FVP, Head of Operational Risk

GENERAL SUMMARY

The Head of Operational Risk is responsible for developing and implementing a standardized framework to identify, measure, and monitor Operational Risk across the Bank. The role is also responsible for overseeing and managing all Operational Risk subcategories including but not limited to IT/IS Risk management, BCM, ORE, Fraud and HR Risks. This role contributes to fulfilling organizational and functional business objectives through the achievement of operational excellence and the implementation of the operational risk framework (ORMF), which is part of the overall enterprise risk management framework (ERMF) of the Bank. Provide Second Line subject matter expertise and guidance to First Line department leaders (i.e., risk owners) and Business Risk & Control Officers (BRCs) in support of the Bank’s overall business and risk management objectives. 

DIRECT REPORTS

4-5 direct reports

ESSENTIAL FUNCTIONS

• Develop and implement a comprehensive Second Line Operational Risk Management Framework, including policies, standards, procedures, and controls.
• Oversee the implementation and on-going management of Operational Risk processes, tools, policies, standards, and procedures in alignment with the Enterprise Risk Management framework. 
• Build and deploy governance processes to oversee identification, escalation, and aggregation of issues and emerging risks.
• Assist in managing the aggregation of enterprise-wide identification of control exceptions, issues management & remediation and change control monitoring, reporting and documentation. 
• Review and evaluate new business initiatives and firm acquisitions to identify regulatory requirements and changes to the operational risk profile of the division.
• Lead cross-functional initiatives to foster a risk-conscious culture and align teams on best practices.
• Develop operational risk event management policy and data collection, including the detailed reviews of significant events for the enterprise to ensure appropriate remediation plans are implemented, and identification of trends to identify significant or emerging risks.
• Ensure the implementation and execution of the Enterprise-wide Risk and Control Self Assessments (RCSA) and the annual Enterprise Risk Assessment (ERA) from a Second Line oversight perspective and ongoing maturation of the programs.
• Provide risk leadership and direction to business leaders and BRC’s by building effective and trusted working partnerships across the Bank. 
• Conduct timely analysis of First Line risk, control and loss history information to generate management and board level risk profile insights and reports. 
• Manage and analyze Operational Risk Appetite metrics to ensure ongoing monitoring and reporting. Prepare comprehensive reports for relevant committees, including detailed insights on risk assessments and remediation plans to mitigate identified risk across the enterprise. 
• Collaborate with internal stakeholders, such as business leaders and BRC’s, Compliance, and Internal Audit, to promote a culture of risk awareness and accountability.
• Stay abreast of the industry, Regulatory developments, and emerging risks and trends to ensure the effectiveness and relevance of the operational risk management program.

QUALIFICATIONS

Education:

• Bachelor’s or Master’s degree in Finance, Business Administration, Risk Management, or a related field; Advanced degree or professional certification (e.g. FRM, CRM, CFA) preferred.

Experience:

• 8 + years of experience in operational risk management, preferably in the banking of financial services industry with a minimum of 5 of those years in management.
• Knowledge and experience encompassing a wide range of banking / financial services functions and associated operational risks.
• General understanding of the principles of banking regulations.
• Exposure to or experience interacting with federal and state regulators as well as internal and external auditors.
• Experience using Governance, Risk and Compliance (GRC) systems. Specific experience working in Diligent/HighBond and/or ServiceNow is a plus.

Skills/Ability:

• In-depth understanding of operational risk management principles, frameworks, and methodologies within the financial services industry. This includes knowledge of regulatory requirements (such as Basel III) and industry’s best practices.
• Ability to analyze complex data, identify trends, and assess risks in operational processes and systems, in partnership with the First Line. 
• Proficiency in using and applying GRC technology tools, including the related workflows and functionality. 
• Capacity to identify potential issues, develop proposed solutions, and implement recommended strategies effectively.
• Strong verbal and written communication skills are essential for effectively interacting with stakeholders at all levels of the organization. This includes preparing reports, presenting findings, and providing recommendations.
• Ability to work collaboratively with stakeholders and attain agreement across all three lines such as internal audit, compliance, and departments/business units. 
• Being meticulous and thorough in assessing risks, evaluating controls, and monitoring risk mitigation and performance measures in a Second Line capacity.
• Experience in managing risk management projects, including planning, execution, and monitoring progress to achieve objectives within timelines.

OTHER DETAILS

$175K – $200K / year 
Pay determined based on job-related knowledge, skills, experience, and location.
This position may be eligible for a discretionary bonus.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k). 

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Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We believe in diversity, equity, and inclusion in the workplace. We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.

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