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Operational Risk Manager
Freddie Mac
Falls Church, VA, United States
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Position Overview
The Governance and Oversight Manager will report to the Third Party Risk Lead Senior Director and assist with the development and implementation of Freddie Mac’s approach to managing third party risk in line with leading and evolving industry practices, and for reporting and monitoring of the third party specific risk profile.
Your work will fall into three primary catagories:
Framework Development and Implementation
• Support development of third party domain risk framework, policies, risk appetite, and risk taxonomy. Collaborate with the Framework, Platform, and Analytics function to ensure their consistency with the overall operational risk framework, policies, and standards.
• Support development of content for the required training for the lines of businesses and supporting functions (e.g. Finance) on third party risk management topics (e.g., framework, policies, emerging risks) and collaborate with the Framework, Platform, and Analytics as well as business-aligned risk partners to deliver it.
• Drive consistent implementation and adherence to the third party risk framework elements in the 1LOD (e.g., policies, standards, tools, etc.) across Freddie Mac (in conjunction with business-aligned risk partners, who act as the central point of contact for 1LOD).
• Provide guidance to 1LOD on implementing and maintaining third party management processes, mitigating risks and implementing controls (in conjunction with business-aligned risk partners).
Oversight and Effective Challenge
• Support effective challenge to Freddie Mac lines of business and supporting functions with respect to third party risk assessment and risk response efforts, all coordinated through the business-aligned risk leads. Specifically:
◦ Review of results of 1LOD risk assessments with respect to third party risk
◦ Participate in the focused risk reviews/deep dives of high-risk processes and subject matter areas; bringing in third party subject matter knowledge, as necessary
◦ Participate in review of self-testing performed by 1LOD and/or select re-performance with regard to third party risk, in coordination with the business-aligned risk leads.
◦ Determine if additional testing of 1LOD is needed and if so, collaborate on the testing scope, objectives and monitoring results.
◦ Assist with development of an overall enterprise view of the third party risk profile and provide input to the Business Risk Lead to enable the development of the line of business risk profile— including supporting functions— across risk types.
• Assist in the assessment of third party aspects of new initiatives
• Responsible for oversight of enterprise remediation programs related to third party risk
Monitoring and Reporting
• Coordinate efforts for design of risk reporting and analytics requirements for third party risk (e.g., identification of relevant risk appetite metrics, KRIs/KPIs, etc.)
• Communicate and support implementation of any third party risk reporting requirements within the lines of business in collaboration with the business-aligned risk partners
• Monitor third party risk reporting and analytics, including operational risk loss data related to third parties, interpret results, evaluate third party risk profile impact, and identify trends and emerging risks; Collaborate with the Reporting and Analytics function to incorporate results of the analysis into management reporting
• Monitor information (e.g. risks, findings, issues and action plans) being captured in the GRC for third party risk for consistency
• Support monitoring and assessment of identification, severity and remediation of high-risk third party issues across the enterprise
• Work with the Reporting & Analytics leads to define relevant OR management reporting and analysis to evaluate risk profile and identify trends across third party risk
Qualifications
• 7+ years of experience in operational risk management at a large financial services institution(s)
• Bachelor’s degree and/or equivalent experience
• Understanding of third party risks and management practices
• Knowledge and experience with operational risk management, covering the full lifecycle of activities, including risk identification, assessment, mitigation, monitoring, and reporting
• Ability to work effectively and collaboratively with diverse group of stakeholders
Keys to Success:
• Proactive leadership and partnership
• Strong written and oral communication skills
• Detail-oriented and strong organizational skill
Top three personal competencies:
• Leadership
• Partnership
• Drive for Execution
Preferred Skills
• Deep knowledge of the third party management lifecycle and its overall business processes, controls and risk exposure (e.g., third party identification, selection, management, termination), and applicable laws and regulations
• Understanding of third party risks and management practices at large financial services institutions
• Experience with providing effective challenge to the 1LOD with respect to operational risk (effectiveness execution in 2LOD capacity)
• Understanding of regulatory requirements and expectations related to operational risk management (e.g., FHFA)
Closing Statement
Today, Freddie Mac makes home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Join our smart, creative and dedicated team and you’ll do important work for the housing finance system and make a difference in the lives of others. Freddie Mac is an equal opportunity and top diversity employer. EOE, M/F/D/V.