Job Description:
The Operational Risk Officer will be responsible for ensuring the effective identification, assessment, and management of risks within the Bank’s operations. This role will work closely with various departments to monitor the internal control environment, develop risk mitigation strategies, and ensure compliance with applicable regulations and internal policies. The officer will be responsible for maintaining a robust risk and control framework, reporting risk incidents, and providing recommendations to enhance the bank’s risk management strategies.
Primary Job Tasks and Responsibilities:
- Identify potential risks across various departments and operations, including operational, financial, regulatory, and strategic risks.
- Conduct regular risk assessments to evaluate the likelihood and impact of identified risks.
- Manage Third Party Risk Management and Risk & Control Self-Assessment teams.
- Collaborate with stakeholders to assess new initiatives, projects, or changes to existing processes for potential risks.
- Design, implement, and maintain the records of an effective internal control framework to minimize risk exposure and ensure the integrity of operations.
- Oversee the performance of regular reviews and testing of controls to ensure they are operating as intended.
- Recommend improvements or enhancements to existing controls, policies, and procedures.
- Monitor regulatory changes and ensure that the Bank’s operations align with updated requirements.
- Assist with audits by providing necessary documentation and explanations regarding the Bank’s risk and control environment.
- Develop and maintain risk reports for senior management and relevant stakeholders, providing clear insights into potential risks and control effectiveness.
- Track the resolution of identified risks and incidents, ensuring timely remediation actions are taken.
- Monitor and analyze trends and patterns in risks and controls to proactively identify potential issues.
- Conduct training sessions to raise awareness of risk management practices and the importance of internal controls across the organization.
- Provide guidance to teams on risk mitigation strategies and effective control implementation.
- Investigate risk incidents, including fraud, operational errors, and compliance breaches, to determine root causes and recommend corrective actions.
- Collaborate with other teams to develop action plans to address incidents and prevent future occurrences.
Education and Experience:
- Bachelor's degree in Business, Finance, Risk Management, Accounting, or a related field. Advanced degree is a plus.
- Relevant certification preferred (e.g., CIA, CISA, CPA, CMA, CERP, etc.).
- Minimum of 7 years of experience in risk management, internal controls, compliance, or a related field, preferably within a banking or financial services environment.
- Banking industry experience preferred.
- System & Organization Controls (“SOC”) report knowledge/experience preferred.
- Skilled in use of MS Office suite, and ability to easily adapt to and utilize new technologies.
- Experience with Governance, Risk, and Compliance (GRC) platforms.
- Strong understanding of risk management principles, financial products, and banking regulations.
Key Competencies:
- Excellent analytical and problem-solving skills, with the ability to assess complex risk scenarios and recommend appropriate solutions.
- Knowledge of internal control frameworks (e.g., COSO) and risk management methodologies.
- Strong communication skills, both written and verbal, with the ability to communicate risk concepts to a wide audience.
- Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint), and risk management software/tools.
