CIB - LATAM Operational Risk Oversight - ED - Based in São Paulo
Req #: 170092438
Job Category: Accounting/Finance/Audit/Risk
The Americas Operational Risk (OR) team is committed to meeting regulatory requirements relating to OR, implementing global JP Morgan OR standards and providing measurable value to stakeholders through supporting a more tangible understanding of their inherent and residual risk profiles. The Operational Risk Oversight team is an independent oversight function regarded as the 2nd Line of Defense (LOD) which works in close partnership with Oversight & Control (1st LOD), Compliance (2nd LOD) and Audit (3rd LOD).
The Operational Risk Oversight Officer (ORO) will work with team members to oversee the OR strategy and framework for the Latin America region covering all business lines and functions. The ORO will be responsible for the day to day oversight of the OR framework, working closely with the businesses to ensure that it is implemented and is functioning effectively. The ORO will also ensure that there is clear understanding of the residual risk profile, remedial strategies and the link to operational risk capital.
The ORO will help drive the implementation of a diverse range of Group-wide and regional OR projects and respond to requests from various stakeholders including regulators, auditors and senior management.Role Responsibilities
- Input to the development and execution of the OR Management Framework (ORMF) & Strategy
- Build and maintain strong relationships with stakeholders to facilitate open information channels and to ensure that the OR function remains aware of business change, relevant to the risk decision making process through both counsel and independent challenge
- Proactively drive the identification, assessment, measurement, mitigation and monitoring of operational risk through consumption of information from the effective deployment of Risk and Control Self Assessments (RCSAs), Key Risk Indicators (KRIs), scenario analysis, event management (monitoring of event recording, event trend analysis) and targeted risk assessments.
- Stay abreast of industry news and regulatory developments to facilitate a more proactive approach to risk identification and mitigation. Review root cause analysis on internal operational risk events and those that occurred externally in the industry
- Promote and instill a strong culture of Operational Risk Management (ORM) and operational excellence, partner with the business to continually improve OR processes and business operating models supporting safe business growth and informing risk related decision making
- Review high risk new business initiatives and off shoring/outsourcing activities
- Provide expert guidance on the development of relevant policies and documentation
- Coordinate with other risk and control functions, leveraging internal audit and external reviews to develop a complete and aggregated view of risk.
- Independent challenge – challenging, validating and endorsing business risk profiles and providing constructive challenge to the business where residual risk levels are deemed to exceed appetite
- Support the Business on risk assessment of change initiatives across Latin America, providing oversight on a portfolio view of change initiatives
- Collaborate and coordinate closely with Control Officers to ensure OR standards are communicated, understood and applied - review adherence to ORMF, governance, standards, policies & framework across Lines of Business (LOBs), functions and countries
- Facilitate scenario analysis with businesses to stress the control environment under simulated conditions, drive accurate capital allocations and inputs
- Provide overview and incorporate internal & external loss data sets, conduct scenario analysis, understand the impact on the capital calculation and optimize outputs
- Drive the development of the regional and legal entity alignment to the ORMF, including KRIs, Loss Data, RCSAs and Scenario Analysis as necessary
- Liaison with regulators in respect of Operational Risk matters
- Promoting cross-LOB/Function consistency and adoption of best practices
Skills & Qualifications
- Business colleagues, predominantly in the Corporate & Investment Bank
- Oversight & Control (1st LOD)
- Audit - Internal & External
- Corporate Operational Risk Framework & Governance
- Operational Risk & Control Committee Members
- LOB/Functional Control Committee Members
- Industry Peers
The successful candidate will be a motivated, experienced professional seeking a broad and dynamic role in Operational Risk. He/she should demonstrate understanding of ORMF and have relevant product/business, technical and/ or risk & control experience gained within an international financial institution or financial services firm.
Applicants should possess excellent interpersonal, communication, stakeholder and relationship management skills as the role requires interaction with personnel across all levels of experience and seniority. The successful candidate will also need to have the proven ability to balance strategic activities with the OROMs primary focus of day to day execution. The jobholder will need to foster strong relationships with key stakeholder groups including in-country risk teams, global ORO teams, Corporate Operational Risk, Oversight & Control and first line business groups/leaders. He/she must be fluent in English combined with fluent Portuguese and/or Spanish.
Applicants will need to demonstrate a solid understanding of the general operation of international financial markets, international trade, and the conduct of business on a cross border basis as well as a deep understanding of the workings of a financial institution and knowledge of the regulatory environment in the financial services sector.
Other desirable qualifications include:
- Strong theoretical and practical knowledge of OR - practical experience in applying and managing an OR framework in financial services
- Deep business understanding in a chosen area in addition to a general understanding of the other Lines of Business functioning in the region
- Ability to appreciate nuances of unique CIB business models and manage across multiple stakeholder groups to achieve a consistent application of ORMF & tools
- Practical understanding of how to apply OR tools in practice and achieve outstanding results
- Deep understanding of regulatory requirements as they relate to best practice risk & control
- Strong appreciation of governance – ability to structure efficiently, organize effectively and communicate clearly
- Proven ability to critically analyze data from disparate sources against standards, highlight anomalies, understand drivers, summarize, escalate and remediate
- Strong relationship management skills – strong influencing, communication and negotiation skills
- Understanding of Basel II standards for capital calculation is a plus - ability to critically analyze and opine on capital allocation outputs
- Ability to conduct training to staff at all levels and clearly and concisely communicate the process and benefits of the ORMF
Candidates with working knowledge of Wholesale Banking are preferred. Applicants with Audit or Consulting experience are also welcomed