Third Party Risk Oversight Manager
Third Party Risk Management Lead with extensive knowledge of risk mitigation and internal control evaluation within the financial services industry. This person must be a strategic thinker with a solid understanding of risk and control identification, as well as the ability to identify control weaknesses and challenge issues as necessary. This position will oversee a small team and will provide them with coaching and training. This position must also maintain strong relationships with the line of business (LOB), other risk partners, and senior management to effectively influence changes that will improve the risk and control environment. This position is the key contact for the Risk and Control Self-Assessment (RCSA) and other Third Party Risk Management tools and programs for assigned areas.
Job Responsibilities:
Risk Partnership
- Knowledge: Extensive knowledge of end-to-end processes to be able to serve as a subject matter expert for operational performance issues that arise. Responsible for more complex business areas and topics.
- Analysis of RCSA: Collaborate with the first line business experts to create a real-time RCSA to define and document business processes and new initiatives including the assessment of key processes, risks, mitigating controls and action plan development. Reach conclusions that are supported by facts and sound reasoning and that recognize broad themes and issues.
- Challenger: Use subject matter expertise and industry knowledge to provide independent oversight and credible challenge to the Line of Business' operational risk management activities. Successfully review and challenge business operational risk management practices and outcomes. Understand, review and challenge front line risk acceptances.
- Trusted Advisor to FLOD: Become a trusted advisor through developing and maintaining strong positive working relationships with FLOD, incorporating industry knowledge of operations for assigned lines of business. Meet with the business partners regularly and help with ad-hoc projects including, issues, application changes, vendor changes, etc.
- Partnership Throughout Organization: Build and maintain effective partnerships and communicate effectively with all levels of the organization including senior management, other risk partners, internal audit, and regulators to meet overall strategic objectives.
- FLOD Prioritization: Provide appropriate risk management feedback on prioritization by the front line to enable the business to meet strategic objectives, while meeting operational risk program expectations.
- Manage FLOD deadlines: Partner with FLOD on scope to ensure commitments are achieved within agreed-upon timeframes and advance appropriately when risks, significant issues, or challenges arise.
- Collaborate on LOB Process Changes: Working with business partners to support and lead initiatives with that impact key business processes and identify risks and controls through the Risk and Control Self-Assessment (RCSA)
- Trend Knowledge: Collaborate on business and industry trends that present opportunities and advise the Line of Business in moving forward with new business in a controlled environment.
Risk Management and Internal Controls
- Improving Controls: Apply strong business and risk judgment and critical thinking in identifying opportunities for risk and control improvements and then collaborate to develop and implement solutions. Partner with business and risk teams to deliver well-managed, innovative solutions.
- Issues Management: Assist business units with timely reporting and correction of operational risk incidents including root cause analysis and development of mitigating action plans (KPI/KRI/Corrective Action Plans)
- Third Party Risk oversight manager Program Challenger: Continuously look for ways to improve and innovate in the Bank's approach to risk management. Maintain subject matter expertise on operational risk management regulatory guidance and industry practices. Leverage experience to bring industry leading standards, practices, and tools to the organization.
- Timely Escalation of Risk Concerns: Escalate operational risk concerns to Third Party Risk (TPR) management that could have a significant impact to the Bank's risk profile. Escalate appropriately and timely any concerns that could put timeliness and completeness of deliverables at risk.
- Problem Solving: Collaborate with the TPR team and business partners to lead projects, solve problems, and dissect complicated issues. Lead discussions and answer questions regarding operational and operational risk topics.
- Documentation: Must be able to properly document understanding of end-to-end business processes, in both Word (narrative) and Flowchart (Visio) formats.
Monitoring and Other
- Management: Oversee a team of 1-3 individuals to manage the day-to-day operations as described above.
- Monitor FLOD Testing: Monitor ongoing testing results to deadlines and perform risk monitoring activities as assigned, specifically for risks and controls relative to high-risk business processes.
- Quality: Perform Quality Assurance reviews on work of lesser experienced staff.
- Improvements: Help lead and/or identify departmental initiatives and enhancements.
- Coaching/Training: Assist with the coaching and training of lesser experienced staff.
- Provide assistance to the Third Party Risk program Manager and/or Operational Risk Director as needed; help meet internal deadlines.
- Other As Needed: Assists with other risk management activities as needed.
Position Qualifications:
- Bachelor's Degree from an accredited university or 4 years of relevant experience.
Master Degree preferred - 6 years or more experience with Risk or Equivalent Experience: Experience in risk management, governance, Third Party risk or similar role within the financial services industry. Experience using Archer is preferred
- 6 years of more experience with the knowledge of an extensive understanding of financial services processes (Technology, Procurement etc. and able to speak to the processes with the management of the FLOD. Experience using Archer is preferred
- 4 years or more of experience with change management and control
Licenses & Certifications:
- PMP (Project Management Professional) OR PgMP (Program Management Professional) preferred
Work Best Category: Category C - Days in the office will either be designated days or will vary week to week from 2-5 days
Hours: 8:00am - 5:00pm Monday - Friday
Salary: To Be Determined Based on Individual Experience
About Comerica
We know our employees are critical to our overall success and we are dedicated to investing in their future. One of the ways we do this is to offer a comprehensive Total Rewards package designed to recognize and reward individual performance, as well support health, well-being, development and security for our colleagues and their family. Total Rewards consists of cash compensation, development and flexible benefit programs designed to meet individual needs today and in the future. Your salary will be commensurate with your work experience and our programs are reviewed regularly to ensure each remain competitive. We are proud to offer benefits such as health and welfare programs, strong retirement benefits, and generous paid time off programs. You and your eligible family members, including domestic partners and their children, can participate in medical, dental, and vision benefits, 401(k) and pension, income protection benefits such as life insurance, AD&D, and supplemental health programs to offset unexpected health care expenses. We also have a variety of time off programs for things like vacation, sick time, disability, and parental leave. Eligibility for some programs varies based on employment status and tenure.
Upon offer, Comerica conducts a comprehensive background and fingerprint check.
NMLS certification requirement: where applicable, a favorable background check screening, credit check, fingerprint check, and NMLS certification is required in accordance with the SAFE Act.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned into three major business segments; the Commercial Bank, the Retail Bank, and Wealth Management. Comerica's colleagues focus on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
Comerica is proud to be an Equal Opportunity Employer - veterans/individuals with disabilities, committed to workplace diversity.
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Comerica Bank
life insurance, parental leave, paid time off, sick time, 401(k)
Jan 08, 2025