Vice President, 2nd Line Risk & Compliance

Job purpose

CLS’s Third Party Risk Management (“TPRM”) team within Operational Risk Management (“ORM”) Department is responsible for the second line oversight through review and credible challenge over the end to end Third Party Management (“TPM”) process to ensure adhere to stated risk appetite for Third Party Risk.

TPM function within CLS has recently completed the design of their target operating model. This position is to support the Operational Risk- TPRM team by being responsible for the review and challenge of the implementation and operational sustainability of the TPM process. The Third Party Risk Manager is expected to have subject-matter-expertise (SME) of the TPRM regulations and industry best practice and work independently with his/her stakeholders to drive, guide and partner with them to facilitate implementation of the TPM process.

Essential Function / major duties and responsibilities of the role

• Support refinements to the TPRM risk methodology to ensure that risks identified by the first line TPM process is proactively and consistently reflected in the business unit Risk and Control Self-Assessment (“RCSA”) process.
• Review and challenge of the key risk indicators designed to by first line to ensure that they are fit for purpose and suggest changes where required
• Support first line business units by ensuring third party risk and control inventory is articulated in accordance with Risk Framework
• Perform root cause analyses of identified risk events to recommend improvements to prevent risk events from re-occurring in future.
• Review/challenge Design and Operating Effectiveness testing end to end key controls with a focus on TPM, Technology, Information Security, and Resilience.
• Facilitate identification and articulation of Issues and related Corrective Action Plans and review and challenge the quality and completeness of evidence submitted by first line stakeholders to address/close an issue or Action Plan

Strategic

• Monitor Framework adherence and develop tools/communicate requirements to key stakeholders to ensure adherence with ORM risk policies, procedures and best practices
• Interface with key stakeholders and Senior Management Committees
• Partner with area subject matter experts and executive management to ensure appropriate ORM governance
• Identify and appropriately escalate operational risks that exceed risk appetite.
• Identify opportunities for process improvements to deliver increasing operational efficiencies
• Participate as part of business project workstreams to provide ORM subject matter expertise and guidance (process maps)

Operational

• Work with business units to establish, maintain and continuously improve risk management capabilities across CLS.
• Facilitate and participates in enterprise-wide risk assessments and recommendations.
• Conduct risk management education and training as appropriate.
• Collaborate with business units to minimize operational issues emanating from CLS

Leadership

• Act as stakeholders’ main point of contact representing ORM – creating opportunities to provide education related to ORM topics and “lead by example” (i.e., timely resolution of items that need to be addressed, providing suggested solutions/guidance when required/appropriate, taking initiative to manage required deliverables and stakeholder resources/capacity)

Experience / essential and desired for successful job performance

• Bachelor’s degree in finance/economics or law degree, or the equivalent combination of education and experience is required.
• 7-8 years of experience in a professional services organization or a financial institution covering Operational Risk Management, with a strong Third Party Risk Management experience required (essential).
• Experience in the Operational Risk discipline, establishing framework and on-going process in accordance with industry best practices and Basel requirements.
• Experience and knowledge of Third Party risk regulations in key jurisdictions such as the US, UK and Europe (essential).
• Experience in contributing to the development or oversight of risk management frameworks in general and TPM framework in particular.
• Experience in contributing to large compliance or risk change projects.
• Experience in analyzing and implementing regulatory reform measures

Knowledge, skills and abilities / competencies required for successful job performance

• Understanding of regulatory expectations for third party management.
• Understanding of the need for and possession of the ability to uphold the highest standards of confidentiality.
• Articulate and diplomatic, with strong negotiation and influencing skills with the ability to display a range of influencing styles and stakeholder management skills.
• Excellent report writing and presentation skills.
• Superior interpersonal skills
• Investigative and analytical thinking.
• Ability to work independently to creatively assess and identify gaps and present solutions.
• Ability to steer and influence a culture of compliance.
• Project management skills an advantage.
• Good knowledge of Microsoft Office packages, particularly PowerPoint, Excel and Word.