Manager, Operational Risk Oversight

Job Code: 7055
Location: Waterloo, ON
Department: Risk Management
# of openings: 1
Job Type: Full Time
Closing Date:

Description

The Manager, Operational Risk Oversight is responsible for the operational risk management program to identify, assess, mitigate, govern and report on Economical's operational risks.  In delivering on the operational risk management program, the Manager, Operational Risk Oversight works closely with SVPs, Business Unit heads, and management across the company to enhance operational risk management and reporting.  The Manager, Operational Risk Oversight also provides support to strategic initiatives to ensure operational risks are identified, assessed and managed appropriately through the implementation and operationalizing of the strategic initiatives.

In addition the Manager, Operational Risk Oversight provides Enterprise Risk Management (ERM) oversight of the third-party vendor management program at Economical.  He/she will support the development and implementation of an effective third-party vendor management program and will provide second line of defense monitoring of compliance with the enterprise procurement and outsourcing policies.

RESPONSIBILITIES

Lead the enterprise operational risk management program:

  • implement and enhance programs that monitor, measure, analyze and report on operational risk exposures across all business areas and compares against Economical's risk appetite
  • establish standards for the execution of operational risk programs within the business units, including the execution of risk and control assessments and the reporting of operational risk incidents
  • continue to enhance the operational risk management framework, policies and procedures to ensure continuous improvement and program maturity across the organization
  • assist the business with the identification of key operational risks and mitigating controls in their business units, as well as monitoring their action plans to address mitigation
  • provide guidance to business units conducting lean initiatives to balance efficiency with effectiveness and risk mitigation
  • prepare monthly/quarterly risk reporting on operational risk appetite metrics, operational risk dashboards and accompanying analysis, letter of representation and other operational risk reporting for presentation to senior leadership, board and committees
  • assist the business with the identification and reporting of operational key risk indicators, escalation limits/thresholds and escalation processes, and ensure they adapt to the changing business and regulatory expectation
  • identify trends in key risk indicators and monitor action plans to address
  • enhance processes for the review of operational incidents, root cause identification and control remediation and documentation
  • aggregate and analyze risk events and root causes reported by the business to recommend improvements to prevent/mitigate reoccurrence
  • assist in the development of ORSA processes for operational risk

Provide support to strategic initiatives:

  • provide second line of defense input and constructive challenge to ensure operational risks are identified, assessed and managed to remain within Economical's risk appetite throughout the implementation and operationalizing of the strategic initiatives
  • represent ERM on strategic initiative committees providing risk management expertise
  • share key information from the strategic initiative committees with ERM and engage other ERM subject matter experts as necessary
  • support ERM's risk assessment and reporting on strategic initiatives

Provide ERM oversight of the development and implementation of an effective third-party vendor management program:

  • provide second line of defense input into, and constructive challenge of, the development, implementation and operation of an effective third-party vendor management program
  • support the development, implementation and maintenance of the enterprise procurement and outsourcing policies
  • perform monitoring of enterprise compliance with the enterprise procurement and outsourcing policies
  • provide support to other enterprise programs as related to third-party vendor management and requirements that emerge through regulatory, environmental or organizational changes
  • monitor developments in third-party vendor management best practices and regulatory requirements and recommend enhancements to Economical's third-party vendor management program

Research and remain current with emerging best practices in operational risk management and reporting:

  • continue to enhance operational risk management and reporting practices to improve Economical's ability to identify, assess, mitigate, govern and report on operational risk
  • enhance the design, implementation and management of Economical’s operational risk management framework in compliance with OSFI’s E-21 Operational Risk Management Guideline
  • monitor regulatory developments related to operational risk management

REQUIREMENTS

  • university degree or equivalent combination of education and experience in risk management, compliance, finance or related field
  • 3-5 years of related experience in a property and casualty insurance (P&C) operational function, operational risk management role (or another risk and control-related or operational role);  preference will be given to candidates with experience  in P&C insurance and/or financial services organization
  • excellent understanding of processes, controls and responsibilities associated with P&C underwriting, claims and/or financial services
  • excellent verbal and written communication skills; excellent interpersonal, collaboration and presentation skills
  • excellent stakeholder relationship management and influencing skills with the ability to effectively and constructively challenge stakeholders to drive appropriate risk management outcomes
  • strong organizational and analytical problem-solving skills
  • proficient in Microsoft Office products




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