What are the responsibilities and job description for the VP, Business Risk and Control Officer position at Cathay Bank - Headquarters?
VP, Business Risk and Control Officer
El Monte, CA, USA Req #2333
Thursday, January 9, 2025
People Drive Our Success
Are you enthusiastic, highly motivated, and have a strong work ethic? If yes, come join our team! At Cathay Bank - we strive to provide a caring culture that supports your aspirations and success. We believe people are our most valuable asset and we proudly foster growth and development empowering you to achieve your professional goals. We have thrived for 60 years and persevered through many economic cycles due to our team members' drive and optimism. Together we can make a difference in the financial future of our communities.
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Supporting various credit function business units / divisions such as Credit Administration and Loan Operations.
GENERAL SUMMARY
The VP, Business Risk and Control (BRC) Officer has reporting lines to EVP of the Business / Division(s) (direct reporting relationship) and SVP, Director of ERM (indirect reporting relationship). The primary responsibilities of the BRC Officer include identifying, assessing, monitoring, and reporting of all relevant risks related to the assigned Division(s) to manage risk exposure, and timely escalation of risk issues. The BRC Officer will need to use exceptional communication and relationship management skills as part of working directly with the business(es) and other first line and second line SMEs to regularly assess risk exposures and effectiveness of controls as part of a sound first line testing and risk management program. This role will require the individual to develop and apply in-depth knowledge of the bank's risk management policies, guidelines, and practices with a strong focus on first line execution. The BRC Officer will also utilize the bank's existing GRC tools and engage with the second line Enterprise Risk Management team to ensure effective risk reporting to senior leadership and the Board. The BRC Officer will be expected to execute the Risk Management Framework and is responsible for promoting a risk-aware culture within their assigned division(s).
ESSENTIAL FUNCTIONS
- Responsible for jointly managing the risks with the EVP(s) of each assigned Division(s).
- Coordinate and conduct all key risk activities across the Division(s) to ensure material / key risks are identified, escalated, managed and remediated timely.
- Work collaboratively within the assigned Division(s) as well as with second line and third line to coordinate risk management reporting and internal audit requests.
- Act as a subject matter expert on key business processes and related risk exposure and control activities within the respective assigned division(s).
- Apply the bank's approach in executing key risk management program components across all first line operational, financial, reputational, and strategic risks including but not limited to Risk and Control Self-Assessment (RCSA), fraud risk assessments, Key Risk Indicators (KRI), issues management, and operational loss analysis.
- Responsible of conducting annual enterprise risk assessment for the assigned Division(s) by ensuring business / strategic plans are consistent with the Bank's Risk Appetite Framework and limits, and the Division(s) objectives, success factors, and risk profile.
- Support the effective challenge of RCSAs completed by the first line and ensure necessary updates are made, as needed.
- Work with the front-line business unit line in assessing controls design, operating effectiveness, and suggesting enhanced controls and mitigation measures, as needed.
- Maintain ongoing dialogue with key business representatives to ensure material risks are integrated in their decision making.
- Build and coordinate quarterly risk reports for respective risk review meetings.
- Assist and represent the first line during internal and external audits and regulatory examinations.
- Act as SME and assist in development of Division-level policies and procedures.
- Train and facilitate first line team members to identify key preventative and detective controls.
- Develop and update actionable risk management dashboards for their respective Division(s) to include key risk indicators. Ensure alignment of management reports within business line risk report.
- Coordinate the completion of risk mitigating action plans and provide status updates of open / closed issues.
- Define report performance metrics and KRI to monitor high risks to Division(s) using data collected from risk issues solutions. Provide root cause analysis on all breaches to identify gaps and assist with remediation efforts.
- Investigate large or repetitive loss events impacting the Division(s) to assess potential systemic weakness and ensure appropriate corrective action is taken.
- Stay abreast on specific reporting standards, regulatory requirements, and bank system changes / enhancements.
- Assist with research and special risk-related initiatives as needed.
QUALIFICATIONS
Education :
Experience :
Skills / Ability :
OTHER DETAILS
120K - $165K / year
Pay determined based on job-related knowledge, skills, experience, and location.
Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).
Cathay Bank may collect personal information from potential job candidates and applicants. For more information on how we handle personal information and your applicable rights, please review our Privacy Policy .
Cathay Bank is an Equal Opportunity and Affirmative Action Employer. We believe in diversity, equity, and inclusion in the workplace. We welcome applications for employment from all qualified candidates, regardless of race, color, ethnicity, ancestry, citizenship, gender, national origin, religion, age, sex (including pregnancy and related medical conditions, childbirth and breastfeeding), reproductive health decision-making, sexual orientation, gender identity and expression, genetic information or characteristics, disability or medical condition, military status or status as a protected veteran, or any other status protected by applicable law.
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Cathay Bank endeavors to make www.CathayBank.com accessible to any and all users. If you would like to contact us regarding the accessibility of our website or need assistance completing the application process, please contact, Mickey Hsu, FVP, Employee Relations Manager, at (626) 582-7370 or mickey.hsu@cathaybank.com . This contact information is for accommodation requests only and cannot be used to inquire about the status of applications.
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Salary : $120,000 - $165,000
