Ireland Job Openings
State Street
Ireland Head of Outsourcing Oversight
FULL TIME
November 20, 2024
Ireland Head of Outsourcing Oversight
CF2 (Organisation & Governance - Section Head)
Purpose of Role:
To ensure effective governance and oversight of outsourcing risk, the Central Bank expects that the board, senior management or management body assign responsibility for oversight of outsourcing risk and outsourcing arrangements to an appropriately designated individual, function and/or committee, to enable a holistic view of outsourcing to be maintained and reported on. This designated function should be directly accountable to the board.
The Ireland Head of Outsourcing Oversight will be responsible for oversight of the outsourcing framework. Key priorities will be ensuring compliance with Central Bank of Ireland regulatory obligations, relevant emerging regulations, representing the business at appropriate outsourcing forums, committees and contributing to the strategy and direction.
Major Responsibilities:
All outsourcing related forums inclusive of the Outsourcing Working Group, Outsourcing Management Group, and Outsourcing Committee of the Board(s) of the regulated entities in Ireland. There may be additional governance forums in Ireland and the wider State Street Group that require the attendance of the Ireland Head of Outsourcing Oversight.
Reporting to the Head of Organisation and Governance responsible for the following main roles:
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Lead the Outsourcing Oversight team and ensure an effective and efficient outsourcing oversight program is in place.
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Ensure the Outsourcing Oversight Policy is effectively implemented and updated as required.
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Influence the Outsourcing Engagement Managers to deliver on key reporting requirements accurately and in a timely manner.
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Present on outsourcing matters to all relevant governance forums including Executive Committee and Board of Directors.
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Review and provide challenge to new outsourcing proposals as required.
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Continually look to implement improved outsourcing oversight structures, create and implement tools for effective monitoring and reporting of outsourced activities.
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Ensure controls and procedures correctly reflect the Central Bank of Ireland Outsourcing requirements and the State Street Outsourcing Framework.
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Managing change or projects as the team requires it.
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Manage and respond to internal audit and compliance reviews, provide professional challenge and implement agreed recommendations.
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Establish good working relationships with key functional teams across the business and with outsourced service providers.
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Provide regular feedback and dialogue to ensure optimal employee engagement.
Managerial
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Demonstrate the ‘Risk Excellence’ culture by establishing the tone at the top, through personal accountability and ownership, education and awareness and reinforcing mechanisms.
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Maintain a detailed understanding of the scope of the role’s managerial responsibilities; and the competence of the staff reporting to the role.
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Ensure that the team report/s have clear understanding of their reporting lines, authority levels, scope of responsibilities (including those delegated to them and those they delegate), objectives, training and competency requirements, that progress is reviewed regularly in line with Company policy, and that staff are regulatory registered where appropriate for their role.
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Establish and nurture a culture of individual ownership of tasks to embed a clear individual sense of accountability into staff members’ behaviour in performing their roles.
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Ensure that the highest level of the Code of Conduct is displayed in your own and staff behaviour.
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Establish and monitor systems of control, delegated authority and escalation procedures so that the business complies with internal policies and external regulations can be managed effectively.
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Adhere to the delegation and oversight (management information and escalation) framework in the performance of daily tasks. This includes taking proactive action to ensure there is adequate production of management information that is fits for purpose, and issues are raised as appropriate.
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Establish and monitor an effective delegation framework to ensure that tasks are performed by staff members with appropriate capacity and authority level (based on knowledge, skills and competence).
Escalation
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Establish and monitor an effective oversight framework to ensure that issues are appropriately identified, escalated and resolved. This includes: a) ensuring that appropriate management information is received, considered and challenged as appropriate at intervals proportionate to the risks; and b) that staff members have clear understanding of the escalation path/principles.
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Immediately escalating any material breach to Jurisdiction Senior Management including Legal Entity Management.
Skillls and Experience:
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University Degree in Law or Banking, Finance, Economics
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Minimum 10 years of experience in a related field within the Banking and Investment Fund business
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Proficient knowledge of the Central Bank of Ireland outsourcing requirements
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Proven experience working with Compliance, Risk and Internal Audit
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Proven ability to interact effectively with senior management and Regulators
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Experience in operations, change management and project management
Required Compentencies:
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Experience of the banking/funds industry – knowledge of fund accounting operations, global operating models, outsourcing guidelines, Corporate Governance and Board Governance, Business Controls, Policies and Procedures, Board Presentations, Chair of Working Groups etc
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Excellent communication skills, both verbal and written, to various situations and audiences
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Excellent leadership, people management and organisation skills.
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Ability to analyse financial and business data and assess the adequacy of status updates is essential.
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Advanced computer skills (MS Office: Excel, Word, Power Point, and Outlook)
About State Street
What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.
Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You’ll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.
Inclusion, Diversity and Social Responsibility. We truly believe our employees’ diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.
State Street is an equal opportunity and affirmative action employer.
Discover more at State Street.com/careers
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