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Operational Risk AVP
The incumbent will be responsible for designing and supporting the implementation of Operational Risks with a focus on New Activity Risk Management (NARM) frameworks and processes in accordance with regulatory requirements. The incumbent will identify, measure, monitor, control, and report risks associated with offering new, modified, or expanded products & services.
Include but are not limited to:
Operational Risk/New Activity Risk Management (NARM):
- Design and oversee the implementation of the NARM Framework
- Prepare and update NARM policies, procedures, and related templates to ensure alignment with the Bank’s Risk Governance Framework
- Act as a liaison/program coordinator to facilitate and ensure the First Line Unit (FLU) and Independent Risk Management (IRM) comply and adhere with the NARM standards and requirements
- Responsible for remediation of any new activity risk management related issues
- Conduct bank wide training regarding policy and procedure update
- Complete required BSA/AML and other compliance trainings as provided
- Beware of BSA/AML issues and provide risk warnings to FLU and IRM when noticed
- A Bachelor’s degree is required, preferably in Finance, Economics, Statistics/Math, or related major.
- Minimum 5 years of relevant/operational risk management work experience is required.
- Minimum 3 years of experience in new product/new activity management is required.
- Knowledge of regulation and compliance, financial/banking industry, and heightened standards is required.
- Exceptional communication skills is required.
- One or more of CISA, CISSP, CISM, or equivalent is preferred.
Job Type: Full-time
- One location
- Monday to Friday
Are you interested in working for a company that’s been recognized as one of ‘America’s Best Employers’?
Mercury Insurance is currently seeking Risk Analyst to join our team in Brea!
Mercury was recently named one of ‘America’s Best Employers’ by Forbes magazine for the third consecutive year. We have also been recognized seven times by Forbes as one of “America’s Most Trustworthy Companies.” At Mercury, people come first. We offer bonus potential, excellent benefits, matching 401(k), employee activities, and many more perks.
Qualified candidates are encouraged to apply!
Overview of Benefits:
Choosing a career at Mercury Insurance has a number of great advantages including:
- Competitive salaries, annual incentive | bonus programs
- Full medical, dental, life, & vision care coverage
- 401(k) retirement savings plan with company match
- Great work environment
- Promotional opportunities
- Company vehicle for select positions
- Education assistance
- Auto insurance discount
- Employee assistance program
- Health club and wellness benefits
- Child & dependent care spending account
- Paid vacation (10 days, 1st year), sick days, & 9 paid holidays
Essential Job Responsibilities:
Under general supervision, espouses risk management principles, and effectively coaches/partners directly with team members from various business units to improve the application of risk management techniques and to identify/assess/mitigate risks. Develops financial/capital models to support risk mitigation strategies, strategic and pricing-related management decision-making, and regulatory filings. Prepares risk-related and financial/business analyses and conducts research in the areas of risk management/operational performance. Assembles data from various sources to build models/prepare reports. Develops a thorough understanding of the Company’s operations and accounting systems. Uses quantitative analysis/models and valuation tools/techniques as needed.
Prepares financial, business and risk-related analyses and conducts research in the areas of operational and risk management performance. Monitors and reports industry expense trends. Assembles data for a variety of sources to build models and prepare reports. Develops a thorough understanding of the Company’s operations and accounting systems. Uses quantitative analysis, statistical models, and valuation tools and techniques as needed. Evaluates/reconciles data to ensure data integrity. Prepares routine and ad hoc financial and business reports for management.
Contributes to enterprise risk management function, including establishing enterprise-level policies and procedures; updating enterprise-level risk aggregation and reporting; creating materials for and conducting risk related education/training; establishing a common risk management language; supporting business unit risk identification, assessment and reporting; collecting and validating data; and monitoring key risk indicators.
Develops and maintains financial and capital models, dashboards and databases that support executives’ decision-making, state and line of business pricing, business process improvements, and regulatory filings.
Prepares ad hoc analysis and reports on special projects as needed, for example, researching and establishing responsibility-based expense targets using industry data, estimating the financial and risk-related impact of proposals, participating in process improvement projects, and reporting cost benefit analysis proposals for IT related projects.
Bachelors Degree in Risk Management, Finance, Accounting, Statistics, Economics, or business related field required.
-Risk Designation, ERM preferred
-Minimum of 3 years of prior risk management, finance or statistical/economics related experience.
-Prior risk management and business analysis experience preferred.
Job Type: Full-time
Salary: $90,000.00 to $115,000.00 /hour
- risk management: 5 years (Preferred)
- United States (Required)
- One location
- Health insurance
- Dental insurance
- Vision insurance
- Retirement plan
- Paid time off
- Professional development assistance
- Tuition reimbursement
Contributes to the ongoing independent oversight of day-to-day risk management activities, client, product and process change risk assessments and risk reporting for an assigned business line/entity risk facing a moderate level of risk. Assists the assigned business line with the evaluation of their existing processes and activities to address any control gaps. Continues to build familiarity with the assigned business line in order to assess, monitor and report on operational, fiduciary, reputational, business and strategic risks inherent to the assigned business line. Contributes to the assigned business unit’s compliance with the Operational Risk Management Framework by assessing risks, monitoring the adequacy and effectiveness of the control environment, monitoring and challenging business activities and promoting business line awareness of the risk management framework. Contributes to the development of reporting on outputs of risk management activities completed. Reporting generally adheres to established Corporate Operational Risk Management (“CORM”) policies and procedures. Requests reporting guidance from more senior professionals, as needed. Assists with the assigned business line’s appropriate completion of some steps involved in the identification of possible risks during the creation or modification of new products and processes and all non-standard business acceptance events. Works to ensure compliance, risk and control documentation and notification of all appropriate representatives and regulators. Continues to build working relationships with the Risk Management, Compliance and Audit teams and members of the business line team to increase the likelihood of timely completion of risk-related deliverables, issue resolution and implementation of improvements. Escalates issues, as needed. No direct reports; provides guidance to more junior team members. Contributes to the achievement of team objectives. Modified based upon local regulations/requirements.
Bachelor s degree or the equivalent combination of education and experience is required. 5-7 years of total work experience preferred.