Operational Risk Manager Job Locations US-IL-Chicago | US-IN-Evansville | US-MN-Lake Elmo Category/Function Risk/Security Position Type Regular Full-Time Requisition ID 2025-18639 Workplace Type On Site 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 Leadand 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... For full info follow application link. EOE/Minorities/Females/Vet/Disability
