Director, Operational Risk

Why DUCA? 

We’re a vibrant, exciting credit union that lives its "profits with a purpose" philosophy in every financial transaction, product, interest rate, and community initiative we offer. Founded in 1954, DUCA has grown from a single branch credit union in Toronto to 19 branches across Southern Ontario with over 85,000 Members we are proud to serve.  

We exist to help People, Businesses and Communities Do More, Be More, and Achieve More™. 

DUCA (www.duca.com) is the fastest organically growing large Credit Union in Canada distinguished for the following: 

• Positive, un-big bank like service experience delivered through Member-facing staff in branch, on the phone (Member-Connect) and via our Mobile mortgage specialists, Wealth Management advisors and Commercial and Business Banking Account Managers. 
• Competitive rates.
• Personalized financial solutions, guidance, and service with the lowest possible fees for both Personal and Business Members.
• Profit sharing among Members.
• Multiple ways to bank—online, mobile app, phone/full-service Member Connect Contact Centre, and, of course, in-branch—DUCA is accessible 24/7 
• A community philosophy of “profits with a purpose” culminating in the creation of the DUCA Impact Lab (www.ducaimpactlab.com), a charitable foundation committed to helping the credit challenged and underbanked.  This led to DUCA's designation as a B-Corp certified organization, the first ever credit union to receive this global recognition.

A career with one of Canada’s fastest growing credit unions means you’ll find endless opportunities to make a difference with your unique abilities and perspectives. Our people live their purpose while helping others Do more, Be more and Achieve more with their money and their lives.  At DUCA, you’ll be part of a vibrant and collaborative team where you’ll be supported to excel and make an impact, no matter what role you play. 

Director, Operational Risk

DUCA is looking for Director, Operational Risk to join our growing team! 

Job Purpose & Summary

The Director, Operational Risk will provide operational risk leadership and management oversight across DUCA businesses and operations. The Director is responsible for developing and maintaining operational risk identification, assessment, and mitigation strategies to support DUCA’s broader enterprise-wide risk management program as well as for increasing operational risk awareness across DUCA.

The position will provide oversight on identifying, evaluating, and executing non-credit risk activities which may include operational risk, third-party and vendor risk, business resilience planning, recovery planning, resolution planning, business continuity planning, IT risk oversight and other areas of risk management. 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. 

The Director, Operational Risk also supports the CRO with in-depth understanding and competency in managing operational risk, interpretation of operational risk regulations and incorporation of the regulatory requirements in DUCA’s policies and practices as well as in preparation of Board and management committee presentations. 

Key Accountabilities & Duties

• Design, implement and maintain an Operational Risk Management Framework, including related policies, procedures and tools such as Risk & Control Self Assessments, Operational Risk Events, Key Risk Indicators, Operational Loss Data Collection & Analysis etc. Ensure that the framework incorporates the legislative and regulatory requirements/expectations and is in line with industry standards.
• Develop and implement Third-Party and Vendor Risk Management policies and procedures and provide oversight on the onboarding process (including legal reviews and adequacy of privacy, data security, counterparty, shared infrastructure, etc. risk assessments), ongoing monitoring and annual reviews of critical vendors, and maintain DUCA’s Vendor Risk Management System including software support (e.g. Venminder).
• Provide oversight of DUCA’s IT Risk Management Framework. Monitor, measure and assess key risk exposures and IT risk management activities.  Oversee the assessment of IT risks arising from material initiatives i.e., new products, processes and material changes.  Assist all areas of DUCA in ensuring implementation and appropriateness of IT risk management strategies are continuously reviewed and improved.
• Develop, implement and maintain the Business Continuity Management program and provide guidance to DUCA’s business units and support functions in conducting business impact analysis, developing and testing business continuity plans, provide support to IT in the development of disaster recovery plan and manage the call tree testing process and system.
• Lead the development and update of the Business Resilience Plan, Recovery Plan and Resolution Plan by collaborating with key internal stakeholders and engage with senior leadership and board committees to seek approvals for the plans. Monitor and report on the quantitative and qualitative metrics and ensure that the plans are kept updated and submitted to the regulators per their timelines.
• Provide advisory and oversight services on all levels of non-credit enterprise risks for DUCA.
• 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, fraud assessments, and third-party and vendor risk assessments.
• Prepare and present reports to the Management Compliance and Operational Risk Committee, and as and when required to Management Risk Assessment Liability Committee, and the Executive Leadership Team
• Lead, mentor, develop, and grow the operational risk management team.
• 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.
• Champion and lead operational risk awareness and knowledge across DUCA enterprise.
• 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, other financial institutions, 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
• 8+ years’ business-related experience in financial services with a focus on operational risk and business continuity management.
• 5+ years’ people management experience.
• Experience in enterprise risk management, risk appetite, risk methodologies, and capital models.
• Experience with risk and governance software an asset.

Knowledge, Skills & Attributes

• Strong leadership and motivational skills to influence change.
• Ability to develop cohesive teams and effectively work and influence across functions in a collaborative manner.
• Excellent communication and presentation skills with executive level presence/ability.
• Expert knowledge of and experience with best practices in operational risk management and governance frameworks, methodologies, and processes
• Strong relationship management skills and the ability to effectively partner with vendors, industry associations, and other key stakeholders.
• In-depth understanding of operational procedures in the financial services industry
• Excellent working knowledge and subject matter expertise of enterprise and operational risk management frameworks and processes
• Expertise in regulatory requirements with the ability to stay current with rapidly evolving regulatory 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.
• Sound leadership skills with a demonstrated ability to influence internal and external stakeholders.
• 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.

Working Conditions

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

Department: Risk Management 

Primary Location: Corporate Office, 5255 Yonge Street, North York

Employment Status: Full-time

Hours per Week: 38

Salary: The annual salary range for this position starts at $102,250. Actual annual base salaries will vary depending on relevant job-related factors such as experience, knowledge, skills, qualifications, and education/training. Depending on the position, DUCA’s total compensation package may include incentive compensation tied to company and individual performance or other benefits

Number of Vacancies: 1

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 a resume.

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