Embedded Payments Oversight and Risk Manager

This is a hybrid role with the expectation that time working will regularly take place inside and outside of a company office.

We are seeking a strategic and solution-oriented Embedded Payments Oversight and Risk Manager to join our team. This role is critical in overseeing risk management functions for payment solution providers, ensuring compliance, and strengthening the bank's risk oversight framework. The ideal candidate will have deep expertise in embedded payments models (e.g., Payment Facilitation, BIN Sponsorship, and FBO Accounts), strong analytical skills, and experience working cross-functionally with internal teams and external partners to enhance risk governance.

This position involves leading risk assessments, monitoring client activity, ensuring regulatory compliance, and developing risk mitigation strategies to safeguard the bank and its partners. The candidate will collaborate closely with leadership, risk teams, compliance, and external stakeholders to refine risk oversight tools and processes.

Risk Oversight & Governance

o Develop and implement a comprehensive risk management framework, ensuring alignment with regulatory requirements and industry best practices.
o Perform underwriting and risk assessments for new Embedded Payments clients and Payment Facilitators.
o Conduct ongoing risk monitoring, ensuring compliance with the bank's risk tolerance, policies, and regulatory requirements.
o Lead risk reviews to identify vulnerabilities and implement data-driven risk mitigation strategies.
Prepare risk reports and insights for senior management, providing actionable recommendations to mitigate potential threats.

Regulatory Compliance & Industry Standards
o Stay abreast of evolving state and federal regulations impacting money movement businesses, proactively adjusting risk management practices as needed.
o Ensure adherence to payment network rules (Visa, Mastercard, NACHA) and collaborate with compliance teams to maintain a strong risk posture.
o Engage with regulatory bodies and industry stakeholders to ensure the bank remains compliant with emerging payment regulations.

Cross-Functional Collaboration & Leadership
o Act as a trusted risk advisor to internal stakeholders, working with Product, Credit Risk, Compliance, Legal, and Relationship Management teams to integrate risk controls into product development and business expansion.
o Design and implement policies for detecting and managing risk across transaction flows.
Leverage advanced analytics tools (e.g., SQL, SAS, or similar data management platforms) to track risk trends and key risk indicators (KRIs).
o Identify fraud patterns and high-risk behaviors, taking proactive measures to minimize exposure.
Continuously assess and enhance the effectiveness of risk oversight programs, implementing improvements based on data insights.

Basic Qualifications:

Bachelor's Degree and 4 years of experience in OR High School Diploma or GED and 8 years of experience in risk and oversight experience working in banking/payments.

Preferred Qualifications:

Degree in Finance, Accounting, Statistics, Math or Economics.

- Strong knowledge of payment network rules (Visa, Mastercard, NACHA) and state/federal regulations on money movement businesses.
- Familiarity with Payment Facilitation and Money Movement business models, including associated risk profiles.
- Experience in transaction risk monitoring and payments risk management, with a strong grasp of credit risk fundamentals.
- Proficiency in Microsoft Office Suite (Outlook, Excel, PowerPoint, Word); familiarity with SQL, SAS, Python, or data analytics tools is a plus.
- Regulatory expertise, with a solid understanding of risk governance, compliance, and industry best practices.
- Strong leadership skills, with experience mentoring teams and collaborating across functions.
- Excellent communication and stakeholder management skills, with the ability to engage with senior executives and external partners.

Preferred Certifications: CPP, APRP, AAP, or ACAMS

If hired in NY or CA, the base pay for this position is generally between $162,350.00 and $191,00.00. If hired in NC, the base pay for this position is generally between $135,305.00 and $159,182.00. Actual starting base pay will be determined based on skills, experience, location, and other non-discriminatory factors permitted by law. For some roles, total compensation may also include variable incentives, bonuses, benefits, and/or other awards as outlined in the offer of employment.

Benefits are an integral part of total rewards and First Citizens Bank is committed to providing a competitive, thoughtfully designed and quality benefits program to meet the needs of our associates. More information can be found at https://jobs.firstcitizens.com/benefits.