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Operational Risk Management Specialist
Flagstar Bancorp
Troy, MI, United States
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Position TitleOperational Risk Management Specialist
LocationHeadquarters-Troy, MI
Job Summary The Operational Risk Management (ORM) Program Office is responsible for managing and maintaining the Enterprise Risk Management (ERM) Framework designed to ensure that Flagstar’s risks are appropriately managed in accordance with regulatory guidelines. Management of the ERM Framework requires oversight and execution of Risk and Control Self-Assessments (RCSA), Issue Management, Operational Loss Reporting, and ERM policies. The Operational Risk Management Specialist will report to the FVP, ORM Program Office Sr. Manager and support the VP, Operational Risk Management (ORM) Manager.
Job Responsibilities:
40% of time: Lead operational risk practices and ERM related policies and procedures (e.g. ERM, New Products/Services Approval process, RCSA, Issue Management). Specific activities include:
• Facilitate RCSA sessions for each business unit and corporate function and challenge results. (approximately 35-45 annual RCSAs)
• Advise Business Units/Corporate Functions with issue/finding tracking, resolution, and validation of remediation.
• Advise all business units/corporate functions in the identification, documentation, and remediation validation of self-identified issues and action plans
• Support the business units/corporate functions in the identification and documentation of new Operational Losses
• Document risk treatment plans for operational risks identified through RCSAs or results of KRIs.
10% of time: Develop definition of procedures necessary to carry out the requirements of the RCSA, Issue Management, New Products/Services, and ERM policies.
10% of time: Assist in ERM reporting to the ERM Committee and the Risk and Compliance Committee of the Board.
10% of time: Collaborate with the GRC sources on Risk Assessments timelines and results reporting.
10% of time: Participate in the review of new products/services assessments, new projects, new policy reviews, and new emerging risks from an operational risk perspective.
10% of time: Conduct deep dive /process improvement reviews, where needed to reduce operational losses, lost revenue, and manage expenses.
5% of time: Prepare reports to business units/Corporate Functions on Operational Risk matters.
5% of time: Provide Education and Training on ERM and Operational Risk policies and practices to the BUs.
Job Requirements:
• Bachelor’s Degree RequiredField of Study (Business Administration, Finance, Accounting, or IT) Or 5+ years of comparable work experience.
• 5+ years of experience in a similar Operational Risk role at a financial institution developing and executing risk assessments, issue management, operational loss tracking, monitoring of key risk indicators, or operational risk reporting. This includes presenting and interacting with Senior-level Management.
• Alternatively, 7-10 years of experience in Internal Controls, Fraud, Quality Control, or Risk experience preferably with a financial institution.
• Working knowledge of governance, risk and compliance (GRC) tools and methodologies.
• Working knowledge of regulatory guidelines (OCC, FFIEC, FRB or CFPB)
• Excellent communication, facilitation, and presentation skills, including Power Point and Excel.
• Excellent business acumen and high-level understanding of lending and banking processes.
• Focused on process mapping, what-if scenarios, root cause analysis, and process improvement
• Ability to work well under pressure and during periods outside of the standard workday.
• Aptitude to see the big picture, show good judgment, and build business relationships.
Internal Use Only: Band F