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SOX and Internal Controls Lead, Loan Servicing

Company: Silicon Valley Bank
Location: Santa Clara
Posted on: November 23, 2022

Job Description:

BE PART OF A BANK LIKE NO OTHER.When you work with the world's most innovative companies, you know you're making a difference.Our clients are the game changers, leaders and investors who fuel the global innovation economy. They're the businesses behind the next medical breakthroughs. And the visionaries whose new technologies could transform the way people live and work.They come to SVB for our expertise, deep network and nearly forty years of experience in the industries we serve, and to partner with diverse teams of passionate, enterprising SVBers, dedicated to an inclusive approach to helping them grow and succeed at every stage of their business.Join us at SVB and be part of bringing our clients' world-changing ideas to life. At SVB, we have the opportunity to grow and collectively make an impact by supporting the innovative clients and communities SVB serves. We pride ourselves in having both a diverse client roster and an equally diverse and inclusive organization. And we work diligently to encourage all with different ways of thinking, different ways of working, and especially those traditionally underrepresented in technology and financial services, to apply.Job Description:The role will provide leadership to identify, measure, monitor and shape the risks related to the internal control environment affecting both controls over financial reporting and operational controls within the organization through proactive identification of risks and opportunities. This role will ensure sound governance, oversight and execution of the financial and operational risks and controls as part of our Sarbanes Oxley (SOX) program, including key operational, regulatory and compliance related controls within our SVB Private Bank Operations department. The role will be responsible for managing all SOX and operational controls related design, implementation, documentation, and self-testing to ensure we meet the requirements for the Company's SOX program as well as detect and prevent noncompliance with policies and procedures in advance of internal and external audits. This highly visible position will work closely with the related business management and SOX teams to ensure transparency and understanding of financial reporting and operational issues, opportunities, and the environment both for now and as we experience change from internal factors, such as growth and new business lines, and external factors, such as new regulations and industry expectations.This person will work closely and liaise between key stakeholders both within management and across the organization with Risk & Controls (SOX), Compliance, Internal Audit, External Audit, Enterprise Risk Management, Legal, and the other Risk Managers.Oversee and Execution of Financial & Operational Risks and Controls

  • Perform annual risk assessment for identifying significant accounts and risks for reporting; done independently and then validated with 2nd line (SOX)
  • Audit coordination - manage and facilitate all external and internal audit related matters including quality and delivery of audit schedules, follow up questions and resolution, etc.
  • Facilitate and manage all SOC 1 reports applicable to the business
  • Provide overall governance, dashboard reporting, tracking against deliverables, and issue escalation timely
  • Makes risk and control recommendations to the business line and requires SOX team approval
  • Advises others about concepts, principles, issues, and alternatives to explore and determine course of actionManage SOX and Operational Controls - Design, Implementation, Documentation, Test
    • Coordinate, update and maintain all SOX related artifacts including walk-throughs, narratives and process/control specific flow charts
    • Ensure quarterly that all items are current and reflective of actual practices
    • Provide changes to controls if underlying processes have changed or new items / risks added top scope of the business - 2nd line would have to concur with the controls design and risk mitigation
    • Create / manage quarterly program of self-testing / certification to support the business units quarterly certification under Section 302 of SOX
    • Establish / manage ongoing program of procedure documentation and training within the department related to SOX and internal control processes / activities
    • Manage program specific to manual controls including spreadsheets and data received / sent out by the department to ensure integrity of data used and integrity, completeness and accuracy of data provided to downstream stakeholders for ICOFR purposes (MRC checklists, IPE controls, etc.)
    • Independently works with the business to ensure effective internal controls over financial reporting, including updated documentation, supporting testing requests, and tracking and monitoring remediation efforts
    • Assess, measure, and monitor the governance and risk profile, including determination of real vs perceived risk and inherent vs control risk. Maintain a complete and current inventory of all the material processes and functions, with the associated key risks and their thresholds. Participate and provide guidance for new initiatives and product expansions, including determination of mitigating controls.
      • Collaborate with management to develop key business control strategies and controls to mitigate related risks. Exercise judgment and influence, and if needed, assist management on the development, implementation and monitoring of strategies, policies, processes and controls to reduce risk and ensure legal and regulatory compliance. Keep control documentation updated to reflect current operating environment and perform self-testing to confirm control effectiveness.
      • Manage, communicate and provide periodic reporting and metrics to management and SOX team on the mission, strategies, and key issues of the risk governance framework. Proactively manage and promote effective communication with internal groups (management and legal), including second (SOX, Compliance and ERM) and third lines of defense (Internal Audit), and external auditors. This includes providing control documentation, testing support, and answering related questions timely.
      • Highlight control breakdowns, inadequate processes, and unexpected events and implement corrective actions quickly to address process and control deficiencies. Facilitate the timely remediation of control deficiencies and process improvements by working closely with the business to verify design, timing, and expectations are aligned and met.
      • Stay abreast and knowledgeable of the related regulatory, industry and compliance requirements in which the department must meet in order to satisfy our regulators and anticipate industry trends or changes. Analyze complex regulatory and industry requirements and the "right size" application of those requirements. Ensure all pertinent regulatory and rule changes are incorporated timely.Knowledge, Skills and Abilities
        • Knowledge of Sarbanes-Oxley requirements In-depth knowledge and application of principles, theories, and concepts, in area of specialty to determine best course
        • Leadership, critical thinking, and collaboration skills
        • Excellent presentation and interpersonal skills
        • Ability to influence collaborators to act on complex, technical or sensitive topics to achieve objectives
        • Self-starter and disciplined manager who proactively will reach out as needed
        • Exercises creatively, critical thinking, analytical thinking, and collaboration to solve control problemsEducation and Experience
          • Bachelor's Degree in management, finance, economics, related field or equivalent experience
          • 8+ years working in the financial services industry with managerial level experience
          • 5+ years' experience in SOX controls for financial reporting is required
          • Bachelor's Degree in management, finance, economics, related field or equivalent experience and MBA preferred
          • In-depth business or functional expertise as well as knowledge of applicable policies and procedures required
          • Experience in risk, business controls or compliance management preferred
          • Experience at Big 4 Accounting firm preferred
          • CPA or CIA preferred#LI-KP1
            Base Pay:$105,060.00 - $166,860.00Actual starting base pay will be determined on skills, experience, and other non-discriminatory factors permitted by law. Total compensation may also include variable incentives, bonuses, benefits, and/or other perks, as outlined in any formal offer made.SVB benefit programs are designed to meet our employees where they are in life. SVBers may enroll in core benefits programs, plus take advantage of customized perks and offerings, including those designed to support families, however defined. More information regarding our benefits offerings can be found here. 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).Equal Employment OpportunitySilicon Valley Bank is an equal opportunity employer and is dedicated to expanding its commitments and investments to create a more diverse, equitable and inclusive company culture and innovation ecosystem. We are strongly committed to the values and policy of equal employment opportunity across our employment practices.Silicon Valley Bank UK Limited is registered in England and Wales at Alphabeta, 14-18 Finsbury Square, London EC2A 1BR, UK (Company Number 12546585). Silicon Valley Bank UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Firm Reference Number 543146). Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

Keywords: Silicon Valley Bank, Santa Clara , SOX and Internal Controls Lead, Loan Servicing, Other , Santa Clara, California

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