Senior Principal Operational Risk Oversight (Credit Strategies and Underwriting)

$75,500 - $127,900/Yr

Discover Financial Services - Deerfield, IL

Full-time - Senior

Remote - Deerfield, IL

Credit Intermediation and Related Activities

About the position

The Senior Principal Operational Risk Oversight role at Discover Financial Services is a critical position responsible for overseeing operational risk activities specific to a designated business line or corporate function. This role involves advising, assessing, and effectively challenging all operational risks and mitigants, ensuring alignment with the business's risk appetite and objectives. As an individual contributor, the Senior Principal will collaborate with a team of professionals and work closely with business line leaders, control leaders, and other stakeholders, including compliance risk and internal audit teams. A key aspect of this role is to participate in the establishment of a robust second line of defense operational risk organization. The Senior Principal will engage with various corporate and non-financial risk teams to ensure the effective implementation of enterprise and operational risk programs. This includes driving the effective challenge process of these programs and managing ongoing activities such as monitoring, testing, and operational risk assessments to maintain strong risk management practices and a solid control environment. The individual in this role will be expected to influence and engage with business partners at all levels, escalate risks when necessary, and actively participate in governance and operational risk oversight activities. Additionally, the Senior Principal may lead cross-team special projects and conduct ad hoc analyses and reporting to senior management regarding operational risks. Collaboration with colleagues across Operational Risk Oversight, Non-Financial Risk Management, and other business lines is essential to ensure effective risk management and operational oversight.

Responsibilities

• Provide support, coaching, development opportunities, and feedback to other team members.
• Define and execute the risk-based approach to independent risk assessments and oversight for the business.
• Define the monitoring and testing strategy to ensure effective oversight of the business and leverage results from NFRM Testing COE.
• Execute operational risk advisory and effective challenge for programs across the Non-Financial Risk Programs.
• Engage with business leaders in governance and management committee forums to promote a culture of effective risk management.
• Create and update status reports of program initiatives, activities, and nonfinancial risks to management and committees, escalating concerns and successes.
• Develop and coach a team to identify, manage, and escalate credit operational risks.
• Scope and execute risk assessments in the Credit strategy and origination organization.
• Assess operational risk for credit card application intake process, home loans, personal loans, and other related processes.
• Monitor and review credit operational risk KRIs and report on breaches or elevated risk levels.
• Maintain good relationships with business stakeholders and Business Risk Officers, effectively challenging issues and supporting the business in maintaining operational risk within acceptable levels.

Requirements

• Bachelor's degree in finance, business, or related field.
• 5+ years of experience in operational risk management or related field.
• Strong understanding of operational risk frameworks and methodologies.
• Experience in advising and challenging operational risk programs.
• Excellent communication and interpersonal skills to engage with stakeholders at all levels.
• Proficiency in reporting and quantitative/qualitative analysis, with medium to advanced Excel skills.

Nice-to-haves

• Master's degree in finance, business, or related field.
• Experience with large-scale data analytics and financial systems (Excel, Tableau, Hyperion, Smartview).
• Knowledge of compliance risk and internal audit processes.

Benefits

• Paid Parental Leave
• Paid Time Off
• 401(k) Plan
• Medical, Dental, Vision, & Health Savings Account
• Short-Term Disability, Life, Long-Term Disability, and Accidental Death & Dismemberment Insurance
• Recognition Program
• Education Assistance
• Commuter Benefits
• Family Support Programs
• Employee Stock Purchase Plan