Monitors and supports activities to minimize the company’s exposure to risk. Activities may include quantitative analysis, risk identification and remediation. Represents and supports the reputation of the company by minimizing compliance and regulatory risk(s) through supporting execution against the Enterprise Risk Management Framework by proactively identifying and resolving emerging and material risks and ensuring adherence to company and legal standards. Responsible for ensuring that all of the company’s activities adhere to the necessary rules and regulations, and that the company complies with legal/regulatory statutes and jurisdictions. Evaluates the adequacy and effectiveness of business unit risk management.
Job Function: Business Control
Ensures transparency of business results, finance and processes. Typically organizes a reporting system and tracks goals accomplishment, collect and process data and provides managers with all necessary company management data and information.
Summary of Responsibilities:
The Business Control & Risk Management Specialist operates within the First Line of Defense and is responsible to assist the Business Control & Risk Management unit on the execution against the Enterprise Risk Management Framework. Specifically, the Business Control & Risk Management Specialist works to identify, assess and action various risks throughout the assigned business line by, assisting with business unit compliance with applicable regulatory/legal obligations, and a high degree of adherence to Corporate and Business Line Policies and Standards. The Business Control & Risk Management Specialist will also assist with completion of business line risk initiatives, as assigned, such as risk assessments, KRI/KPI development, and timely complete remediation of issues.
Assists in the execution of both Operational and Compliance Risk Control Self-Assessments (RCSA’s).
Conducts walk-throughs and documents internal processes by developing and/or enhancing process maps and narratives.
Independently conducts control testing, which will include inquiry with management and staff, on-site observations, examination & analysis of data and potential re-performance, depending on the control and the level of risk being mitigated. Analyzes documentation for evidence of successful and efficient performance.
Through walkthroughs and testing, identifies possible internal control breakdowns and gaps and report them to management.
Identifies opportunities for improvement that will strengthen the overall control environment.
Assists with the development and documentation of achievable and sustainable action plans to remediate identified control weaknesses and performs validation testing upon business line execution.
Interprets regulations affecting the control environment with large degree of independence and suggests methods of updating policies and practices to address any risk concerns.
Manages complex projects that involve working with businesses to improve controls to mitigate any deficiencies.
Provides input in the development and helps execute the annual risk education and awareness training.
Provides guidance and feedback on operating process and internal control improvement initiatives.
Partners with Internal Audit, Compliance, and/or lines of business for control testing and regulatory requests; escalating issues as needed.
Provides thematic analysis of issues for business to identify emerging trends.
Assesses audit results/recommendations and assists lines of business with developing corrective action plans, as necessary.
Reviews current policies and procedures to identify process gaps and opportunities for improvement.