TIAA Sr. Affiliate Transactions Risk Manager- Regualation W in United States
TIAA is the leading provider of financial services in the academic, research, medical, cultural and government fields. We offer a wide range of financial solutions, including investing, banking, advice and education, and retirement services.
This position is responsible for designing, developing, maintaining, and executing the policies, procedures, and processes related to the strategic vendor risk management and Reg. W program (collectively, the “Program”), ensuring all Program-related components align with corporate objectives and adhere to relevant regulations, including those promulgated by regulators such as the OCC, FRB, FFIEC, and CFPB, with a focus on demonstrating compliance to both regulatory examiners as well as the Bank’s executive oversight committees. The Program is based on industry best practices, standard methodologies/processes, and technology, with a particular focus on risk monitoring, mitigation, and business unit (“BU”) compliance as they relate to the Program. The candidate for this position should be adept at navigating and understanding the complex requirements and unique position of TIAA Bank relative to the regulatory restrictions of Section 11 of Home Owners’ Loan Act. This role collaborates with and influences senior leaders to identify, monitor, mitigate, and report risks related to the Program.
Open to all locations.
KEY RESPONSIBILITIES AND DUTIES:
Execute the Program’sobjectives, goals, and requirements. Support business development activities asthey relate to affiliate transactions while ensuring compliance with federalregulations.
Analyze affiliatetransactions as mandated by Reg. W (12.C.F.R 223.51) through their fulllifecycle, to include:
Assist in the investigation, research, and documentation of potentialtransactions with affiliates and mitigate compliance and regulatory risks forthe Program.
Conduct fact-finding exercises with service providers and recipients, usingtechniques such as in-person and phone interviews, strategic review ofagreements and other documents, and analysis of financial reports.
Perform market terms assessments, including economic analyses by applying avariety of approaches that balance rigor and practicality.
Analyze, evaluate, and adapt economic data and documentation produced byexternal service providers to maximize their value to TIAA Bank.
Draft and maintain effective Reg. W documentation with respect to affiliatetransactions. Maintain an accurate Reg. W transaction repository system andrelated reporting.
Oversee the creation of Reg. W management and Board reports and deliveringsuch reports to FRB quarterly to demonstrate compliance.
Participate and assist inthe refinement of a challenge process to ensure compliance with Reg. W.
Conduct and overseeProgram processes across all vendor lifecycle activity. Proactively assistwith vendor contract administration to ensure that business requirements andall Bank contract standards are met. Oversee issues management processesand interact with other control groups including internal audit and BUsregarding the development and monitoring of remediation plans.
Provide thought leadershipin the development of enterprise Reg. W policies and procedures and collaboratewith the first line of defense to implement cascading policies and proceduresand lead Reg. W project initiatives to enhance the internal controlenvironment. Establish second line of defense monitoring requirements forcompliance with Reg. W.
Provide leadership on Reg.W issues across the Bank, including with respect to initiatives focused on thecreation and development of a center of excellence focused on affiliate relationships,processes, documentation, systems, and technology.
Support the development ofremediation efforts and ongoing continuous improvement regarding compliancewith Reg. W, including spearheading the development of processes, protocols,risk assessments, and industry best practices to support the continuingmaturation of the Program.
Interact directly withsenior business leaders and regulators regarding the Program and in response toregulatory examinations, internal audit reviews, and routine requests forinformation.
Advise senior managementand the Board on complex regulatory matters impacting the Program.
10+ years of experience handlinginter-company transactions, third-party vendor risk, and/or inter-affiliate risk-managementpractices.
8+ yearsof experience dealingwith Regulation W compliance transactions at a consulting firm advising clientswith Regulation W compliance and/or in a financial institution subject to theFederal Reserve Regulation W
Bachelor degree in Finance, Accounting,Economics.
Master’sDegree in Business, Economics, Accounting or Finance; and/or law degree
Subject matter expertise inRegulation W and complex transfer pricing practices, including in-depth knowledgeof IRC 482 and other regulatory guidance available related to affiliatetransactions.
Direct experience with conducting andcommunicating economic analyses according to a defined regulatory framework insupport of market terms evaluations.
Direct experience influencing and negotiatingwith senior executives and governmental authorities.
Direct project-management experience, toinclude staff supervision.
Excellent project management andpresentation skills, including verbal and written communication skills.
Ability to write 23B memorandums forapproval by senior management or Board and risk committees.
Background in risk management/auditor commercial lending, economics, finance, accounting, or statistics.
Prior big 4 experience
Strong knowledge of theinsurance company regulatory regimes and banking regulations
Ability to effectivelychallenge service providers to ensure adequate supporting documentationsubstantiates cost allocations.
Experience in transferpricing and/or financial allocation models.
Ability to articulate andsupport a conclusion based on substantiated fact patterns and economicanalysis.
Practical experience inproject management.
Knowledge of the financialmarkets, banking, economic, and accounting principles. Knowledge of U.S GenerallyAccepted Accounting Principles (GAAP).
Experience in conductingrisk assessments and audit reviews. Ability to evaluate risk implicationsinherent in new product and market development.
Excellent understanding ofoperational and financial risk models and monitoring tools as well as a goodunderstanding of the enterprise risk framework.
Strong knowledge ofapplicable Federal Reserve, OCC, SEC, FINRA, ERISA, and/or CFPB regulations.
Understanding ofcontractual agreements and compliance monitoring covenants.
Services industry highlypreferred.
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- Requisition ID: 1728794
Company: TIAA Bank
Post Date: 3 days ago