Description
The TM Operating Risk Specialist plays a key role in minimizing risks, ensuring compliance, and improving operational efficiency, while helping to protect the organization from potential disruptions or losses. Analyses operations processes within the organization to identify potential risks across various areas, including financial, operational, technological, compliance, and reputational risks. Participates in the define the development of risk management program to meet business and regulatory expectations. Monitors risk factors and quality reviews, ensuring risk management strategies are effectively implemented. Influences risk initiatives and business as usual activities. Identifies risk, assesses impact and makes recommendations on resolution. Reports and escalates risk and program compliance as appropriate. Ensures the organization adheres to relevant laws, regulations, and industry standards.
Essential Job Responsibilities
1. Risk Identification and Assessment: The specialist analyzes operational processes within the organization to identify potential risks across various areas, including financial, operational, technological, compliance, and reputational risks. Providing early identification of risk exposure and assisting with formulating recommendations to mitigate the risk; This includes a focus on monitoring key risk factors such as but not limited to:
o Uncollected funds
o Interest rates
o ACH origination trends, return rates, TPP/S
o Overdrafts
o Monthly incentives
o Documented procedures
2. Developing Risk Mitigation Strategies: Participates in the design and development of the risk management program to meet business and regulatory expectations. After identifying risks, the specialist will develop strategies to mitigate or manage these risks. This may involve:
o Designing new processes or recommending adjustments to current practices.
o Investing in technology or staff training to improve processes related to monitoring reporting trends, fulfilling service level agreements, or documentation accuracy.
o After assessing risks, the specialist helps develop action plans to minimize or mitigate identified risks and improving processes.
o Introducing technology or process improvements to address areas of operational risks.
3. Monitoring and Reporting: The specialist continuously monitors risk factors and quality reviews, ensuring risk management strategies are effectively implemented. This includes:
o Tracking key metrics related to the identified risks and assessments.
o Regularly reporting risk factors and mitigation efforts to senior management to ensure proactive management of operational risks.
4. Compliance and Regulatory Oversight: Influences risk initiatives and business as usual activities. Identifies risk, assesses impact and makes recommendations on resolution. Reports and escalates risk and program compliance as appropriate. Ensure the organization adheres to relevant laws, regulations, and industry standards. This includes:
o Overseeing compliance audits related to payment processing, interest rates, and account management.
o In the event of a routine audit finding or unexpected incident, the specialist coordinates the response and recovery efforts with Senior Leadership to minimize operational disruptions.
o Keeping the team updated on regulatory changes affecting industry standards or documentation practices.
5. Collaboration and Communication: The specialist works closely with departments like finance, legal, marketing and operations to develop a unified approach to risk management. This ensures:
o Clear communication on risks such as interest rate fluctuations, procedure changes or documentation gaps.
o Coordinating efforts to address operational issues
6. Process Improvement: Executes the Line of Business Risk Management program, identifying opportunities for enhancement where applicable. Enables line of business adherence with risk management programs. Analyze operational workflows to identify inefficiencies or vulnerabilities. Key areas for improvement include:
o Regular review of current procedures to ensure they align with line of business goals
o Streamline weekly and monthly reporting reviews
o Streamlining documentation collection processes (T&C, wire forms, signature cards) for better accuracy and risk reduction.
o Rate adjustment in a changing rate environment
Bona Fide Occupational Qualifications
1. High school diploma or its equivalent required. Bachelor's degree preferred.
2. Three (3) years of experience in a related position preferred.
3. Professionalism, organizational and time management skills as well as written and verbal communication skills are necessary.
4. Proficient reading, writing and grammar skills and strong analytical and mathematical skills are required.
5. Proficient computer skills with Microsoft Excel required, and Microsoft Access and data warehouse report writing experience preferred.
6. Minimal travel may be required.
7. May be eligible for Telecommuting.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor’s legal duty to furnish information. 41 CFR 60-1.35(c)
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