AVP, Operational Risk

Job Summary

The AVP, Operational Risk position will oversee the Business Unit Segment relationships of Operational Risk Management within the Enterprise Risk Management Program (ERM) program.  The position will require building effective partnerships with Business Line Management and within the Risk Department to build and sustain a robust program that includes the identification, measurement, monitoring, reporting and mitigation of risks to be within the stated risk appetite and operational limits. Operational Risks in the company center on people, processes, technology and external impacts including regulatory changes.

This position will be a member of the team representing the 2nd Line of Defense in the enterprise-wide risk management framework, developing analytical processes, supporting risk measurement, aggregating risk information, providing content and delivering risk management reporting.  The position will be accountable for ownership of the business area relationships and associated risk advisory work within the Company.

Organization

This position reports directly to the VP, Head of Operational Risk and will collaborate closely with the VP Risk Governance, Analytics & COS, and will interact with all levels of senior management, including significant, ongoing exposure with other executive officers.

Duties and Responsibilities

• Develop and enhance Operational risk compliance strategy, practices and policies to analyze, quantify and report operational risks and manage risks according to an ERM framework.
• Lead the execution of the Risk and Control Self-Assessment processes
• Key member in implementing the risk and control program enhancements across the Company
• Work with various business lines to develop suitable Key Risk Indicators (KRIs) and other relevant risk metrics for Operational Risk
• Provide education, support and establish mechanisms with the business units to gather and report Operational losses
• Work with various business lines and compliance to ensure compliance with operational risk policies, standards, and regulatory requirements. Assist in updates as needed to policies, standards, and practices.
• Articulate the key operational risks to senior management and the relevant governance forums. This includes identifying areas for process/control improvement.
• Support key operational risk initiatives with the business areas including business continuity planning, information security, operational resilience, and strategic and targeted risk assessments.
• Ensure that the team is informed of and represented on relevant business projects and initiatives and seen as business enablers from a risk challenge and support perspective.
• Proactively champion a continuous improvement mindset, unconstrained by current technologies or processes.
• Able to identify value adding quick wins and longer-term improvement opportunities.
• Performs a comprehensive review and analysis of material risks by monitoring internal and external factors and understanding key business initiatives.
• Key contributor in updating and coordinating changes to the risk entity structure, risk taxonomies, risk indicators, risk limits, analytics and enterprise-wide summary risk documentation as needed.
• Ensure proper linkage between the enterprise risk processes (risk assessments, metrics, reporting, operational risk limits) to the business objectives and strategy.
• Coordinate across Risk Management team to ensure alignment to the risk framework and effective information flows
• Drive continued development and building of a risk management culture through coordination of employee awareness and training programs that emphasize the importance of risk management in all aspects of business operations and corporate decision making.
• Monitor industry developments and “ERM Best Practices” and recommend process improvements as appropriate.
• Support the Enterprise Risk Committee meeting with senior executives to identify, track, monitor and report on emerging risks in the Company, status updates on risk events and mitigation activities.

Support the Enterprise Operational Risk Program.

• Support programs that monitor, measure, analyze and report on operational risk exposures across the Company.
• Support standards for the execution of operational risk programs within functional units including the reporting of operational risk incidents, operational losses, execution of risk and control self-assessments, identification and reporting of key operational risk indicators, and identification and reporting of key operational risk focus areas.
• Develop and enhance the operational risk scenario identification and planning process.
• Assist business areas in the review of operational incidents, root cause identification, control remediation and documentation.
• Ensure appropriate integration of the operational risk program.
• Partner with process and control owners in control gap remediation.
• Ensure appropriate integration of Internal Audit data into the operational risk program.

Experience and Education Requirements

• Bachelor’s degree in Risk, Accounting, Finance, Information Technology or other related fields.  Masters degree preferred
• Minimum of 10 years experience working in Operational Risk or similar role
• Life and annuity product knowledge as well as strong understanding of the insurance industry
• Experience presenting to senior management and external stakeholders

Skills and Abilities

• Ability to work in a dynamic, fast paced, multi project environment
• Self-starter with the ability to work as part of a cross-functional team either with or without supervision
• Excellent communication skills both verbally and written
• Flexible and influencing
• Strong analytical skills and good attention to detail
• Tenacious, determined and able to deliver results within specified constraints
• Able to build and maintain effective working relationships at all levels
• Demonstrated ability to influence others at every level
• Strong understanding of industry best practices

Other Requirements

• Perform other functions, duties and projects as assigned
• Regular and punctual attendance
• Some travel may be required (less than 10%)

#IND-HP

#LI-MK1

#LI-Remote