OPERATIONAL RISK ANALYST
Munich Reinsurance America, Inc. - New York, NY

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1. Reporting to the CRO, the risk analyst is responsible for supporting the CRO in managing the OE (Operational effectiveness) framework working closely with all departments of MEAG NY to facilitate the coordination of risk management activities across the business. Specific functions include:
  • Supports the CRO in managing the OE framework
  • Supports the definition and communication/training on risk management process and tools to enable consistent assessment, monitoring and reporting of risks
  • Coordinates the RCSA (Risk Control Self Assessment) process with all departments
    • Trains departments on process and tools
    • Coordinates and validates input and ensures consistency and quality
    • Aggregates input and provides consolidated reporting
  • Coordinates the KRI (Key Risk Indicators) process with all departments
    • Supports departments in development, monitoring and reporting of KRI’s
    • Aggregates input and provides consolidated reporting
  • Coordinates the Operational Risk Incident Register process
    • Coordinates and validates input and ensures consistency and quality
    • Aggregates input and provides consolidated reporting
  • Follows up with departments on operational risk management matters by
    • analyzing root causes of operational risks and incidents
    • defining and implementing appropriate countermeasures
  • Proactively thinks about ways to mitigate operational risk and defines actions to implement proposed improvements
  • Facilitates and supports the coordination of risk management activities across the business
  • Aggregates and prepares analysis of business risk profile
  • Maintains the risk management manual which documents the OE framework

Close cooperation with the compliance department is key to ensure clear defined roles & responsibilities between the risk group and compliance group. Specific functions in this regard include:
  • Internal review of policies & procedures. In close cooperation with the compliance department, the risk analyst will perform an independent review of the adherence of departments to their policies & procedures. The results will be reported to the department and in case of material findings to the OEC (Operational Effectiveness Committee (CEO, CCO, CRO))
  • Providing guidance to departments in terms of defining and documenting policies and procedures
  • Providing guidance to all departments how risk and compliance processes work together

In addition, the risk analyst will be in charge to manage some processes that are directly related to mitigating operational risk, namely
  • Manage the new product process (project to implement all necessary functions before a new product is approved on the product positive list)
  • Manage the product positive list (list of approved products)

PREFERRED QUALIFICATIONS:

Basic Knowledge, Skills, And Experience:

(1) Strong understanding of asset management business and related risk areas
(2) Operational experience with Enterprise Risk Management / Operational Risk Management and project management
(3) Strong analytical skills and ability to constructively challenge risk assessments
(4) Effective written and verbal communication skills and coaching ability to help drive risk management culture within the business
(5) Direct reporting to the CRO, strong collaboration with other risk and control departments (e.g., Compliance, HR), and open dialog with departments
(6) 3-5 years of relevant experience (within similar function, Internal Audit function or Consulting function)
(7) Graduate degree preferred
(8) Strong MS office skills particularly in Excel. Capability to implement tools and processes to consolidate large amount of data assessing potential usage of IT support
(9) Pragmatic in approach yet innovative and inquisitive; flexible and adaptive to changing demands

Munich Reinsurance America, Inc. - 2 years ago - save job