Operational Risk Management Department - Operational Risk Manager (2LOD) Custody Business AVP / VP

Second Line Operational Risk Manager

This position is a 2nd line operational risk manager, responsible for establishing appropriate risk management program and processes to effectively measure, monitor and control the relevant risks that may arise from BOCUSA custody business operations. The incumbent will oversee the relevant risk management activities, review and challenge relevant RCSA and Front Line Unit (FLU) risk identification, help develop and monitor operational risk Key Risk Indicators (KRIs), and provide SME input on relevant operational events or issues for root cause analysis and rectification.

Responsibilities include :

• Providing second line oversight of operational risk across custody operations.
• Reviewing and challenging risk assessments, control testing, loss event data, and issue management performed by the first line.
• Participating in risk governance committees and supporting the development of risk appetite metrics and thresholds for custody-related services and operations.
• Preparing reporting for risk committees for oversight.
• Reviewing and challenging the FLU RCSA for the custody business to ensure sufficient risk identification, appropriate risk measurement, and RCSA results as the subject matter expert (SME).
• Identifying emerging operational risks and coordinating scenario analysis where needed.
• Reviewing third-party risk management specific to sub-custodian networks and outsourcing arrangements.
• Facilitating and conducting risk assessment as related to the custody business to ensure risk taken is aligned with the bank's risk appetite.
• Evaluating and challenging the effectiveness of risk control measures and monitoring risk, and proposing risk mitigation measures as needed.
• Monitoring relevant operational risk-related Key Risk Indicator (KRI) and Key Performance Indicator (KPI), promptly investigating any breaches of limits or alert thresholds.
• Monitoring and challenging the effectiveness of issue and incident management.
• Ensuring timely escalation and reporting of material operational risk events.
• Assisting with analysis and trends related to Key Risk Indicators (KRIs) and operational loss data.
• Supporting risk reporting to the Operational Risk Committee (ORC), the Risk Management & Internal Control Committee (RMICC) and the Board (USRMC).
• Ensuring risk management practices are consistent with the bank's Risk Governance Framework and the Operational Risk Management Framework.
• Adhering to Regulatory Requirements : Ensuring the institution's operational risk management and custody business developments comply with regulatory requirements. Keeping abreast of key regulatory guidance and requirements impacting operational risk, BOCUSA branches and custody activities.
• Facilitating regulatory exams and internal / external audit reviews and promptly rectifying any identified issues.
• Acting as a trusted advisor to the first line custody operations team, providing subject matter expertise (SME) on risk mitigation and control design.
• Partnering with Compliance, Legal, and other relevant risk managers within the 2nd line of defense to ensure a coordinated approach to risk management.
• Liaising with Operational Risk Management Framework Governance and Oversight team to facilitate training and awareness sessions for custody operations staff on key operational risk concepts.

Qualifications include :

Pay Range : USD $65,000.00 - USD $230,000.00 / Yr.