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This function covers incumbents who are responsible for identifying, measuring, controlling and monitoring the firm's operational risk, specifically for new business initiatives. In particular, incumbent will be concerned with the process of managing risk associated with the introduction of new and revised products and services.
The Bank is committed to ensuring that all new, expanded or modified existing products or services are developed and approved in accordance with sound business principles and risk management practices. The approval of products and services ensures that the necessary upfront analysis is performed to determine if the products and services offer the appropriate risk-versus-reward profile and are consistent with the bank's strategic direction. All pertinent risk areas should be considered and include, but may not be limited to; credit, market, counterparty, operational, legal, compliance and reputational.
An effective product and service risk management process is collaborative and brings together all elements of the bank to ensure approval by relevant control areas that are independent of the profit center offering the product or service; and ensures (1) adequate due diligence is performed prior to implementation, (2) controls and processes are developed and implemented to ensure risks are properly measured, monitored and controlled, and (3) performance and review mechanisms are developed and implemented to perform appropriate monitoring.
Day-to-day focus is on managing the operational aspects of the Bank's new product and services process including providing expertise when and where required to interpret against policies, guidelines and processes. Role at this level provides leadership for processes, reports, and procedures. This role will also contribute to strategically evolving the new product and services process and policies as the Bank enhances supervision of the new products and services process covering the Global Markets Division and the non-BTMU, MUFG entities in the Americas.
This role will also be responsible for supporting and executing the risk diligence process for M&A transactions that may arise from time to time. This includes executing against the M&A playbook, ensuring correct involvement from all second line risk key stakeholders as well as first line risk partners, drafting memos and presentations and maintaining a library of activities and work product.
Lead all aspects of the New Product review and approval process. Work with business and functional support units across the Americas to ensure that all proposed new products are identified and reviewed in a timely manner. Coordinate document collection, schedule and manage ad-hoc and formal meetings with stakeholders to discuss, review, and approve new products. Collaborate with RCSA team and ORM.
Reporting and Analysis team as needed to provide transparent view into current and emerging operational risks.
The Operational Risk VP responsibilities will include:
* Review for completeness (and challenge where appropriate) and submit New and Changed product notification forms for the Product Intake Advisory Council (PIAC)
* Set up PIAC meetings Set Agenda for Product Services Oversight Committee meetings (the approval forum for changed products and services)
* Complete Minutes for Product Services Oversight Committee ? maintain accurate records in Archer (system of record); pursue follow-ups for PRR meetings such as securing approvals from absent members
* Various Monthly Reporting Responsibilities (subset list below)
* Work with Operational Risk Director to maintain policy and procedures and Interpret policy and procedures as needed for key decisions
* Maintain Administrative Updates on all items in the Pipeline
* Partner with Global Markets Division to streamline speed to market.
* Partner with CUSO legal entities (e.g. MFS and MUTB) to develop an integrated New Activities Risk Assessment process across the MUFG Americas enterprise.
* Work with the Operational Risk Director to develop the next generation of the product and service risk assessment process with new governance and supporting committees
* Train users / troubleshoot as needed
* Maintain change requests / work with IT to implement
* Ongoing system testing (for releases)
Reporting Subset List
* Various Bank, Branch, and legal entity Product Updates
* Compliance Product Metrics
* Monthly Pipeline Report
* Monthly Strategic Update
* Quarterly Strategic Update
* Bachelor's Degree in Business, Finance or Accounting
* Business, Accounting or Finance related postgraduate degree is a plus
* 7 years' experience in the financial services industry in operational risk or compliance
* 1-2 years' experience with RSA Archer eGRC a plus
* Experience with new product approval processes in the financial services industry
* Proven ability to interact and communicate effectively with senior management across various divisions
* Facility with Excel, Word, PowerPoint and project-related software packages
* Strong analytical and critical thinking skills
* Project Management skills
* Ability to multi-task and work in a fast paced, ever changing environment
The above statements are intended to describe the general nature and level of work being performed. They are not intended to be construed as an exhaustive list of all responsibilities duties and skills required of personnel so classified.
We are proud to be an Equal Opportunity / Affirmative Action Employer and committed to leveraging the diverse backgrounds, perspectives, and experience of our workforce to create opportunities for our colleagues and our business. We do not discriminate in employment decisions on the basis of any protected category.
Associated topics: accounting, bank, chief finance officer, cpa, credit, financial, financial planning, financial services, investor, risk