Operational Risk Manager

Overview

Old National Bank has been serving clients and communities since 1834. With over $70 billion in total assets, we are a regional powerhouse deeply rooted in the communities we serve. As a trusted partner, we thrive on helping our clients achieve their goals and dreams, and we are committed to social responsibility and investing in our communities through volunteering and charitable giving.   

We continually seek highly motivated and talented individuals as our people are critical to our success. In return, we offer competitive compensation with our salary and incentive program, in addition to medical, dental, and vision insurance.  401K, continuing education opportunities and an employee assistance program are also included in our benefit suite. Old National also offers a variety of Impact Network Groups led by team members who are passionate about driving engagement, creating awareness of diverse backgrounds and experiences, and building inclusion across the organization.  We offer a unique opportunity to join a growing, community and client-focused company that is firmly rooted in its core values.

Responsibilities

The Operational Risk Manager serves as a key member within the bank’s Second Line of Defense, supporting the Operational Risk Director in the oversight and enhancement of the enterprise-wide operational risk framework. The Operational Risk Manager is responsible for managing a team that drives risk identification, assessment, and monitoring activities across the bank. The position plays a critical role in strengthening risk governance, enhancing control environments, and ensuring alignment with OCC regulatory expectations. Through collaboration with business units, senior stakeholders, and other risk functions, the role promotes a culture of proactive risk management. 

Salary Range

The salary range for this position is $81,700 - $165,100 per year. Final compensation will be determined by location, skills, experience, qualifications and the career level at which the position is filled.

Key Accountabilities

Lead the Operational Risk Management Framework

• Lead the ongoing development, implementation, and enhancement of the enterprise-wide Operational Risk Management Framework, ensuring alignment with regulatory expectations and industry best practices.
• Oversee the design and execution of core Operational Risk Management Programs, including but not limited to the Operational Loss Event Program, the Risk and Control Self-Assessment (RCSA) Program, the Control Monitoring and Testing Program.
• Develop, design, and maintain detailed procedures and documentation for ORM team core activities, ensuring clarity, consistency, and alignment with the broader risk framework and regulatory expectations.
• Exercise effective challenge as part of the Second Line of Defense by independently reviewing and assessing First Line risk activities, control environments, and remediation plans.
• Collaborate with cross-functional teams to evaluate operational risk implications of new products, services, and strategic initiatives, providing independent challenge and risk-based recommendations.
• Monitor and track operational risk issues and control gaps through established governance routines, ensuring timely remediation and escalation where appropriate.
• Support the ongoing development, implementation, and enhancement of enterprise-wide taxonomies, including but not limited to the Risk Taxonomy, Process Taxonomy, Control Taxonomy, promoting consistency in risk identification, control mapping, and reporting.
• Partner with First Line and Internal Audit to ensure alignment and transparency across risk assessments, control testing, and issue management processes, while maintaining independence and objectivity in Second Line oversight.

Risk Assessments

• Lead and coordinate operational risk assessments across enterprise functions and lines of business, evaluating inherent risks, control effectiveness, and residual risk exposures.
• Develop and maintain standardized methodologies, tools, and procedures for conducting risk assessments.
• Perform independent Second Line assessments to validate First Line risk evaluations, providing objective analysis and effective challenge where appropriate.
• Collaborate with First Line stakeholders to support the execution of RCSAs, offering guidance on risk identification, control mapping, and risk rating.
• Document and communicate assessment results, including key findings, risk ratings, and recommended actions, to senior management and governance committees.
• Monitor and track remediation efforts resulting from risk assessments, ensuring timely resolution and escalation of high-risk issues.
• Integrate assessment outcomes into broader operational risk reporting and risk profile updates.

Control Monitoring & Testing

• Design and execute an independent control monitoring and testing program to evaluate the effectiveness of key controls across enterprise functions and lines of business.
• Develop methodologies, procedures, and testing scripts tailored to operational risk control objectives.
• Lead targeted control testing based on risk assessments, loss event trends, and emerging risks, providing objective analysis and effective challenge to First Line control activities.
• Track and monitor remediation efforts resulting from control testing.
• Collaborate with First Line stakeholders to validate control design and implementation, while maintaining independence in testing execution and reporting.
• Integrate control testing outcomes into operational risk reporting and governance routines, informing risk profiles, control ratings, and strategic decision-making.
• Continuously enhance the control testing program based on regulatory feedback, internal audit findings, and industry developments.

Communicate and Report Operational Risks:

• Develop and deliver reporting on operational risk exposures, trends, and emerging issues to senior management, risk committees, and other governance forums.
• Communicate results of control monitoring, testing, and RCSA activities, highlighting areas of concern, control weaknesses, and recommended remediation actions.
• Ensure timely escalation of significant operational risk events, control failures, or emerging threats in accordance with established governance protocols.
• Collaborate with business units and support functions to ensure consistent messaging and understanding of operational risk issues, remediation plans, and risk appetite alignment.
• Contribute to the development of executive-level materials, including board and regulatory reporting, that reflect the status and effectiveness of the operational risk program.
• Serve as a key liaison for operational risk communications between the Second Line of Defense and First Line stakeholders, promoting transparency and accountability.

Risk Leadership:

• Lead and execute strategic initiatives, special projects, and ad hoc assignments in coordination with Enterprise Risk Management.
• Develop and maintain strong, collaborative relationships across all levels of the organization, serving as a key liaison with internal and external auditors, consultants, and regulators on matters related to operational risk.
• Establish and sustain effective partnerships with line of business leaders and risk management colleagues to drive alignment, promote risk transparency, and support the execution of enterprise risk objectives.
• Provide leadership and oversight to a team of operational risk professionals, including direct reports, fostering a high-performance culture and ensuring accountability for risk management deliverables.

Key Competencies for Position

People Leadership:

• Coach & Empower Others: Provides timely feedback, support, and guidance to encourage and support associates to accomplish tasks, solve problems, and enhance their professional development.
• Lead Change: Leads change efforts, engaging team members who are resistant to change to gain their support and commitment, helps associates understand why the change is occurring, continuously sharing information, and assessing the adoption of the change.

Culture Leadership:

• Culture & Values Leadership: Demonstrates Old National's culture in daily interactions and encourages associates to live by our culture and core values.

Execution Leadership:

• Drive and Execution- Committed to achieving established goals, overcoming obstacles, and continuously learning to improve performance
• Establish Plans & Priorities: Ability to determine a course of action and establish a timeframe to complete individual objectives and team goals.
• Performance/Monitoring/Measurement: Focuses on personal and team performance to achieve goals and line of business objectives.

Qualifications and Education Requirements

• Bachelor's Degree in Business, Finance, Accounting, or related field; advanced degree (MBA, MS) or professional certifications (e.g., CERP) strongly preferred.
• 10+ years relevant experience in operational risk management within a regulated financial institution, with expertise in second line of defense functions.
• 3-5 years of management experience
• Strong understanding of operational risk frameworks, control environments, and regulatory expectations (particularly OCC guidelines).
• Proficiency in risk assessment methodologies, control testing techniques, and risk reporting tools.
• Experience with GRC platforms and data analytics tools is a plus.
• Proven ability to lead and develop high-performing teams, including direct reports and matrixed contributors.
• Excellent written and verbal communication skills, with the ability to present complex risk concepts to senior leadership and governance committees.
• Strong interpersonal skills and ability to build effective relationships across business lines and control functions.
• Ability to think critically and strategically about risk issues, emerging threats, and control effectiveness.
• Experience supporting regulatory exams, internal audits, and board-level reporting.

Old National is proud to be an equal opportunity employer focused on fostering an inclusive workplace and committed to hiring a workforce comprised of diverse backgrounds, cultures and thinking styles. 

As such, all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, protected veteran status, status as a qualified individual with disability, sexual orientation, gender identity or any other characteristic protected by law. 

We do not accept resumes from external staffing agencies or independent recruiters for any of our openings unless we have an agreement signed by the Director of Talent Acquisition, to fill a specific position.

Our culture is firmly rooted in our core values.

We are optimistic. We are collaborative. We are inclusive. We are agile. We are ethical.  We are Old National Bank.

Join our team!