Director of Operational Risk

Northwest Bank • Columbus, OH • 2h ago

Job Description The Operational Risk Director within the Risk Management organization is responsible for assisting with the independent oversight of front-line operational risk management effectiveness and will socialize operational risk concepts, frameworks and promote the organizations' risk culture, including education and training. The Operational Risk Director must adapt previous experience and industry leading practices to fit Northwest. This individual will support operational risk management oversight and consulting for all businesses within Northwest, partnering with functional and operational leadership to develop risk mitigation plans, consistent with the Bank's enterprise risk management framework. The role will be an integral part of the operational risk management team and is expected to engage with senior business and risk leaders to influence risk management activities and decisions, and to support our mission through risk-based and data-driven decision making. Essential Functions

Support company-wide oversight and governance over the operational risk program

Help to establish and oversee 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

Assess risks and drive actions to address the root causes that persistently lead to significant residual operational risk by challenging both historical and proposed practices

Leverage the current ERM framework and partner with the business to further mature risk assessments, document controls, identify gaps, and create action plans for critical processes, including validation and testing to ensure the operational risk program is implemented and executed appropriately.

Refine the risk register for operational risk competencies, as well as help create additional ones as appropriate

Help to establish and oversee the Risk & Control Self-Assessment (RCSA) process, including implementation by the first-line, and ongoing oversight and credible-challenge

Lead and attend RCSA workshops, evaluating completeness of identified risks and controls, and assessment of adherence to program requirements.

Help to monitor, improve and challenge operational risk appetite metrics (RAMs) and key risk indicators (KRIs), and recommend additional metrics where needed

Further evolve the Operational Loss program. Administer the operational loss data collection on non-credit operational loss and near miss events, including identification, root cause analysis and retrospective review and reporting. Provide independent oversight and credible challenge of related mitigation activities

Formalize a Scenario Analysis program (or Structured Management Discussion) utilizing a workshop format to examine and develop non-modeled estimates of the impact and likelihood of plausible low likely-hood/high-impact operational loss events

Provide oversight and credible challenge to the Enterprise Resiliency Program and complete periodic risk assessments to assess adequacy. Escalate issues or exceptions accordingly

Provide oversight and challenge to New Business Initiatives, Fraud (in collaboration with Financial Crimes), Change Management, Funds Movement, Third Party Risk and other areas, as needed

Review processes and controls against leading practice and industry frameworks, identify gaps in design and execution, and communicate issues and make recommendations to adequately remediate

Perform independent risk assessment of the first line, inclusive of emerging risks

Review and challenge of first-line risk acceptances

Identify trends, themes, tendencies that indicate emerging operational risks by relying on mining trends in relevant metrics, loss data and external events and effectively communicate learnings to business to drive necessary responses and action

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