Operational Risk Analyst

Description

Role: This position will be responsible for analyzing, developing, implementing, identifying, assessing and mitigating potential risks associated with business projects, internal processes, systems, human error, business decisions and operational activities to minimize potential losses and ensure business continuity. Ensure that the credit union assesses necessary business operation risk metrics and follows applicable laws and regulations and best practices. This position will also advise on strategies to mitigate operational risk.

Job Type: Full-time, on-site at our Westminster office in St. Paul, MN

Major Duties and Responsibilities

• Analyze risks associated with internal processes, systems, projects and human error.
• Work with business leaders to review and complete risk assessments for internal business projects, products and services.
• Report completed risk assessments to Regulatory Risk Manager, VP Enterprise Risk Management, and VP Enterprise Project Management.
• Develop mitigation strategies.
• Develop and implement strategies to reduce or eliminate identified risks from risk assessments completed.
• Creating and updating risk management procedures.
• Preparing and presenting risk assessments, mitigation plans and compliance reports to Regulatory Risk Manager and VP Enterprise Risk Management.
• Work with business leaders, including but not limited to, compliance, audit, legal, ERM, to ensure a comprehensive approach to risk management.
• Assist business leaders with developing and establishing controls, metrics, models and tools to estimate potential operational losses and monitor identified risks through reports or dashboards.
• Prepare operational reports, summaries, presentations and process documentation for the Regulatory Risk Manager and VP Enterprise Risk Management.
• Monitor compliance with established policies and regulations.
• Schedule and manage re-evaluation of all operational risk assessments on a semi-annual, annual or biennial basis unless changes occur in between review periods, then risk assessment should be updated at the time of occurrence.
• Analyze the impact of any new laws and regulations or amendments to existing regulations and advise management of the operational risk impact of these changes.
• Review and revise the credit union's forms and disclosures to ensure compliance with applicable laws and regulations.
• Work with legal counsel to ensure that the terms and conditions set forth in forms, contracts, applications, agreements and disclosures are accurate, complete and meet the needs of and properly protect the credit union.
• Coordinate with Project Managers to train on how to complete, review and finalize project risk assessments.
• Review system programming changes which affect controls and mitigation strategies and provide comments as what changes are necessary to monitor and mitigate risk.
• Review all advertising and marketing material for compliance, including website.
• Develop and maintain a library of operational risk materials and provide informational assistance to associates as requested.
• Attend industry recognized continuing professional education courses, seminars, and conferences as necessary to remain knowledgeable on current compliance and risk issues.
• Read current publications to stay abreast of industry changes.
• Read disclosures, regulations, policies and procedures on a daily basis and proofread a variety of materials on a regular basis.
• Responsible for acquiring and maintaining advanced knowledge of credit union products, services, promotions, and marketing materials.
• Escalate issues to Regulatory Risk Manager and VP of Enterprise Risk Management and oversee/govern remediation efforts on risk changes.
• Analyze data to better understand potential risks, concerns and outcomes of decisions.
• Aggregate data from multiple sources to provide a comprehensive assessment.
• Collaborate with business leaders to effectively analyze and present data.
• Conduct vendor research into potential vendors and understand the risks for each one.
• Identify economic and financial trends that may present an operational risk to the credit unions operations.
• Monitor internal and external data points that may affect the operational risk level of a decision.
• Assist with compliance training for onboarding or other requests.

Other Duties

• Comply with applicable laws and regulations, including but not limited to, the Bank Secrecy Act, the Patriot Act, and the Office of Foreign Assets Control
• Exhibit Blaze's Core Values: Better Lives, Thoughtfully Compassionate, Minnesota's Best, and Give Back
• Regular and predictable attendance
• Perform other duties as assigned to support effective department operation
• Lead by example

Requirements

Experience/Education/Certifications/Licenses

• AAS degree or equivalent
• 2-3 years of similar or related operational risk analyst experience in financial or related industry
• Risk Management Certification or willingness to obtain certification within one year of hire date
• Compliance Officer Certification or willingness to obtain certification within two years of hire date

Demonstrated Knowledge

• Strong knowledge of and practical experience with credit union and other financial institution operational risk duties, operating areas, functions, products and services, and the laws and regulations which apply to credit unions.
• Strong analytical, number, reasoning and strategy skills.
• Strong attention to detail.
• Good research skills and problem-solving ability.
• Strong organizational and time planning skills.
• Ability to conduct thorough research, interpret and understand laws and regulations and provide workable recommendations and solutions to problems.
• Well organized, efficient, detail-oriented, and able to work both independently and as a member of a team.
• Able to handle a variety of tasks and changing priorities simultaneously and in an effective manner.
• Ability to calculate figures such as percentages and sample sizes.
• Ability to understand complex regulatory issues.

Communication Skills

• Ability to develop and implement responses to members/staff to document and develop new and ongoing techniques to improve processes; written communications draw from expert information from the field whether as an individual contributor or manager.

Physical Requirements

• Ability to sit and stand; answer calls; operate computer; interact with internal staff and public on the phone; travel to designated offices; lift up to 20 lbs.

Diversity creates a healthier atmosphere, and we encourage diverse applicant depth and breadth. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, age, national origin, protected veteran status, disability status, sexual orientation, gender identity or expression, marital status, genetic information, or any other characteristic protected by law.

We are committed to providing salary ranges for all open positions. Please note that the specific compensation for this role will be determined based on your experience, qualifications, location, and internal equity considerations.

The starting salary range for this position is $63,128-$74,880. This range reflects the base starting salary for this position. We have other benefits associated with this position which include: low-cost medical (as low as $20 a paycheck), dental insurance, vision insurance, quarterly bonuses, generous vacation and sick time hours, paid leave options, up to 6% 401k contribution, and tuition reimbursement.