The Operational Risk Sr Officer I is accountable for management of complex/critical/large professional disciplinary areas. Requires a comprehensive understanding of multiple areas within a function and how they interact in order to achieve the objectives of the function. Applies in-depth understanding of institutional sales and trading businesses to ensure appropriate risk management actions undertaken against risk policies and framework requirements. Strong commercial awareness is a necessity. Generally accountable for delivery of a full range of services to one or more businesses/ geographic regions. Excellent communication skills required in order to negotiate internally, often at a senior level. Some external communication may be necessary. Accountable for the end results of an area. Exercises control over resources, policy formulation and planning. Primarily affects a sub-function. Involved in short- to medium-term planning of actions and resources for own area.
- Establishes and oversees 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.
- independently asses risks and drive actions to address the root causes that persistently lead to operational risk losses by challenging both historical and proposed practices.
- Governance and oversight may include (not limited to) institutional businesses and support functions including Markets, Securities Services, Operations, and Product Control.
- Serves as an oversight function working with the In-Business and Independent Risk Teams
- Drives – Operation Risk Anticipation (through the development and usage of metrics and analytical approaches), Mitigation and Loss Recovery
- Ensures Operation Risk Policy implementation and exception approvals
- Informs Operational Risk Council on Sub-Segment Level OR related matters
- Attends In Business Risk Committees
- Leads/oversees quarterly and annual Key Risk Indicator (KRI) reviews
- Exports best practices and common risk, controls and corrective actions through Framework Papers
- Ensures that the bank wide KORs and KRCIs are communicated and understood by Businesses
- Engages in lessons learned reviews, operational risk reviews, ad hoc risk reviews, and transformation and consent order deliverable challenges as required
- Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm’s reputation and safeguarding the bank, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency, as well as effectively supervise the activity of others and create accountability with those who fail to maintain these standards.
- Extensive knowledge of relevant business areas (Markets, Securities Services, Operations, and Product Control)
- Significant experience in Operational Risk is a must. Other risk and control disciplines would be a plus – credit, and market risk – especially related to electronic trading.
- Strong understanding of Operational Risk Management framework tools including Control Assessments, Scenario Analysis, Event Reviews
- Strong understanding of respective industry best practices in Markets products including Equities, Rates, Currencies, Spread Products
- Robust understanding of the construction of an effective control environment.
- Superior communication (verbal and written), facilitation and consensus-building skills. Ability to effectively communicate with senior Markets leadership.
- Demonstrated relationship-building skills, with a superior ability to make things happen through the use of positive influence
- Strong problem-solving skills; comfortable tackling complex problems and breaking these down into manageable pieces
- Process design and analysis skills
- Bachelor’s/University degree, Master’s degree preferred