What are the responsibilities and job description for the Operational Risk Officer position at The Harbor Bank of Maryland?
Title :
Operational Risk Officer
Department :
Credit Administration
Reports to :
Chief Credit & Risk Officer
Status : Exempt
I. Summary
The Operational Risk officer has a duty to the Harbor Bank of Maryland to work with management and staff to identify and manage operational risk. Their objective is to limit, mitigate and remediate operational risk, the uncertainties and hazards the Harbor Bank of Maryland faces when it attempts to do its day-to-day business activities within a given business unit. The Operational Risk Officer will also be responsible for handling all aspects of vendor risk management at the Bank. Areas of responsibility include contract review, vendor onboarding and coordinating with business lines to ensure ongoing vendor due diligence in accordance with company policy and guidelines.
II. Role and Responsibilities - Operational Risk Officer
- Provide oversight and implementation of reporting risk activities as per guideline across business unit operations.
- Implement and manage the Bank's Third-Party Risk Management (TPRM) program, including being aware of all risk exposure the Bank has, and the management of policies and procedures associated with TPRM.
- Conduct business impact analysis summaries to quantify risk exposure for prospective, new and / or critical vendors in accordance with TPRM and vendor management framework.
- Oversee the Bank's vendor management program and collaborate with Compliance and Risk to assess and understand vendor risk and develop a comprehensive vendor management program.
- Coordinate with business lines to assist with operational risk management practices and reporting (including risk assessments, vendor due diligence, etc.), in accordance with HBM policies, and to implement mitigation strategies where required.
- Work closely with business lines to review and identify contract issues and work with Bank counsel to interpret, recommend, draft, and negotiate contractual terms and conditions.
- Work with business lines to identify and assess risks associated with various types of changes, including documentation changes, IT changes, and new or changed products and services.
- Enhance continuous monitoring protocols and reporting, leveraging automated tools and technologies.
- Perform analytics on consumer complaint data to identify trends and report for review.
- Perform analysis of aggregate data to identify trends and assess the effectiveness of issue management and corrective actions.
- Assist with periodic monitoring of key risk indicators to identify risk exposures across the organization and prepare reports for review by Senior Management and the Board regarding trends and areas of increasing risk.
- Assist with the preparation of reports and meeting agenda and gathering of meeting materials for scheduled Risk Management Committee meetings.
- Monitor for regulatory changes and notify potentially affected areas.
- Perform additional duties as assigned or required.
III. Role and Responsibilities - CRA Officer
The CRA officer's primary goal is to ensure that the Bank maintains compliance with the intent of the Community Reinvestment Act (CRA) so that the goals of meeting the credit needs of the communities the Bank serves, including low- and moderate-income neighborhoods, are met.
Skills and requirements
Compensation Range : $90,000-$115,000 USD
The pay range for this position is competitive and is based on several factors, including relevant experience, skills, education, and market conditions. We believe in rewarding our employees fairly and transparently, and compensation will be determined based on the candidate's qualifications and performance.
Salary : $90,000 - $115,000
