Senior Consultant, Process Optimization - Wealth Management at Northern Trust in Chicago, Illinois

Job Description:

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.

Position Overview:

The new Process Optimization team is part of the Wealth Management (WM) Office of the Chief Operating Officer (OCOO). The team will work with all project and process execution teams across Wealth Management to catalog, assess, prioritize, and execute process optimization initiatives that will drive demonstrable, quantifiable benefits to the Wealth Management organization.

We are seeking a highly motivated and experienced Process Optimization professional to join our dynamic team. The ideal candidate will possess a deep understanding of process improvement methodologies and have a proven record of accomplishment of driving efficiency and productivity within complex organizations. This role will be critical in enhancing our operational processes to achieve strategic business objectives and support the design and implementation of the business process management (BPM) framework within Wealth Management.

The function is responsible for identifying, analyzing, prioritizing, executing and transitioning optimizations of existing processes to reduce risk and drive benefits. The right candidate will have a balance of business acumen and strong ability to influence, strong time management skills and be able to flex a variety of other skills including business analysis, project management, and process optimization, all underpinned by a data driven mindset and effective communication.

Key Responsibilities:

• 
  Process Analysis and Design: Conduct thorough analysis of existing processes, identify inefficiencies, and design optimized workflows that improve overall performance and customer satisfaction.
  
  • Execute consistent BPM (Business Process Management) development methodology/approach with a focus on simplification, automation, and cross-system integration.
  
  

• 
  Continuous Improvement: Develop and implement continuous improvement initiatives using methodologies such as Lean, Six Sigma, and Agile. Lead process improvement projects from inception to completion.
  
  • Identify strategic opportunities to optimize and scale processes and enhance capability. Execute on same.
  
  

• 
  Data Analysis: Utilize data analytics to identify trends, measure process performance, and drive data-driven decision-making. Create dashboards and reports to communicate findings and recommendations to stakeholders.
  
  
  
  • Determine systems needed to inform process optimization opportunity space and implement (i.e., Enlighten).
  
  
  • Identify high complexity automation needs and partner with Data & Analytics team to execute.
  
  
  • Define benefits of each process optimization initiative, track benefits return and report on benefits to senior leaders. Articulate benefits and related improvement via ongoing metrics tracking/dashboard.
  
  
  • Integrate data driven management in all aspects of work.
  
  
  
  

• 
  Stakeholder Engagement: Collaborate with cross-functional teams, including IT, Operations, Practices and Business Units, to gather requirements, gain insights, and ensure alignment of process improvement initiatives with organizational goals.
  
  
  
  • Communicate effectively by simplifying the complex and demonstrating the ability to translate technical terminology into layperson's business terms.
  
  
  • Manage framework for prioritization (i.e., "heat map") of process optimization work and inform all stakeholders of such.
  
  
  • As subject matter expert, provide comprehensive, in-depth analysis, consulting and leadership to team and partners.
  
  
  
  

• 
  Change Management: Develop and execute change management plans to ensure successful implementation of new processes. Provide training and support to employees to facilitate smooth transitions.
  
  • Coordinate with Change Management to communicate changes to business including - best practices, new capabilities, process redesign.
  
  

• 
  Risk Management: Identify potential risks associated with process changes and develop mitigation strategies to ensure minimal disruption to operations.
  
  • Implement governance to ensure processes are optimized, consistent and adhered to standards and controls.
  
  

• 
  Documentation: Create detailed process documentation, including process maps, standard operating procedures (SOPs), and training materials.
  
  • Ensure process support documentation is regularly maintained and centrally available via existing information management systems (i.e., SharePoint, intranet, etc.).
  
  

Qualifications & Experience:

• Bachelor's degree in Business Administration, Engineering, Operations Management, or related field. Advanced degree preferred.


• 8+ years proven experience in process optimization, continuous improvement, or related roles, preferably within the financial services industry.


• Strong knowledge of process optimization & improvement methodologies such as Lean, Six Sigma, Design Thinking.


• Experience with low/no code automation tools a plus (UiPath/RPA, Power Platform, Alteryx, Epilex, Textract/Tesseract OCR etc.).


• Proficiency in data analysis tools and software (e.g., Excel, Tableau, SQL).


• Ability to manage across and up, including influencing (without authority) senior team members outside of the Portfolio & Program Execution team.


• Structured management style, highly organized with strong planning and attention to detail.


• Willingness to be brave and question the status quo.


• Flexible approach towards changing work methods, deadlines, and variable workloads.


• Excellent problem-solving skills with the ability to think strategically and analytically.


• Strong project management skills with the ability to manage multiple projects simultaneously.


• Exceptional communication and interpersonal skills, with the ability to influence and engage stakeholders at all levels.

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.