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Compliance and Operational Risk Manager

New York, New York;

Job Description:

The Compliance and Operational Risk (C&OR) Manager is responsible for engaging in activities to provide independent compliance and operational risk oversight of Front Line Unit or Control Function (“FLU/CF”) performance and any related third party/vendor relationships in alignment with the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management (“CORM”) Program and Standard Operating Procedures (SOPs). As a member of an FLU or CF C&OR officer team, the C&OR Manager is accountable for proactive identification, management and escalation of compliance and operational risks through the execution of some or all of the below identified activities. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.

The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (“EAC”), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The C&OR Manager prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business leaders in preparation for FLU/CF regulatory exams/audits/inquiries.

The C&OR Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.

The C&OR Manager contributes to the requirements of the CORM Program requirements including, but not limited to the following activities:

• Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input governance and management routines
• Provides subject matter expertise to assist the FLU/CF in establishing an annual learning plan, may be accountable for developing and delivering training content
• Develops and maintains C&OR-owned policies and standards and/or provides oversight of FLU/CF-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable
• Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage, advises business leaders on those changes, directs the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; maintains a comprehensive regulatory inventory
• Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancements
• Ensures C&OR “owned” issues and control enhancements are identified and addressed appropriately and timely
• Contributes to or leads development of risk coverage plans, executes and / or oversees execution of independent risk monitoring, testing and risk assessments, communicates results
• Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA)
• Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate
• Participates in Scenario Analysis activities for coverage areas and challenges as appropriate
• Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation

The Global Markets Operations (GMO) Compliance and Operational Risk (COR) team, which is part of the Global Risk Management Organization, is responsible to provide monitoring, assessment and testing which facilitates independent oversight and challenge to Global Market Operations (GMO), in alignment with the COR Program.

As a member of the GMO COR coverage team, a Risk Officer must demonstrate and apply business acumen to promote a culture of compliance and the identification, escalation and timely mitigation of compliance/operational risks. This role exercises judgment and influence, and may constructively challenge business leaders to support the COR Program objectives, ensuring responsible growth by balancing business strategy with appropriate risk mitigation and controls.

In addition to monitoring, testing and conducting risk assessments, the risk officer will be expected to understand all applicable US Laws, Rules and Regulations (LRRs) related to their area or coverage and provide advisory support to FLU on LRRs applicability.


The GCOR Risk Officer primary activities are: 
•    Conduct compliance and operational risk assessments on processes where new or heightened risks have materialized or where controls may not be operating at optimal levels.
•    Lead efforts to design and implement monitoring and testing over business processes to assess risk and validate the design and effectiveness of controls which mitigate compliance and operational risks. 
•    Takes an active leadership role in maintaining and communicating regulatory changes, advising and directing business leaders to ensure that regulatory requirements are addressed in their respective process and controls so that their day-to-day activities operate in a compliant manner. 
•    Review operational events to ensure root cause has been assessed and appropriate remediation plans have been established to strengthen controls. In addition perform thematic review over a series of operational events to assess broader risk trends and themes.
•    Active engagement in GMO Risk and Control related goverance routines including the review of risk and control related data.
•    Proactively engages other COR officers including Enterprise Areas of Coverage (EAC) teams to provide comprehensive coverage and oversight over Global Market Operations. 


Degree Required: Bachelor’s Degree; May require regulatory examination/registration or certification depending on jurisdiction and role

Required and desired skills/qualifications:

Has in depth knowledge of the following US Broker Dealer Security Rules: Reg T Margin and/or Reg Sho and Security Buy-Ins. 
•    Has ability to interpret changes to these regulations and dispense expert compliance guidance to Front Line Units with respect to developing new or enhanced processes to comply with changes 
•    Has experience building or having primary input into to the creation of testing and/or monitoring of these regulations
•    Has first-hand experience in the area of compliance risk assessment and policy creation 
•    Has experience in building broad compliance programs in the area of US Broker Dealer Compliance Regulations
•    Has 10-15 years’ Compliance related experience 

Job Band:

H4

Shift: 

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

The Compliance and Operational Risk (C&OR) Manager is responsible for engaging in activities to provide independent compliance and operational risk oversight of Front Line Unit or Control Function (“FLU/CF”) performance and any related third party/vendor relationships in alignment with the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy (collectively “the Policies”) and the Compliance and Operational Risk Management (“CORM”) Program and Standard Operating Procedures (SOPs). As a member of an FLU or CF C&OR officer team, the C&OR Manager is accountable for proactive identification, management and escalation of compliance and operational risks through the execution of some or all of the below identified activities. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.

The C&OR Manager proactively engages with other C&OR officers, including horizontal coverage owners and Enterprise Areas of Coverage (“EAC”), to provide comprehensive oversight of FLU/CF activities. This role develops and maintains a global coverage plan which defines the scope and risk-based focus of the second line’s risk management activities. The C&OR Manager prepares materials for C&OR regulatory exams/audits/inquiries and may provide consultation to business leaders in preparation for FLU/CF regulatory exams/audits/inquiries.

The C&OR Manager plans, drives and reviews team deliverables to support consistent quality of activities, processes and outputs. This role may contribute as a manager responsible for providing leadership direction to attract, assess, develop, motivate and retain a team, or may act as an individual contributor.

The C&OR Manager contributes to the requirements of the CORM Program requirements including, but not limited to the following activities:

• Produces and/or oversees the development of independent risk management reporting for respective area(s) of coverage as input governance and management routines
• Provides subject matter expertise to assist the FLU/CF in establishing an annual learning plan, may be accountable for developing and delivering training content
• Develops and maintains C&OR-owned policies and standards and/or provides oversight of FLU/CF-owned policies, standards and procedures to ensure regulatory and operational risk requirements are appropriately addressed, inclusive of conduct risk as applicable
• Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage, advises business leaders on those changes, directs the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; maintains a comprehensive regulatory inventory
• Identifies, aggregates, reports, escalates, inspects and challenges remediation plans, and performs thematic analysis on FLU/CF-owned issues and control enhancements
• Ensures C&OR “owned” issues and control enhancements are identified and addressed appropriately and timely
• Contributes to or leads development of risk coverage plans, executes and / or oversees execution of independent risk monitoring, testing and risk assessments, communicates results
• Reviews and challenges the FLU/CF process, risk, control (PRC) inventory and FLU/CF Risk & Control Self-Assessment (RCSA)
• Reviews and challenges internal and external operational loss events, including development of remediation plans to strengthen controls, and approves where appropriate
• Participates in Scenario Analysis activities for coverage areas and challenges as appropriate
• Ensures metrics are designed to measure key risks and control performance, monitors and reports on metric performance and breach remediation

The Global Markets Operations (GMO) Compliance and Operational Risk (COR) team, which is part of the Global Risk Management Organization, is responsible to provide monitoring, assessment and testing which facilitates independent oversight and challenge to Global Market Operations (GMO), in alignment with the COR Program.

As a member of the GMO COR coverage team, a Risk Officer must demonstrate and apply business acumen to promote a culture of compliance and the identification, escalation and timely mitigation of compliance/operational risks. This role exercises judgment and influence, and may constructively challenge business leaders to support the COR Program objectives, ensuring responsible growth by balancing business strategy with appropriate risk mitigation and controls.

In addition to monitoring, testing and conducting risk assessments, the risk officer will be expected to understand all applicable US Laws, Rules and Regulations (LRRs) related to their area or coverage and provide advisory support to FLU on LRRs applicability.


The GCOR Risk Officer primary activities are: 
•    Conduct compliance and operational risk assessments on processes where new or heightened risks have materialized or where controls may not be operating at optimal levels.
•    Lead efforts to design and implement monitoring and testing over business processes to assess risk and validate the design and effectiveness of controls which mitigate compliance and operational risks. 
•    Takes an active leadership role in maintaining and communicating regulatory changes, advising and directing business leaders to ensure that regulatory requirements are addressed in their respective process and controls so that their day-to-day activities operate in a compliant manner. 
•    Review operational events to ensure root cause has been assessed and appropriate remediation plans have been established to strengthen controls. In addition perform thematic review over a series of operational events to assess broader risk trends and themes.
•    Active engagement in GMO Risk and Control related goverance routines including the review of risk and control related data.
•    Proactively engages other COR officers including Enterprise Areas of Coverage (EAC) teams to provide comprehensive coverage and oversight over Global Market Operations. 


Degree Required: Bachelor’s Degree; May require regulatory examination/registration or certification depending on jurisdiction and role

Required and desired skills/qualifications:

Has in depth knowledge of the following US Broker Dealer Security Rules: Reg T Margin and/or Reg Sho and Security Buy-Ins. 
•    Has ability to interpret changes to these regulations and dispense expert compliance guidance to Front Line Units with respect to developing new or enhanced processes to comply with changes 
•    Has experience building or having primary input into to the creation of testing and/or monitoring of these regulations
•    Has first-hand experience in the area of compliance risk assessment and policy creation 
•    Has experience in building broad compliance programs in the area of US Broker Dealer Compliance Regulations
•    Has 10-15 years’ Compliance related experience 

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-21078123

Band: H4

Manages People: No

Travel: No

Manager:

Talent Acquisition Contact:

James Henry

Referral Bonus:

0