VP, Operational Risk
Operational Risk owns and manages Operational Risk framework, which sets out how operational risks are identified, assessed and managed across the Group. Operational Risk includes potential or actual impacts to the Group resulting from inadequate or failed internal processes, people, systems, or from an external event. The impacts to the Group can be financial, including losses or an unexpected financial gain, as well as non-financial such as customer detriment, reputational or regulatory consequences.
o Operational Oversight: Ensuring the First Line of Defense (Business Units) effectively and optimally manages risk and the risk – reward dynamic
o Check & Challenge: Provide oversight and independent robust challenge to risk decision making and the use of the Operational Risk Mgt. Framework and tools in the First and Second Lines of Defense
o Advise and Consult: Act as a partner and consultant to effectively influence business behaviors and risk culture, supporting a strong risk environment, highlighting issues and supporting effective prevention and/or remediation when applicable
o Provide insightful analysis and interpretation of risks to the 1st and 2nd Line based on a thorough understanding of the Operational Risk Management Framework (ORMF) and related policies &standards (Risk Events, Issues, RCSA, Lessons Learnt, etc.), robust knowledge of the businesses with which they partner and strong external market view on risk theories and best practices.
o Challenge and support the First Line business teams using influencing and negotiating skills to identify, assess and control emerging risks prior to P&L impact.
o Enable the First and Second line to manage Operational Risk effectively through provision of advice, tools, training and robust independent challenge.
o Drive business unit leaders and members of the Control team to make risk informed key business and strategy decisions through their understanding of the business and their role in the governance of the business through Second line interaction. This may include as a member of Working Groups or Committees focused on risk and change. (Risk and Issues Review Forum, CORC, BUCB, etc.)
o Provide risk consultation to First Line management and the Control team through the risk frameworks, Issue and Error review and process enhancement and remediation.
o Review and challenge the design and effectiveness of controls to manage operational risks within appetite and seek appropriate validation to support the outcomes.
o Champion the provision and support for the use of a practical toolset to manage Operational Risk activity (ORAC) and oversee the deployment of tools through the Risk team.
o Provide input and oversight of operational elements to portfolio stress testing initiatives such as CCAR, DFAST, IST and PRA Stress Tests.
o A Bachelor’s degree
o 5+ years’ experience in Operational Risk, Business Control or Credit Risk
o A clear understanding of Operational Risk Frameworks and their fit within the Enterprise Risk Framework
o The ability to partner and influence change with business units
o Able to challenge business’ direction & activities and ensure a strong risk environment
o Proven ability to work with business units to deploy risk frameworks, identify and remediate issues and implement controls
o Strong knowledge of the bankcard industry and operations, with emphasis on procedures and controls to address risk.
o The ability to negotiate with partners and peers to achieve results that support the Enterprise Risk Framework
o Understanding of CCAR and DFAST process and requirements
o Familiarity with other risk types such as Credit, Market, or Liquidity risk
o Change Management or Six-Sigma background
o Experience with regulatory agencies (FDIC, OCC, Federal Reserve, PRA, etc.)