Operational Risk Management Department-Third Party Risk Management AVP/Associate

Bank of China Limited, New York Branch; New York (NY); On-site; USD 42,000 - 150,000; Full time

Job summary

Bank of China Limited, New York Branch is seeking an experienced AVP to lead Third Party Risk Management. The incumbent will establish and enhance the TPRM framework, draft policies, and oversee annual work plans, risk assessments, and lifecycle activities within the bank's risk management program.

The role requires strong knowledge of regulatory requirements, operational risk, and IT risk, with oversight for BSA/AML compliance and risk reporting across business units.

Qualifications

• Bachelor’s degree required; advanced degree preferred.
• 5+ years in financial services; AVP level.
• 5+ years in risk management; 2+ years in third-party risk management for AVP.
• Knowledge of operational risk management, regulatory compliance, IT risk, and banking workflows.

Responsibilities

• Establish and enhance the Third Party Risk Management Framework and policies.
• Develop and execute TPRM annual work plans; conduct risk assessments.
• Monitor lifecycle activities; provide guidance to First Line Units.
• Ensure documentation completeness; prepare aggregated risk reports.

Skills

Operational risk management

Regulatory compliance

Third party risk management

Vendor risk assessment

BSA/AML compliance

Education

Bachelor's degree

Advanced degree preferred

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

The incumbent is responsible for all aspects of and will provide oversight, guidance and challenge to the Bank’s Third Party Risk Management (TPRM). S/he will establish and enhance the Third Party Risk Framework, draft and maintain TPRM policies and standards, develop and execute TPRM annual work plans, and conduct periodic risk assessments. S/he will also assess, monitor and track TPRM lifecycle activities, ensure documentation completeness, and prepare aggregated TPRM reports on risk data and analysis.

Responsibilities

Include but are not limited to

Third Party Risk Management Framework

• Establish and enhance the Third Party Risk Framework, ensure it consists of appropriate components to effectively manage third party risks
• Update third party risk management policies and procedures
• Develop and execute a third party risk annual work plan to review and challenge risk identification, assessment, control evaluation and testing activities
• Utilize a consistent risk rating methodology for controls that aligns with the Operational Risk Framework
• Conduct periodic risk assessment of third party risks

Third Party Risk Management Lifecycle & Implementation of TPRM Second Line Review

• Assess, monitor and track third party risk management lifecycle activities as second line of defense
• Provide third party risk management guidance to First Line Units ("FLUs")
• Ensure the completeness of the central documentations of the bank wide third party population
• Prepare aggregated third party risk report
• Keep abreast of current industry tools, trends, and regulatory requirements
• Work with other SMEs under the third party risk management framework to ensure the third party risk management activities are efficient
• Ensure third party risk management system is implemented and all updates are installed timely
• Provide timely training of system upgrades or updates to all system users

Risk Assessment

• Assist with new product management risk assessment process
• Assist with RACA quarterly review in the expertise of third party risk management

BSA/AML, Compliance, and Talent Management

• Complete required BSA/AML, and other compliance trainings as provided
• Beware of BSA/AML issues, provide risk warnings to First Line Units and internal risk management departments when noticed

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Qualifications

• Bachelor’s degree is required, and an advanced degree is preferred
• Minimum 5 years of work experience in financial service industry is required for AVP level
• Minimum 5 years of work experience in risk management and minimum 2 years of third party risk management experience are required for AVP level; Minimum 1 year of work experience in third party risk management is required for Associate level
• Knowledge of operational risk management and assessment, regulatory and compliance, general IT risk/IT operation as well as business lines and workflow in financial/banking industry is required
• Certified Third Party Risk Professional or Certified Regulatory Vendor Program Manager is preferred but not required

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

USD $42,000.00 – USD $150,000.00 /Yr.