Sr. Operational Risk Manager Svp Product Governance Consumer Products

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Senior Operational Risk Manager – SVP – Product Governance – Consumer Products
The candidate will be responsible for Operational Risk oversight of Product Governance – New Products introduction and change to existing products. The scope of coverage is across all products offered in the US by Company GCB and covers both lending/ asset and deposit/ liability products. The role will provide oversight of operational risk identification, assessment, monitoring and mitigation process initiated by the 1st LOD for each new initiative across all products. The individual will perform the role through independent assessment of the completeness of inherent risk identification, effectiveness of mitigating controls, and residual risk outcomes within risk tolerance. Oversight of the process will require engagement with Business management at different stages of initiative lifecycle, and through effective challenge in formal governance forums. Oversight of approval conditions to closure, via review of artifacts and independent review of controls requires coverage through the initiative post- implementation stage. The position will be responsible for understanding aggregate impact of initiatives on products and their aggregated operational risk profiles. Product risk profile oversight and shifts in it will be part of the role’s mandate. The objective is to ensure compliance with Company’s Operational Risk Framework and Product Governance policies as well as to meet “Heightened Standards” from Regulators for the 2nd Line of Defense. Reporting to the Product Governance Coverage Lead Operational Risk Group Manager, this position will work closely with Business and Product Managers, Business Heads, in-business Operational Risk and Control Managers, as well as Independent Risk and other control functions (Compliance, Legal, HR) in carrying out job responsibilities. This primary focus of this role is oversight of all lending & deposit products offered in the US by Company GCB across the P&L view of the business as well as any other responsibility assigned by the Consumer ORM Product Governance Coverage lead. The role involves oversight of risks associated with New Products introduction and change to existing products. The position is part of the US Product Coverage Operational Risk teams. This role would have additional responsibility for participating in US Product oversight of risks associated with sales and servicing of GCB Consumer offered products in the US as defined in the team’s mandate. The individual will be expected to work with other consumer ORM teams responsible for coverage of other products in the US such as US Branded Cards, Company Retail Services, US Retail Bank and Mortgage. US Consumer 1st Line of Defense and Company Business Operational Risk and Control (CBORC) organization. US In Business Product Governance Forums. Global and US Consumer Product Approval Committees. Independent Risk category SMEs. Other Consumer ORM Business Coverage teams for North America to ensure consistent standards in oversight execution as well as transfer of lessons learnt. Consumer ORM Framework and Risk Cycle Management team for expertise in framework requirements, policies and procedures. ORM Foundation team who leverage the Business ORM team for expertise and escalation of issues. ORM CAO, Governance, Audit and Regulatory Relations team to ensure effective business management and regulatory interactions. Develop strong working relationship with the business within scope to be a valued and respected partner. Together with the Product Governance lead and Business coverage leads establish an appropriate engagement process with the Business to enable meaningful challenge and oversight and participate in risk management focused forums. Assist Business Coverage lead / present relevant material as necessary at senior level governance forums such as Product Approval Committees (PACs) and Business Risk Compliance and Control Committees as well as for meetings with important stakeholders like the Regulators, 3rd Line of Defense and senior management. Ensure business adherence to operational risk policies. Execute responsibilities articulated in the ORM Policy for independent operational risk managers including deep dives in to any significant current or emerging risk areas. Ensure adherence to Consumer Op Risk procedures for independent Business coverage risk managers and for the Business. Assist in the continuous improvement of these procedures to strengthen 2nd line of defense oversight. Understand the linkages, and ensure Business is linking all tools in place for managing the operational risk management cycle and evidencing the feedback loop across MCA, KOR and KI process, Scenario Analysis and Loss Analysis results on a continuous basis. Escalate operational risk events within the Business and within ORM as appropriate with relevant context and risk assessment. The Operational Risk Manager leverages 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 Challenge, Internal and External Loss Analysis as well as Risk Reviews to provide effective oversight. The Consumer Product Approval Committee Standards and the New Product and Product Change Operational Risk Assessment Risk artifact are key enablers. Risk identification, analysis and assessment of current and emerging issues also requires working with Specialists in other second lines of defense as relevant for individual risk types associated with the business or product. Identify trends, themes, tendencies that indicate emerging operational risks by relying on mining trends in relevant metrics (including MCA and IA data), loss data and external events. Effectively communicate learnings to Business in order to drive necessary responses and action. Proactively analyze various data sources to form an independent assessment/opinion of operational risk. Assist the Business coverage lead in developing and implementing the data mining and conceptual approaches necessary to establish robust leading indicators and metrics to identify areas of potential OR exposure and emerging risk to enhance loss anticipation and mitigation. Continuously monitor Key Operational Risks and related Key Indicators to ensure the Business is taking appropriate action to update them and respond to breaches. Participate in and lead Risk Reviews to proactively identify significant potential risks in the Business and develop specific recommendations for the Business to action. Identify changes in business strategy or relevant regulations that may lead to an increase in Op Risk. Analyze losses in the Business to understand how losses were incurred, determine lessons learned, identify root causes and use in developing recommendations for risk mitigation. Support and lead challenges of MCA entity ratings quarterly and of Annual Risk Assessments on a risk based frequency cycle. Support Scenario Analysis efforts, and track and oversee Business monitoring of triggers and action plans. Evaluate KOR/KI change proposals from the Business before approval by Business Coverage lead. Review ORM Policy / Consumer ORM Exception requests before approval by designated ORM approver. Assist in review of transactions proposed to the Consumer New Product Approval Committee (CPAC) as well as any other significant transactions, like the sale or purchase of a Business/Portfolio, outside the CPAC process. Monitor business fulfilment of ORM specified conditions in CPAC approval. Drive solutions to root causes that potentially can lead to op risk. Develop actions or, as appropriate, projects to apply lessons learned and share across relevant geographies/managed segments. Work as an independent partner to mitigate risk and improve processes and controls before risks materialize into op losses. Evaluate control issues and ensure adequacy of Event Root Cause Analysis and corrective action plans.

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