaining any new updated language

Policies and Procedures Maintenance

  • Update knowledge repository with any updated policies and procedures

  • Maintain policies and procedures and ensure they are compliant

  • Ensure controls are in place for any existing and new processes (includes QA/Audits)

  • Submit LPL procedure exceptions through Compliance, Legal, and Risk, and work with them to gain approvals (e.g. Client Complaints)

  • Monitor response rate for any policy and procedures trainings, questionnaires, and surveys, and follow-up with program leadership when appropriate

Core Competencies:

  • Risk management experience required

  • High level of analytical skills and problem-solving

  • Ability to multi-task, work well under pressure with commitment to deliver under tight deadlines

  • Proficient in MS Office (Word, Access, Excel, PowerPoint, Visio)

  • Excellent written and verbal communication skills with the ability to present information in differing degrees of details and form depending on the audience

  • Strong judgment and experience with escalation of matters and recommended solutions

  • Able to adapt to changing priorities with attention to detail and quality assurance

  • Excellent written and oral communication and presentation skills

  • Ability to synthesize volumes of complex information and distill it into varying degrees of detail for various audiences, including senior management of the firm

  • Ability to prioritize key deliverables, multi-task and work well under pressure and tight deadlines

  • Ability to multi-task in a fast-paced environment

  • Effective communicator with strong written and spoken communication skills

  • Self-starter; must be a thought-leader, strategic thinker, and independent decision-maker

  • Excellent time management and organizational skills

  • Working knowledge of data analytics

  • Proven ability to manage, lead and motivate teams of varying experience, knowledge and skill sets 

Qualifications:

  • Demonstrated success running a risk-balanced model while driving transformation, continuous improvement and efficiency, including the ability to manage and prioritize competing objectives to drive optimal outcomes

  • Experience improving quality control and policies and procedures using technology solutions such as automation, robotics, and/or machine learning

  • Expertise in risk management in the financial services industry

  • Proven experience successfully leading a function of similar size, scale, complexity and regulatory oversight

  • Strong program/process management skills

  • Proven ability to cultivate constructive relationships with business and control function leaders, as well as peers across the industry

  • Strong project leadership, written and verbal communication skills

Requirements:

  • Bachelor’s Degree in business or related field required; Master's degree a plus

  • 10+ years of experience in the financial services industry, preferably in banking, wealth management, or product development in either a business or risk capacity

  • 8+ years of management experience leading a risk management or compliance team

  • Working knowledge of SEC regulatory requirements

  • Series 7 and Series 24 Registrations

  • Proficient in MS Office (Word, Access, Excel, PowerPoint, Visio)

Why LPL? 

At LPL, we believe that objective financial guidance is a fundamental need for everyone. As the nation’s leading independent broker-dealer, we offer an integrated platform of proprietary technology, brokerage, and investment advisor services. We provide you with a work environment that encourages your creativity and growth, a leadership team that is supportive and responsive, and the opportunity to create a career that has no limits, only amazing potential.

We are one team on one mission. We take care of our advisors, so they can take care of their clients.

Because our company is not too big and not too small, you can seize the opportunity to make a real impact. We are committed to supporting workplace equality, and we embrace the different perspectives and backgrounds of our employees.We also care for our communities, and we encourage our employees to do the same. This creates an environment in which you can do your best work.

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Join the LPL team and help us make a difference by turning life’s aspirations into financial realities. Please log in or create an account to apply to this position. Principals only. EOE.

Information on Interviews:

LPL will only communicate with a job applicant directly from an @lplfinancial.com email address and will never conduct an interview online or in a chatroom forum.  During an interview, LPL will not request any form of payment from the applicant, or information regarding an applicant’s bank or credit card.  Should you have any questions regarding the application process, please contact LPL’s Human Resources Solutions Center at (800) 877-7210.

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