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Executive Director, Operational Risk Management

The Enterprise Risk Management (ERM) department is responsible for supporting the achievement of an organization's objectives by addressing the full spectrum of its risks and managing the combined impact of those risks as an interrelated risk portfolio.

The Executive Director of Operational Risk Management will oversee the  strategic direction and execution of OCC’s operational risks (business operations, IT and Security), operational scenario analysis program, operational risk event monitoring and analysis, and risk treatment activities.

This position will work closely with the Managing Director of ERM and collaborate with the firm’s First line, Compliance, Model Validation, Security Services, and Internal Audit functions to deliver a comprehensive risk assessment for use and leverage by all corporate stakeholders.

This position must build positive and collaborative working relationships and partnerships with OCC’s senior management across the enterprise and engage in advisory and effective challenge activities as required by the Risk Management Framework and Enterprise Risk Management Policy.

  • Own and establish repeatable processes for the firm’s Risk Assessment program spanning the operational risk universe ensuring a full understanding of inherent risks, associated controls, and mitigation strategies for identified issues.
  • Drive improvements to the Risk Management Framework, Enterprise Risk Management Policy, and Operational Risk Management Framework, commensurate with the vision and plan agreed by CRO, Management Committee and Board, to enable the appropriate identification, monitoring, management, and mitigations of enterprise risks at an enterprise level.
  • Establish processes for a comprehensive risk analysis of new initiatives and makes recommendations to the firm’s risk governance committees ensuring processes operate within the organization’s risk appetite.
  • Work closely with executives, senior managers, and staff to help achieve long term strategy and short-term objectives in a risk-based manner.
  • Contribute to the strategic direction of the ERM  function, the management of Enterprise Risks across OCC and reporting to OCC’s Management Committee and the Board.
  • Establish and oversee OCC’s operational scenario analysis program, which includes identifying, prioritizing, testing operational scenarios to support OCC’s operational quantification analysis, recovery wind-down planning, and operational resilience.
  • Oversee reviews of new programs and projects, to ensure potential enterprise risks are identified, and assessed for severity of impact and likelihood of occurrence.
  • Build positive and collaborative working relationships and partnerships with senior management and engage in advisory and effective challenge activities.
  • Develop positive collaborative relationships with control functions such as Compliance, Internal Audit, Security Services, and others to ensure that the Enterprise Risk Function contributes to enhancing overall risk management.
  • Lead training program which focuses on risk awareness and communicating the Risk Management Framework, Risk Appetite and Tolerances, Risk Taxonomy and ERM program activities (e.g., Risk Assessments)
  • Prepare strategic recommendations for senior management regarding operational risk, operational capital quantification, trends, initiatives, and decisions.
  • Oversee the risk event program for ERM, including monitoring, tracking, and reporting operational risk events, remediation plans and issues to ensure control gaps are closed.
  • Manage ad-hoc requests from senior management and regulators to ensure timely and accurate responses.
  • Oversees the monitoring and tracking of outstanding issues pertaining to regulatory findings or internal initiatives.
  • Remain current with industry operational risk trends and regulatory areas of focus.
  • Analyze treatment for enterprise risks, including evaluations of the strategies chosen to avoid, mitigate, transfer, and accept risks.
  • Attract, develop, and retain talent within OCC’s Enterprise Risk Management department.

Qualifications/Technical Skills/Education:

  • Demonstrated experience in integrating process, risk, and control frameworks and experience working within the “Three lines of defense model”.
  • Subject matter expertise regarding Enterprise Risk Management (ERM), Operational Risk Management (ORM) and an understanding of OCC products and services
  • Develop effective working relationships across OCC and be able to address a broad range of issues in conjunction with risk management specialists.
  • Strong background and understanding of credit, liquidity, market, and model risk.
  • Strong familiarity with Financial Market Utilities; securities and derivatives markets
  • In-depth understanding of risk management practices and methodologies, including risk assessment and a strong understanding of internal control and mitigation strategy concepts.
  • Strong leadership, project management and organization skills, including the ability to multitask, prioritize, delegate, and manage an effective and growing team.
  • Demonstrable evidence of specifying, designing, and delivering risk tools from scratch.
  • Experience in risk management, oversight, compliance, and audit principles and best practices.
  • Ability to work in a regulated environment, including with the SEC, CFTC, and Federal Reserve; familiarity with the Covered Clearing Agency regulations a plus.
  • Demonstrated record of creativity, independent thinking, and willingness to develop and drive new ideas.
  • Strong interpersonal skills, written and oral communication skills.
  • Ability to effectively communicate to all levels of the organization, including Management Committee and Regulators.
  • Microsoft Office proficiency including advanced Excel, PowerPoint, and Word
  • Experience with eGRC systems
  • Bachelor’s Degree in Finance, Operations, IT or Security discipline (or equivalent)
  • Master’s Degree (preferred)
  • 10 years+ progressive experience in operational risk management, enterprise risk, or risk consultancy
  • Certification in Operational Risk, Technology Risk or Cyber Risk preferred

Step 1
When you find a position you're interested in, click the 'Apply' button. Please complete the application and attach your resume.  

Step 2
You will receive an email notification to confirm that we've received your application.

Step 3
If you are called in for an interview, a representative from OCC will contact you to set up a date, time, and location. 

For more information about OCC, please click here.

OCC is an Equal Opportunity Employer

Apply About OCC
  • REQ-2036
  • Chicago - 125 S Franklin
  • Full Time Regular
  • Posted: May. 13, 2021

How to Apply

Step 1 - When you find a position you're interested in, click the 'Apply' button. Please complete the application and attach your resume.

Step 2 - You will receive an email notification to confirm that we've received your application.

Step 3 - If you are called in for an interview, a representative from OCC will contact you to set up a date, time, and location.

OCC is an Equal Opportunity Employer

Numerous studies have shown that people from groups that are traditionally under-represented in financial services apply to jobs only if they believe they meet 100% of the requirements. We want to break down this mindset to further diversify our workforce.

We encourage you to review our open positions and apply if you think your experience may be a match, even if you do not meet all of the qualifications. Your perspective may be an element we need to continue building innovative solutions to support the markets and market participants we serve.

OCC is a globally recognized entity that clears a multitude of diverse and sophisticated products. We want to reflect this in the diversity of our workforce.

This web site discusses exchange-traded options issued by The Options Clearing Corporation. No statement in this web site is to be construed as an endorsement, recommendation or solicitation to purchase or sell a security, or to provide investment advice. Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of the disclosure document, Characteristics and Risks of Standardized Options. Individuals should not enter into option transactions until they have read and understood this document. To obtain copies, contact your broker, any exchange on which options are traded, or The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606 ([email protected]).