Enterprise Risk Management - Wholesale Payments Risk Management (WPRM) AVP

Bocusa; New York (NY); On-site; USD 65,000 - 150,000; Full time

Job summary

A forward-thinking financial institution is seeking an AVP for their Enterprise Risk Management Department. This role involves managing Wholesale Payments risk, overseeing risk governance, and ensuring compliance with regulatory standards. The ideal candidate will have a strong background in banking and risk management, with the ability to develop and execute risk management strategies. Join a dynamic team where your expertise will contribute to maintaining a robust risk culture and protecting the bank's interests. This is an exciting opportunity to make a significant impact in a well-established organization.

Qualifications

• 5+ years of experience in Banking and Risk Management.
• Knowledge of Operational and Wholesale Payments Risk Management.

Responsibilities

• Manage Wholesale Payments Risk and ensure adherence to risk governance.
• Develop and enhance risk management processes and policies.

Skills

Risk Management

Banking Experience

Regulatory Knowledge

Operational Risk Management

Bilingual (English and Chinese)

Education

Bachelor's Degree

Master's Degree

Job description

Introduction

Established in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.

Overview

Bank of China New York (“BOCNY” or the Bank) Enterprise Risk Management Department (“ERM”) is responsible for managing the Bank’s enterprise risk as a function of second line of defense according to the Bank’s risk governance framework. The AVP will manage the Wholesale Payments (WP) Risk in executing and overseeing the WP risk management in Settlement and Custody, oversighting the front business units’ WP risk management, and ensuring the Bank’s risk exposure within risk appetite, and protect the Bank with safe and sound risk management.

Responsibilities

Include but are not limited to:

Risk Governance

• Administrator of the WP Risk Committee
• WP project management office for the department
• Build of strong governance in WP risk management
• Management of internal audit and regulatory matters

Program Execution

• Develop, execute and enhance of the Branch-wide WP risk management
• Review, update and maintain all WP related policies and procedures
• Execute WP risk management processes to identify, measure, monitor, manage and report risks
• Ensure the effective implementation of the Branch’s WP risk management through training, awareness and monitoring
• Promote sound WP risk culture across the Branch by supporting and providing oversight to the first line of defense through various WP risk management
• Review and challenge WP risk assessments conducted by both FLUs and IRM
• Develop WP risk reports, and provide recommendations to remediate identified deficiencies
• Ensure a timely and efficient remediation plan is developed for WP risk management issues, and oversee the implementation of rectification
• Implement and ensure execution of the exception management process

Risk Analysis and Reporting

• Aggregate WP risk profile utilizing the appropriate methodology
• Ensure ongoing communication of risk initiatives to the relevant committees
• Respond to regulatory inquiries related to WP risk management

Management

• Provide training, feedback and professional development opportunities to team members
• Execute and ensure adherence to all policies and procedures impacting WP Risk Management
• Ensure adherence to Branch policies and procedures
• Support with the execution of department strategic objectives

Qualifications

• Bachelor degree required; Master’s degree preferred.

• Minimum 5 years of Banking work experience.
• Minimum 5 years of Risk Management experience.
• Minimum 3 years of Wholesale Payments or Custody experience.
• CFA/CPA/FRM/MBA/PMP preferred but not required
• Bilingual ability in English and Chinese preferred
• Demonstrate Regulatory and compliance knowledge and Financial / banking industry and business line knowledge
• Demonstrate knowledge in Operational and/or WP Risk Management framework

Pay Range

Actual salary is commensurate with candidate’s relevant years of experience, skillset, education and other qualifications.

USD $65,000.00 - USD $150,000.00 /Yr.