Vice President

Job purpose

The role is for a Vice President (VP) within Operational Risk Management (ORM) with a 50/50 split of responsibilities between Operational Risk Coverage and ORM Quality Assurance (QA). In this role, the ORM VP will assume responsibility for coverage of the Legal Department and the Chief Controls Office (“CCO”) from a 2^nd line of defence (2LOD) Operational Risk perspective, and support the ORM Quality Assurance (QA) Program. In this role, the individual will demonstrate SME knowledge of legal/regulatory and in-business risk and control topics and assess and report on adherence to the ORM policies and procedures. An ORM VP is expected to work independently with his/her stakeholders to drive, guide and partner with them to facilitate implementation of the operational risk framework and deliverables while maintaining communication and engagement with the ORM Directors responsible for coverage of ORM and ORM QA, the Managing Director - Head of Enterprise Risk and Operational Risk Management, and broader Operational Risk Management teams.

Job information:

• Functional title – Operational Risk Management
• Department – Risk & Compliance
• Corporate level – Vice President
• Report to – Director, Operational Risk Management
• Location – NYC or NJ

What you will be doing:

ORM Coverage for Legal and CCO

• Support continuous implementation and refinements of ORM and ERM frameworks, by understanding the requirements, identifying opportunities for enhancement, and collaborating and coordinating with key stakeholders at all levels of the company, driving and promoting a strong, effective Risk Culture.
• Work with the members of the Legal division and the Chief Controls Office (CCO) to provide a robust credible challenge to:
  • completion of business Risks Controls Self-Assessments (RCSA), comprised of identification and assessment of key risks, and controls (including testing of the design and operating effectiveness of the controls),
  • identification and documentation of risk events (incidents and/or issues), including root cause analysis, lessons learned, and corresponding corrective actions (addressing root cause and preventing re-occurrence),
  • supporting rationales and documentation evidencing closure of incidents and issues,
  • defining and monitoring Key Risk Indicators (KRI).
• Actively participate and interface with key stakeholders in relevant governance fora (i.e., the Operational Risk Council) and Senior Management Committees
• Develop tools/communicate requirements to key stakeholders to promote and monitor adherence to ORM Framework, risk policies, procedures and best practices
• Partner with subject matter experts (Third Party Risk, Projects Risk, Technology and Information Security Risk Management (TISRM)) and executive management to ensure appropriate ORM governance
• Identify and appropriately escalate operational risks that exceed risk appetite.
• Identify opportunities for process improvements to deliver increasing operational efficiencies
• Participate as part of business project workstreams to provide ORM subject matter expertise and guidance (process maps)
• Work with business units to establish, maintain and continuously improve risk management capabilities across CLS.
• Develop and conduct risk management education and training as appropriate.
  • Collaborate with business units to minimize operational issues emanating from CLS
• Act as stakeholders’ main point of contact representing ORM – creating opportunities to provide education related to ORM topics and “lead by example” (i.e., timely resolution of items that need to be addressed, providing suggested solutions/guidance when required/appropriate, taking initiative to manage required deliverables and stakeholder resources/capacity)

ORM Quality Assurance (QA)

• Support the execution of risk-based sample reviews, reporting of results, addressing of findings, and implementation of ongoing improvements within the ORM QA program:
  • Assess consistent adherence to the ORM framework, methodologies and guidance by the 1LOD
  • Confirm demonstrated robust, credible, documented challenge by 2LOD
  • Verify appropriate risk identification and assessment
  • Evaluated documented results of key control design and operational effectiveness testing
  • Check documentation of issue identification, remediation plans, and successful issue mitigation/closure.

What we’re looking for:

In order to carry out the duties of the position effectively, the individual will need to possess the following attributes:

• Judgement and decision making
• Communication & Influence
• Teamwork & Professionalism
• Able to work independently

Preferred experience/skills:

• Prior 5-7 years of experience in the financial services industry in the operational risk / enterprise risk / legal / internal audit / quality assurance roles
• Knowledge of a financial market utility (FMU) regulatory environment is a plus
• Working knowledge of / experience with the three lines of defense model

Professional qualifications / certifications:

• Background/subject-matter-expert (SME) of both legal and risk and control subjects (able to articulate anticipated areas of risk, knowledge of relevant industry practice/standards, processes and practices)
• Experience in MS Office suite (including Excel, Word, PowerPoint and Visio), Archer GRC, Reporting Platform (including PowerBi or Tableau)
• Minimum 10 years of relevant work experience

Expected full-time salary range between $ 125,000 - $160,000 + variable compensation + 401(k) match + benefits.  Note: Disclosure as required by NY Pay Transparency Law of the expected salary compensation range for this role.