What are the responsibilities and job description for the Operational Risk Management Lead position at Comerica Bank?
Operational Risk Management Lead
Operational Risk Management Lead with extensive knowledge of risk mitigation and internal control evaluation within the financial services industry. This person must be a strategic thinker with a solid understanding of risk and control identification, as well as the ability to identify control weaknesses and challenge issues as necessary. This position will assist other team members with coaching and training. This position must also maintain strong relationships with the line of business (LOB), other risk partners, and senior management to effectively influence changes that will improve the risk and control environment. This position is the key contact for the Risk and Control Self-Assessment (RCSA) for its assigned areas.
Position Responsibilities:
Line of Business Knowledge Advisor
- Knowledge: Extensive knowledge of or ability to learn and understand end-to-end processes to be able to serve as a subject matter expert for operational performance issues that arise. Responsible for more complex business areas.
- Trend Knowledge: Collaborate on business and industry trends that present opportunities and advise the Line of Business in moving forward with new business in a controlled environment.
- Challenger: Use subject matter expertise and industry knowledge to provide independent oversight and credible challenge to the Line of Business' operational risk management activities.
- Analysis of RCSA: Reach conclusions that are supported by facts and sound reasoning and that recognize broad themes and issues.
- Documentation: Must be able to properly document understanding of end-to-end business processes, in both Word (narrative) and Flowchart (Visio) formats.
- Other Support Advisor: Advise select assigned LOBs for select back-office and support functions with operational risk and the RCSA.
Strategic Thinker in Risk Management and Internal Controls
- Assist the LOB with RCSA: Collaborate with the first line business experts to create a real-time RCSA to define and document business processes and new initiatives including the assessment of key processes, risks, mitigating controls and action plan development.
- Improving Controls: Apply strong business and risk judgment and critical thinking in performing opportunities for risk and control improvements and then collaborate to develop and implement solutions. Partner with business and risk teams to deliver well-managed, innovative solutions.
- FLOD Prioritization: Provide appropriate risk management feedback on prioritization by the front line to enable the business to meet strategic objectives, while meeting operational risk program expectations.
- Manage FLOD deadlines: Partner with FLOD on scope to ensure commitments are achieved within agreed-upon timeframes and advance appropriately when risks, significant issues, or challenges arise.
- Risk and Control Challenger: Successfully review and challenge business operational risk management practices and outcomes. Understand, review and challenge front line risk acceptances.
- Issues Management: Assist business units with timely reporting and correction of operational risk incidents including root cause analysis and development of mitigating action plans (KPI/KRI/Corrective Action Plans).
- Operational Risk Program Challenger: Continuously look for ways to improve and innovate in the Bank's approach to risk management. Maintain subject matter expertise on enterprise risk management regulatory guidance and industry practices. Leverage experience to bring industry leading standards, practices, and tools to the organization.
- Timely Escalation of Risk Concerns: Escalate operational risk concerns to ORM management that could have a significant impact to the Bank's risk profile. Escalate appropriately and timely any concerns that could put timeliness and completeness of deliverables at risk.
Trusted Advisor and Collaborator Through Change
- Trusted Advisor to FLOD: Become a trusted advisor through developing and maintaining strong positive working relationships with FLOD. Meet with the business partners regularly and help with ad-hoc projects including, issues, application changes, vendor changes, etc.
- Partnership Throughout Organization: Build and maintain effective partnerships and communicate effectively with all levels of the organization including senior management, other risk partners, internal audit, and regulators to meet overall strategic objectives.
- Problem Solving: Collaborate with the ORM team and business partners to lead projects, solve problems, discuss complicated issues, learn more about critical issues, or answer questions on lesser complex areas/topics.
- Collaborate on LOB Process Changes: Working with business partners to support and lead initiatives with that impact key business processes and identify risks and controls through the Risk and Control Self-Assessment (RCSA).
Monitoring and Other
- Monitor FLOD Testing: Monitor ongoing testing results to deadlines and perform risk monitoring activities as assigned, specifically for risks and controls relative to high-risk business processes.
- Quality: Perform Quality Assurance reviews on work of lesser experienced staff.
- Improvements: Help lead and/or identify departmental initiatives and enhancements.
- Coaching/Training: Assist with the coaching and training of lesser experienced staff.
- Assist Operational Risk Manager/Director: Provide assistance to the Corporate Risk Manager and/or Operational Risk Director as needed; help meet internal deadlines.
- Other As Needed: Assists with other risk management activities as needed.
Position Qualifications:
- 10 years of Knowledge: Must have an extensive understanding of financial services processes (i.e., Retail, Commercial Lending, and Banking) and able to speak to the processes with the management of the FLOD. Experience using Archer is preferred
- 7 years of Risk or Equivalent Experience: Experience in risk management, governance, or similar role within the financial services industry. Experience using Archer is preferred
- 3 years of Experience with change management and control
Licenses/Certificates
- Preferred, Certified Enterprise Risk Professional (CERP) from the ABA
8:00am - 5:00pm Monday - Friday. This position offers a hybrid work model that includes onsite and remote days as determined by the manager.
Comerica is proud to be an Equal Opportunity Employer - veterans/individuals with disabilities, committed to workplace diversity.