Head of Internal Control Strategy & Taxonomy (Finance)

About Northern Trust:

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.

Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.

Job Description:

The Head of Enterprise Internal Controls Strategy reports directly to the enterprise Chief Control Officer (CCO). This is a critical Senior Leadership role within the 1LOD that will be responsible for the internal control framework, taxonomy, standards, inventory and establishment of quality standards. This will also include the execution of other high priority projects [Automation and Machine Learning] and activities related to the strategy of enterprise internal controls.

The ideal candidate will have 15+ years of proven leadership experience working in a fast-paced delivery environment, coupled with Subject Matter Expert (SME) knowledge of all aspects of Internal Controls, both from a theoretical perspective and an experienced practitioner, respectively. The ability to understand risk and control frameworks integration, structure and alignment will be paramount. The priority will be to establish a centralized team and processes to ensure consistency and effectiveness in the internal control library, control standards, quality adherence and the utilization of the internal controls to mitigate the risk environment.

Communication skills will be mission critical [verbal and written] as the role will support liaising with key stakeholders and collaborating with senior business leaders on key initiatives. This is a newly created function and role, which will require self-starting abilities and a proven track record of delivery and execution in a fast-paced global environment.

Major Duties:

Internal Controls Strategy

• Develop and maintain an internal control strategy that is aligned with enterprise goals and risk appetite.
• Analyze and recommend changes to the design and evaluation of internal control systems used to implement and manage controls.
• Provide strategic analysis, guidance, and reporting to senior leadership and other key stakeholders.

Control Framework and Taxonomy

• Ensure that the control framework implemented is cost-effective, supports regulatory requirements, is fit for purpose, and sized according to the risk for which it mitigates.
• Lead assessments to analyze and strengthen control framework in partnership with internal enterprise groups including second and third lines of defense.

Control Standards and Inventory

• Develop and implement internal control design guidelines, policies, and procedures to ensure compliance with regulatory requirements and industry standards.
• Develop understanding of existing processes and controls and define roadmap of standards implementation.

CCO Standards Harmonization

• Provide guidance to manage the dependencies and impact between control related and other internal standards as these documents are written, revised, and implemented enterprise-wide.

Control Automation / Machine Learning

• Manage assessment and prioritization of controls that would be feasible and beneficial to automate.
• Leverage technological advancements to drive the growth of control mechanisms, including the use of increased data analytics, technology solutions, and third-party associations.
• Analyze data and trends to identify emerging risks and areas for improvement in internal control processes.

Knowledge, Skills & Experience Required:

• 15+ years direct Senior Leadership roles and experience/expertise in a COO or Internal Audit related role.
• Proven GSIB experience, and or, equivalent experience at a multi-national Financial Institution or consulting firm
• Experience with Service Now and Fusion highly recommended
• Deep technical knowledge of internal controls interworking's, preferable COSO
• Ability to set standards and drive excellence within a team.
• Critical thinker with superior problem-solving abilities who is able to organize and manage people and resources to effectively prioritize issues and respond to senior management, Boards and key stakeholders
• Strong communication written/oral skills, ability to communicate complex topics in a simple and concise manner
• Ability to engage a diverse set of stakeholders, build long-term relationships, and create a collaborative and approachable environment
• Ability to think strategically, execute with precision and prioritize in a fast-paced environment.
• Bachelor's degree in business administration, management, or a related field. An MBA, CFA, or related advanced credentials preferred.

This job description provides a general guide to the duties and responsibilities of the role and is not an exhaustive list of all duties and responsibilities.

Salary Range:
$171,700 - 300,500 USD

Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.

Working with Us:

As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.

Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.

We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater

Reasonable accommodation

Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com .

We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.

Apply today and talk to us about your flexible working requirements and together we can achieve greater.