Operational Risk Manager at Northwest Savings Bank in Warren, PA
Description As Northwest's second line of defense, Independent Risk Management (IRM) provides independent oversight of risk-taking activities and frontline's execution of its Operational Risk Management activities, and establishes and maintains Northwest's Operational Risk Policy. Broadly, operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. These include, but are not limited to, risks arising from business continuity, technology, information security, data management, model, third-party, safety and physical security and human capital related resources. The successful candidate will help build and enhance Northwest's Operational Risk Management framework to identify, analyze and assess Operational Risks, provide effective credible challenge to remediate control deficiencies, and assist Northwest mitigate known operational risks, and anticipate and mitigate emerging or potential risks. Essential Functions o Supporting the ongoing development of Northwest's operational risk modelling methodologies. o Executing analytics projects associated with the work described above and presenting the result of this analysis to senior management. o Stakeholder management across a diverse group of stakeholders ranging from business units, other risk teams and analytics areas across the group. o Manage the ongoing tracking of risk register items and ensure ongoing reporting and followup. o Conduct Risk analysis with business partners on critical processes and vendors to ensure proper controls are in place and monitored. o Conduct proper follow up to update risk register status, especially for overdue items. o Ensure risk follow up actions are formally tracked. o Challenge the closure of action items and the solutions outlined by the business, where necessary o Expand risk reporting beyond the risk register to include all operational risk framework elements (e.g. Key Risk Indicators, losses, etc.) with a vision to move towards a quarterly risk profile view of the Enterprise Shared Services business. o Support the development of materials for Corporate Committees and the Board, as needed. o Manage and Coordinate Enterprise Shared Services Operational Risk Working Group o Perform periodic risk reporting to the GRC and for the Group business Operating Review. o Coordinate Stress Risk Efforts o Drive the formulation of operational risk appetite in alignment with Corporate and other practices. o Supports corporate initiatives to design and subsequently roll out and manage operational risk framework elements, such as Key Risk Indicators, the operational risk tool and (internal and external) loss event reporting. o Oversee Northwest's governance efforts o Monitor the risk profile of the Company o Manage Risk Reporting & Business Risk Register o Develop an approach and execute the annual (and ongoing) scenario analysis effort in alignment with Corporate Standards. o Report risk potential and position to the Board's Risk Management Committee o Track, manage and update the Monitoring requirements and Key Risk Indicators o Monitor management response to internal audit, external audit, and regulatory supervisor's criticism o Monitor exposure related to the Northwest's strategic plan to the Northwest's risk appetite, and data / document integrity o Identify and escalate to senior leadership observations, high residualrisk areas and emerging risk themes. o Identify potential risks or process gaps to prevent critical process failures o Remain current on regulatory issues o Work with SMEs across the organization to proactively identify risks and implement risk mitigating controls. o Monitor new technology introduction processes for consistent risk based execution o Manage risks and issues within the eGRC application o Perform other duties and/or special projects as assigned o Managing work hours and FTE's to control costs o Develop a holistic Operational Risk program to facilitate identification, assessment, anticipation, measuring, reporting, and mitigating Operational Risks o Establish and oversee the application of operational risk policies, technology and tools, and governance processes to create lasting solutions for minimizing losses from failed internal processes, inadequate controls, and emerging risks o Assess risks and rive actions to address the root causes that persistently lead to operational risk losses o Oversee the operational risk data provided by multiple business units for use in risk identifying, assessing and monitoring operational risk activities o Lead and perform oversight and credible challenge of first line of defense risk generating activities and risk assessments o Identify opportunities to streamline risk assessment processes to increase operational efficiency and operational risk effectiveness o Oversee escalation of operational risk issues in accordance with Corporate Risk Managment Policy o Conduct operational risk-based reviews focused on the Bank's products and services; identify and engage appropriate stakeholders to facilitate targeted deep dives, thematic reviews, and any additional directives from senior leadership o Promote sound risk risk management practice and culture to strengthen the operational risk environment o Develop and oversee special projects as needed to review risk data or anomalies o Support coordination of external audit, internal audit and or regulatory requests o Ensure compliance with Northwest's policies and procedures, and Federal/State regulations o Navigate Microsoft Office Software, computer applications, and software specific to the department in order to maximize technology tools and gain efficiency o Work as part of a team o Work with on-site equipment QUALIFICATIONS To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. Education Bachelor's Degree focus on business risk management required or Master's Degree Business preferred Work Experience 12 - 15 years Risk Management or Governance required 12 - 15 years Risk Management or Governance preferred or 8 - 12 years managerial experience or similar level of responsibility at a financial institution required General Supervisory/Manager Knowledge, Skills, and Abilities o Ability to identify existing and potential problems, obtain and evaluate relevant information, identify possible causes of the problems, and suggest an alternative course of action including innovative or creative approaches o Ability to allocate and effectively use information, personnel, time, and other resources necessary for implementation of Northwest's strategic plans o Ability to make decisions, render judgments, and take action on tasks within the scope of given authority in a timely fashion o Ability to develop, evaluate, and implement alternative courses of action, based on correct assumptions concerning resources and guidelines, and support decisions or recommendations with data or reasoning o Ability to present and express ideas and information effectively and concisely in an oral and/or written mode in a manner appropriate for the audience o Ability to listen and comprehend what others are saying and facilitate the open exchange of ideas and information o Ability to motivate and provide direction in the activities of others, appropriately assigning work and authority, in the accomplishment of goals; providing advice and assistance as required o Ability to understand and appropriately apply procedures, requirements, regulations, and policies; maintain credibility with others on specialty matters Operational Risk Management Experience in Internal Audit or Financial Control would be desirable Broad understanding of BCP, technology, information security, data, model and third-party risks Familiarity with COSO and Basel principles preferred
Salary Range:
$150K -- $200K
Minimum Qualification
Risk & Quantitative AnalysisEstimated Salary: $20 to $28 per hour based on qualifications.
Salary Range:
$150K -- $200K
Minimum Qualification
Risk & Quantitative AnalysisEstimated Salary: $20 to $28 per hour based on qualifications.
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