Head of Business Controls

Job Title: Head of Business Controls


Location: Chicago or New York


Position Summary

We are seeking a strategic, highly experienced Head of Business Controls to lead and evolve the firm's business controls framework, ensuring the organization operates in a safe, sound, and compliant manner as it grows and scales. This role will serve as a senior partner to business leadership and the first line of defense, driving a strong and sustainable controls environment across day-to-day operations, business transformation, and growth initiatives.


The Head of Business Controls will be responsible for setting the vision, governance, and operating model for business controls, with a particular focus on regulatory compliance, operational risk, control design, issue management, and remediation. This individual will provide proactive risk leadership, challenge business processes where needed, and help embed accountability for risk and controls across critical functions. The role requires a leader who can operate at both a strategic and hands-on level, influencing senior stakeholders and ensuring control frameworks remain practical, scalable, and aligned with the firm's risk appetite and regulatory obligations.


Key Responsibilities

Business Controls Leadership and Strategy

• Lead the overall business controls strategy and operating model, establishing a robust, scalable, and effective control environment across key business functions.
• Define priorities, frameworks, and governance mechanisms to support business growth while maintaining strong risk discipline.
• Serve as a senior advisor to business leadership on control-related matters, balancing commercial objectives with risk management and regulatory expectations.

Partnership with the First Line of Defense

• Partner closely with first-line business leaders to identify, assess, and manage risks inherent in processes, systems, business activities, and new initiatives.
• Drive clear ownership and accountability for risks and controls within the business.
• Provide effective challenge and practical guidance to strengthen decision-making and control execution.

Regulatory Compliance and Risk Advisory

• Interpret and help operationalize applicable regulatory requirements (e.g., SEC, FINRA, CFTC, and other relevant regulatory bodies) within business processes and operating models.
• Provide leadership on evolving regulatory expectations and emerging risk themes, ensuring the business remains proactive and well-positioned.
• Coordinate with Compliance, Legal, Risk, and Audit to ensure alignment on key obligations, interpretations, and responses.

Operational Risk and Control Frameworks

• Oversee the identification and assessment of operational risks and control effectiveness across the organization.
• Design, enhance, and maintain scalable control frameworks, standards, and procedures that align with the firm's risk appetite.
• Establish and oversee key risk indicators (KRIs), control testing, monitoring routines, and escalation protocols.

Issue Management, Remediation, and Governance

• Lead the governance and oversight of control issues, incidents, audit findings, and regulatory exam matters, ensuring timely escalation, root cause analysis, and sustainable remediation.
• Monitor remediation progress and themes across the organization, elevating key risks and systemic issues to senior leadership and governance forums as appropriate.
• Ensure reporting is clear, decision-useful, and aligned to executive and committee-level expectations.

Risk Governance and Senior Leadership Reporting

• Develop and present risk and control reporting to senior business leadership, risk committees, and other governance bodies.
• Drive management discussions around risk trends, control health, remediation progress, and emerging vulnerabilities.
• Help shape governance structures and routines that promote transparency, accountability, and continuous improvement.

Change, Transformation, and Strategic Initiatives

• Provide controls leadership for new products, business expansion, operating model changes, and technology implementations.
• Ensure material change is supported by appropriate risk assessments, controls, and governance from inception through execution.
• Partner with cross-functional teams to embed controls into transformation initiatives without unnecessarily impeding business momentum.

Culture, Capability, and Team Leadership

• Promote a strong culture of risk awareness, ownership, and accountability across the business.
• Develop training, guidance, and communication programs to improve understanding of control responsibilities and regulatory obligations.
• Where applicable, build, lead, and mentor a high-performing business controls team, fostering strong collaboration and execution excellence.

Qualifications

• Bachelor's degree in Business, Finance, Risk Management, or a related field; advanced degree (MBA, Master's, or JD) preferred
• 10+ years of experience in business controls, operational risk, compliance, internal controls, audit, or related disciplines within financial services, fintech, or another highly regulated industry
• Significant experience in a senior leadership role with responsibility for designing, building, or transforming control environments across complex organizations
• Deep understanding of regulatory frameworks, operational risk practices, and control governance within regulated environments
• Demonstrated success partnering with senior business leaders and influencing cross-functional stakeholders, including Risk, Compliance, Legal, Audit, and Operations
• Proven ability to lead issue management and remediation programs, including interaction with senior governance forums, internal audit, and regulators
• Strong strategic thinking with the ability to translate regulatory and risk requirements into practical business processes and controls
• Exceptional written, verbal, and executive-level communication skills
• Experience with GRC platforms, issue management systems, risk assessments, and control testing methodologies preferred

Relevant certifications such as CRCM, FRM, CAMS, or equivalent are a plus