Director, Operational Risk

Director, Operational Risk

Job Purpose & Summary

Reporting to the Vice President, Retail Credit and as an integral part of DUCA’s Risk Management team, the Director, Operational Risk supports DUCA’s enterprise-wide risk management program. This position will develop and maintain broader risk identification and risk mitigation strategies and tactics across DUCA businesses and operations.  Focusing on non-credit risk, these may include operational, counterparty, business resilience, and other areas of risk management. Leading operational and related risk initiatives, this position will use exceptional communication and influencing skills to elicit engagement and support from functions across DUCA while fostering positive relationships with all business lines.

 In addition to maintaining a close partnership with Legal and Compliance (AML / ATF, privacy, complaints, and governance responsibilities), this position will oversee DUCA’s Business Resilience Plan, Recovery Plan, and future Resolution Plan as well as close engagement with counterparty risk tracking and assessment. 

Key Accountabilities & Duties

• Design, implement and maintain an Operational Risk Management Framework that incorporates standardized testing methodology for monitoring and assessing operational risks, corresponding controls, and their effectiveness against existing policies, procedures, legislation, industry standards/guidelines, and regulatory expectations
• Provide advisory and oversight services on all levels of non-credit enterprise risks for DUCA
• Provide leadership in developing, implementing, and communicating enterprise risk and third-party risk policies and procedures
• Continuously review operational risks across the organization using a risk-based approach as the control environment and foundational elements evolve
• Utilize and leverage the assurance work from other internal and external providers in planning and conducting operational risk assessments
• Develop, enhance, and maintain enterprise risk methodology and governance through ownership of:
  • The Enterprise Risk Management Framework (including risk appetite definitions for various risk measures)
  • The Operational Risk Management Framework (including operational risks in new and existing products, services, and delivery channels as well as affiliate and partner relationships)
  • Risk Control Self-Assessments
  • Quarterly reporting of defined risks across DUCA businesses and functions
  • The Identification of appropriate inherent risks across the organization with suitable mitigating actions and residual risks
  • Frameworks for reputational risk and strategic risk oversight programs
  • Operational risk processes, practices, and reporting
• Report DUCA’s enterprise risk status to respective committees, including engagement with Enterprise Risk Management and related MRALCO (Management Risk Asset Liability Committee) and CRR (Consolidated Risk Report) streams
• Partner with all DUCA lines of business and support functions in identifying, reporting, and mitigating enterprise risk issues and support non-credit risk framework and risks/processes/controls
• Engage in audits and reviews by internal and external auditors, strategic third-party partners, and regulators, including regulatory examinations
• Maintain a strong understanding of current business and function risks to adequately assess risk exposures and impacts
• Create and maintain effective relationships and regular interactions with all DUCA businesses and functions, auditors, external stakeholders, and regulators, as applicable
• Identify and assess the resolution of issues which could prevent reasonable assurance that risks are understood and managed within the organization’s risk appetite
• Provide training/coaching support to colleagues to deliver on priorities
• Create culture-positive processes that enable cross functional teamwork and development of cooperative relationships across Risk Management and with other DUCA teams

Occupational Experience & Education Requirements

• Undergraduate degree in Business, Finance, or a related field
• Post-graduate degree or other related designations an asset
• Minimum 8 years’ operational risk management and/or audit experience of increasing complexity withing financial services

• Experience in enterprise risk management, risk appetite, risk methodologies, and capital models
• Experience with risk and governance software an asset

Knowledge, Skills & Attributes

• In-depth understanding of operational procedures in the financial services industry
• Excellent working knowledge of enterprise and operational risk management frameworks and processes
• Expertise in regulatory requirements with the ability to stay current with rapidly-evolving regulator guidance and industry best practices
• Strong critical thinking, analytical, and problem-solving skills with the ability to break down complex situations into manageable parts in a systematic manner
• Solid understanding of operational risk, control design, testing, and documentation with experience in designing, implementing, and validating the effectiveness of operational controls
• Experience with data analytics, process mapping and design
• Sound leadership skills with a demonstrated ability to influence internal and external stakeholders
• Organizational awareness and demonstrated relationship building skills, with a superior ability to make things happen using creativity and positive influence to implement changes
• Ability to thrive and apply judgement within an environment of ambiguity
• Strong organizational skills, with the ability to work in a fast-paced environment and manage multiple deadlines and priorities
• Professional and articulate with well-developed verbal and written communication skills
• Enjoy working in a team environment but also able to work independently
• Strong program and project management capabilities

Working Conditions

Normal office environment with the potential for longer hours given certain demands of the job and Board reporting deadlines

Department: Retail Credit 

Primary Location: Corporate Office 

Employment Status: Full-time

Hours per Week: 38

Job Grade Level: 10

About DUCA

DUCA exists to help people do more, be more and achieve more with their money and their lives. We’re driven by a co-operative philosophy that puts our Members (and Owners) at the centre of every decision we make, gives them a voice in how we’re run, and rewards them for their loyalty by sharing our profits.

At DUCA, we’re dedicated to creating a positive environment where our employees have growth and development opportunities, a healthy work/life balance, opportunities to give back to the community, and a focus on doing what is right for our Members. DUCA offers a competitive total compensation package including base salary, a short-term incentive (bonus) program, a comprehensive benefits program, pension plan, and employee banking benefits.

DUCA is committed to employment equity and encourages applications from all qualified candidates. Recruitment related accommodations will be provided upon request.

Qualified applicants are encouraged to submit their application. Applications must include both a resume and cover letter.

We thank all applicants but only those considered for an interview will be contacted.