Managing Director, Operational Risk Management

If you’re looking for a meaningful career, you’ll find it here at Webster. Founded in 1935, our focus has always been to put people first--doing whatever we can to help individuals, families, businesses and our colleagues achieve their financial goals. As a leading commercial bank, we remain passionate about serving our clients and supporting our communities. Integrity, Collaboration, Accountability, Agility, Respect, Excellence are Webster’s values, these set us apart as a bank and as an employer.  

Come join our team where you can expand your career potential, benefit from our robust development opportunities, and enjoy meaningful work!

Position Summary

The Operational Risk Management (ORM) Managing Director is responsible for the execution of the design, development, and implementation of the Operational Risk Management Program for Webster Bank and its subsidiaries. Acts as a lead Single Point of Contact for the ORM team as it relates to the programmatical components of Operational Risk and assists with reporting to senior management. This role supports and ensures that governance activities are executed in an effective manner, including committee reporting and metrics. The Managing Director is responsible for the program build and ongoing enhancements to the program, including the new GRC implementation, the RCSA Uplift effort and ongoing build out of new capabilities to ensure the bank meets or exceeds increased regulatory standards.  This role is responsible for leading a team of Operational Risk professionals focused on program components related to assessments, loss events, key risk indicators, and self-identified issues. Provides leadership to deliver effective 2nd line review and challenge and oversight in line with Risk Management’s objectives.  This role will also be involved with Internal Audits, control testing and will help drive a control-oriented culture across the Bank through their collaboration and partnership with colleagues in each line of defense.

Key Responsibilities

• Support the Head of Operational Risk Management (ORM) across the enterprise to strengthen the risk culture and 1st line ownership of risks and controls in alignment with the Risk Appetite Statement of the Bank

• Lead and execute on Operational Risk Management program elements :

  • Assess, recommend, and enhance overall Operational Risk Governance Framework

  • Develop key metrics and tools that align to industry best practices and ensure effective processes to identify, measure, manage, monitor, and report operational risk

  • Execute and enhance RCSA process

  • Implement new GRC platform as it relates to ORM activities

  • Assist to develop tolerances for Board Level and Management level operational risk KRIs for critical LOB

  • Enhance reporting process and create awareness for Losses/Near Misses related to risk events

  • Encourage self-identification through reporting and tracking of control gaps/self-identified issues

  • Enhance the ORM Control Inventory in conjunction with other areas within Independent Risk Management

• Prepare/Contribute to executive level reporting for ORMC, ERMC, senior management, and the board

• Partner with 1st line control officers to advance Front Line Unit Operational Risk reporting that outlines the operational risk maturity profile of each area.

• Collaborate with 2nd and 3rd line partners for operational risk information sharing and to promote a controls-oriented culture.

• Develop and retain high performing colleagues with existing operational risk knowledge in order to mature and enhance the program

• Develop and maintain strong working relationships within all lines of defense within the Bank to ensure accountability and collaboration

• Understand banking regulations, supervisory expectations, and industry trends for large financial institutions, as it related to operational risk management

• Manage ad-hoc projects and/or initiatives within the ORM team

Requirements

• Bachelor's Degree in related field required

• At least 5 years of Risk related experience, and/or audit in financial institutions

• 10+  years of experience within the financial services industry

• Strong knowledge of core Operational Risk Management processes, including Risk and Control Self-Assessments, Operational Risk Event reporting and mitigation, Key Risk Indicators, Scenario Analysis, Emerging Risks, and products and services risk assessments and internal controls

• Strong Excel and PowerPoint skills

 Preferred:

• Master’s degree in related field

• Certified Risk professional

• At least 7 years of experience as a Risk Manager or Assurance within the financial services industry

• Experience with Governance, Risk, and Compliance (GRC) software and knowledge

Excellent communication, interpersonal and analytical skills required along with the ability to work independently. Ability to collaborate, connect and build relationships with all levels of an organization through advanced leadership skills. Excellent work ethic, accountability, integrity, high degree of autonomy and personal drive.

The estimated base salary range for this position is $175,000 USD to $200,000 USD.  Actual salary may vary up or down depending on job-related factors which may include knowledge, skills, experience, and location. In addition, this position is eligible for incentive compensation.

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All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or protected veteran status.