BUSINESS OVERVIEW

My client is a leading global bank with approximately 200 million customer accounts who conducts business in over 100 countries and jurisdictions worldwide. They provide consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Our core activities are safeguarding assets, lending money, making payments, and accessing the capital markets on behalf of our clients.

OPERATIONAL RISK MANAGEMENT (ORM)

ORM is an independent 2nd line of defense Risk function whose mission is to drive comprehensive and consistent practices designed to identify, measure, monitor, report and manage operational risks while promoting the implementation of actions to address root causes which may lead to unintended operational risk losses. We effectively influence our organization's understanding, anticipation, and management of operational risk, so we can stay ahead of barriers to progress and keep the business moving forward safely and responsibly.

ORM objectives include, but are not limited to:

• Support intelligent risk decisions that enable responsible growth for the business and our clients
• Provide a unique perspective that helps teams thoughtfully navigate the operational complexities they face every day
• Provide deep and relevant expertise to address today's vulnerabilities and forward-looking perspective to prepare for what's next
• Assist in protecting the firm and its reputation as we enable progress more effectively

ORM works directly with many Businesses and Functions to provide a strong foundation for safe and sustainable progress and growth by leveraging:

• Expertise to set and drive high risk and control standards
• Perspective that fosters intelligent decision making
• A commitment to transparency and learning that promotes a strong risk culture

At enterprise level, the function is responsible for the implementation of an operational risk management framework that sets out the firm's governance, policies, and practices to proactively identify, assess, measure and report on, mitigate and control operational risk exposures across the firm's businesses and operations at all levels of the organization. For specific sectors, ORM employs dedicated coverage teams to align with business specific products and functions.

ORM accomplishes its mission by:

• Independently assessing risk, challenging both our historical and proposed practices while working as independent partners with businesses to improve processes.
• Establishing and overseeing the application of operational risk policies, technology, tools, and governance processes.
• Monitoring and assessing the effectiveness of risk mitigation processes, including internal controls.
• Maintaining an enterprise-wide assessment of the most significant, current, and emerging operational risks to business activities, and ensuring appropriate actions are in place to mitigate these risks.
• Identifying, assessing, anticipating, measuring, reporting, and mitigating the firm's operational risk exposures.
• Determining operational risk capital requirements and allocations; and
• As needed, driving projects aimed at strengthening controls to enable better decision making about products and service offers.

POSITION OBJECTIVE

Reporting to the Operational Risk Executive Group Manager, the Operational Risk Senior Officer is expected to lead oversight for our US Mortgage business. While this role will be dedicated specifically to coverage of the primary front-office functions and operations (e.g., Mortgage Originations, Marketing, Sales, Originations, Processing & Fulfillment), broader knowledge of end-to-end lifecycle which includes knowledge of Servicing is expected. The Operational Risk Senior Officer is expected to provide sound advice to business leaders leveraging strong business expertise while demonstrating effective risk identification, assessment, monitoring, and mitigation processes. "Business" in this context means US Personal Banking Mortgage leadership and the supporting In-Business Operational Risk and Control teams. The Operational Risk Senior Officer will perform the role by fostering strong relationships with front line control functions and through proactive and assertive engagement, effective challenge in formal governance forums and in day-to-day management processes. The objective is to ensure compliance with the Operational Risk Framework and policies as well as to meet regulatory "Heightened Standards" for the 2nd Line of Defense.

BUSINESS COVERAGE SCOPE & INTERFACES

The primary scope of the role is oversight of Consumer Mortgage; however, the Operational Risk Senior Officer may be expected to assess risks more broadly end-to-end or assess risk stripes horizontally. To support this role, the lead will interact directly with many key interfaces which include, but are not limited to the following:

• Consumer ORM Head
• Consumer ORM Independent Senior Operational Risk Manager (ISORM) business coverage leads for US Businesses and Functions as well as International Regions where divestiture activities continue and may be impacting
• Other ORM Executive Leadership Team(s) - EXCO and Foundational or Policy Teams
• Independent Credit Risk Officers
• Compliance Officers
• In-business Senior Operational Risk Manager or Control Partners
• ORM Risk Category Subject Matter Experts (e.g., Fraud, Tech & Cyber, Data Management, Model, Third Party Risk, Processing Error Risk)
• ORM CAO, Governance, Audit and Regulatory Relations team to ensure effective business management and regulatory interactions.

KEY RESPONSIBILITIES

Governance & Oversight

• Foster and develop strong working relationships with the business in support of being considered a valued and respected partner to establish an effective engagement process with the Business to enable meaningful challenge and oversight and participate in risk management focused forums
• Ensure business adherence to operational risk policies, standards, and procedures
• Keep abreast of latest operational risk management techniques and industry best practices
• Lead challenge and contribute relevant material as necessary for senior level governance forums such as Operational Risk Forum (ORF) and Business Risk Compliance and Control Committees (BRCC) as well as for meetings with other stakeholders such as Internal Audit and Regulators
• Execute responsibilities articulated in the ORM Policy for independent operational risk managers including deep dives or Operational Risk Reviews into any significant current or emerging risk areas
• Ensure adherence to the Consumer Operational Risk Management procedures with contributions to material enhancements or improvements
• Understanding of end-to-end product life cycle and key processes associated for front-end Mortgage Originations which includes use of new technologies in support of further digital enhancements as well as use of Third-Party suppliers
• Escalate operational risk events occurring in Mortgage (including timeliness of input as well as Data Quality) as appropriate

Risk Identification, Analysis & Assessment

The Operational Risk Senior Officer will leverage all the core tools that are part of the ORM framework viz., the Key Operational Risk Identification and Key Indicator monitoring process, Scenario Analysis, Manager's Control Assessment Challenges, Lessons Learned, Internal and External Loss Analysis as well as Operational Risk Reviews to provide effective oversight. Risk identification, analysis, and assessment of current and emerging operational risks, as well as concentration risk, also requires working with Specialists in other second lines of defense as relevant for individual risk types associated with the business or function. Additional Risk Identification responsibilities include, but are not limited to:

• Identify trends, themes, tendencies that indicate emerging operational risks by relying on mining trends in relevant metrics, loss data and external events. Effectively communicate learnings to Business to drive necessary response, action and/or escalation if gaps exist
• Proactively analyze various data sources to form an independent assessment/opinion of operational risk profile of Consumer Mortgage to ensure Key Operational Risks are identified and supported by comprehensive Risk Drivers and Key Indicators

• For Key Indicators, ensure that threshold setting is appropriate and business addresses Warning or Breach promptly

• Leverage knowledge of the current economic, regulatory, and Business environment to proactively identify potential risk and develop specific and timely recommendations for the Business to action.
• Identify changes in business strategy, market conditions, industry trends, regulatory environment, macro-economic factors, etc. that may lead to an increase in Op Risk exposures
• Use risk analysis to understand how losses were incurred, determine lessons learned, identify root causes, and use in developing recommendations for risk mitigation
• Assess operational risk implications of the strategic and operating plan for Consumer Mortgage

Risk Mitigation

• Evaluate control issues and ensure adequacy of Event Root Cause Analysis and corrective action plans.
• Challenge business proposed solutions to root causes of Operational Risk Events or control failures
• Work as an independent partner to ensure that the business process controls mitigate risk and propose improvements to controls and/or monitoring proactively to prevent operational losses
• Lead Operational Risk Reviews while coordinating with other ORM teams or SMEs as necessary
• Develop actions or, as appropriate, projects to apply lessons learned and share across relevant geographies/managed segments or local jurisdictional coverage. Coordinate with other ORM colleagues where there could be more broad implications or system risk applicability.

QUALIFICATIONS

Education

• Bachelor's degree in Business, Finance, Accounting or STEM disciplines. Master's degree preferred

Knowledge /Experience

• Work experience of 10+ years in the financial services industry with in-depth knowledge of Retail Consumer Banking products more broadly but specific expertise in Mortgage product
• Minimum of 5 years prior experience in Operational Risk Management preferably in the 2nd line
• Expertise in working with complex and rapidly changing, technology enabled businesses with a strong understanding of associated risks, and risks of reliance on third parties (high outsourcing concentrations).
• General understanding of US Consumer product related regulations and industry standards including infrastructure requirements and related controls expectations
• Foundational knowledge of business risk and control self-assessment processes (e.g., Manager's Control Assessment/Risk Control Self-Assessment)
• Direct engagement with and routine presentation to Internal Audit function and Regulators

Risk Management skills

• Independent thought leader with focus on key operational risks which are most impactful to Consumer businesses or specific product coverage area(s)
• Well versed in breaking down complex matters into core issues and root causes that can be more readily addressed including insightful analysis of relevant objective data
• Ability to identify and prioritize high impact risk issues promptly with senior leaders
• Well versed in developing new ideas and improving current processes to create improved effectiveness and/or efficiencies
• Ability to successfully influence without direct authority across businesses and functions
• Clear understanding and ability to articulate the processes supporting a business unit's function, controls, issues, and risks associated with the operations to identify gaps and proactively help deliver ideas for solutions

Client Relationships/Business Partnerships

• History of establishing an effective voice at the table of the senior most Business leaders to function as a valued and respected independent risk partner
• Adaptable to change and can navigate organizational complexity; demonstrates organizational savvy and intuition
• Networks regularly and builds relationships across all Risk disciplines
• Effective team player and contributor in dynamic and shifting teams as well as virtual ones.

Leadership

• Provides leadership in optimization and efficiencies in control practices for the business
• Fosters collaboration across businesses and across teams within ORM in the resolution of cross business issues
• Effectively influences and engages with business and functional managers to mitigate risks
• Thinks strategically and articulates concepts clearly considering all relevant options
• Effective planning and organization skills to ensure that individual and/or team priorities are delivered timely and are high quality
• Supports and willing to assist other priority areas across Consumer ORM coverage
• Makes well-reasoned decisions under pressure
• Open to others' ideas or opinions and has the maturity to own mistakes to support lessons learned for future growth
• Continuously evaluates organizational design and optimizes to meet ORM needs, business objectives as well as people development
• Sets high standards of performance for staff / team and conducts objective performance reviews
• Develops bench strength and recruits top talent in support of building high performing team

Competencies

• Exceptional organizational, communication and presentation skills. Comfortable with public speaking and able to effectively support positions when ideas are challenged in an open forum
• Superior writing skills in support of high-quality risk summaries which inform presentations that feed into Operational Risk Reviews, Regulatory updates, or Senior level Governance forums
• Proficient in MS Office applications necessary for executing on job responsibilities - especially PowerPoint and Excel