Operational Risk Analyst III (Third Party Risk)
Company: Navy Federal Credit Union
Location: Vienna
Posted on: October 8, 2024
Job Description:
Overview The Procurement and Vendor Management Operational Risk
Analyst supports effective departmental management under NFCU risk
management practices in collaboration with business process owners.
The Analyst role proactively builds and maintains risk and control
matrices to identify, assess, monitor, update, and report
operational control monitoring results related to procurement and
vendor management.Develop, lead and approve risk assessment
projects to assess compliance with federal and state regulatory
requirements, industry standards, and Navy Federal operating
procedures. Maintain and update Operational Risk procedural
manuals, job aides, and tools. Develop and assist in overseeing the
most complex and highly specialized risk assessment scopes. Perform
and validate in depth and comprehensive gap analyses to determine
the root cause of process gaps and regulatory compliance failures.
Serve as liaison with Internal Audit and Regulatory Compliance to
ensure adherence with Enterprise and Compliance Risk Management
requirements. Administer and oversee the compliance monitoring
platform and data entry to ensure adherence with regulatory
government agencies requirements. Lead and assist in leading
complex/difficult tasks of significant impact and latitude
requiring advanced analysis.
Talent QuestThis position is eligible for the TalentQuest employee
referral program. If an employee referred you for this job, please
apply using the system-generated link that was sent to you.
Responsibilities
- Perform and facilitate the collection, review and assimilation
of RCSA assessment data and reporting into concise and meaningful
reports
- Develop and monitor Procurement and Vendor Management Key Risk
Indicators (KRIs) and Key Performance Indicators (KPIs) and
contribute to development of dashboards, scorecards and reports to
support management activities
- Supports the execution of front-line controls, self-assurance,
RCSAs, independent risk testing, and audit activities as
directed
- Plan the research for and development of specialized risk
assessment scopes
- Collaborate with management and personnel to optimize risk
assessment scope development
- Identify potential business risks, operational and regulatory
process deficiencies and improvement opportunities
- Gather and synthesize data; present conclusions and offer risk
mitigation, remediation and process improvement solutions to
management
- Lead/conduct and assists provide expertise in with the
administration of specialized risk assessment and testing
lifecycles of business activities, processes, policies and
procedures for operational effectiveness and compliance with
regulatory requirements, federal and state laws, and Navy Federal's
quality control standards, policies and procedures
- Develop, lead and oversee efforts to improve the efficiency and
effectiveness of operations and risk mitigation processes
- Prepare and present to management and/or affected business unit
summaries, operational and regulatory risk assessment reports,
trending, and remedial or mitigation solutions
- Maintain effective communication with other business units and
support teams to remediate errors and assist with implementation of
corrective actions related to non-compliance with policies and
procedures
- Partner and maintain effective working relationships with
management to evaluate the progress of risk assessments and key
issues raised during the review process and to facilitate the
overall improvement of internal control structures
- Develop and help administer optimal data testing and sampling
strategies to ensure the most effective risk detection, analyses
and control solutions
- Develops new and updates Operational Risk policies and
procedures
- Analyzes the impact of changes to federal and state regulations
and makes recommendations for changes to policies, procedures and
practices to ensure compliance
- Perform other duties as assignedQualifications
- Expert knowledge and understanding of risk-based auditing
techniques and methodologies
- Minimum of 2-3 years of hands-on experience with risk and
controls self-assessments (RCSA)
- Significant experience that demonstrates the ability to
research, compile, and document data, business processes, and
workflow
- Advanced knowledge in Procurement and Vendor Management, and
Third-Party Risk Management
- Demonstrated experience supporting or evaluating data
integration processes across common platforms (e.g., Service Now,
Pega, SharePoint Online, PowerBI, etc.)
- Advanced skill interpreting, extrapolating, and interpolating
data for statistical research and modeling
- Advanced knowledge of applicable federal and state regulations,
company policies, and industry best practices
- Working knowledge of various data structures and ability to
extract data sources (e.g., SharePoint, Service Now, PowerBI)
- Expert knowledge of operational and regulatory risk control
concepts and practices
- Proven ability to plan, organize and effectively execute risk
mitigation and process improvement initiatives
- Advanced knowledge of products, services, processes,
requirements, and systems related to the business unit
- Advanced skill analyzing statistics and reports to determine
business performance and trends
- Ability to comprehend, analyze, interpret, communicate and
apply government and financial industry regulations related
principles and practices, and company instructions, procedures and
policies
- Advanced Microsoft Excel and Power Point skills
- Ability to work independently and in a team environment
- Significant experience in collaborating across organizational
boundaries and building partnerships across various functions
- Significant experience in managing multiple priorities
independently and/or in a team environment to achieve goals
- Expert organizational, planning and time management skills
- Expert research and analytical skills
- Expert communication and negotiation skills
- Expert skill maintaining accuracy with attention to detail and
meeting deadlines
- Expert communication and negotiation skills with ability to
exercise good judgement and tact in dealing with Navy Federal
senior management
- Expert customer service focus and relationship management
skills
- Expert skill using innovative thinking to solve problems and
facilitate the decision-making process
- Advanced word processing and spreadsheet software skills
- Advanced presentation software skills
- Bachelor's Degree in Business Administration, Auditing, or
related field or equivalent combination of training, education and
experienceDesired Qualifications
- Experience in Third- Party Risk Management
- Working knowledge of Navy Federal's products, services,
programs, policies, and procedures
- CPA, CIA, CFA, CRCM, PMP, NCCO, NCRM, CRMA
- Master's Degree in related field or equivalent combination of
training, education and experience
- Advanced knowledge of state and Federal laws; industry
regulations, principles, and practices; and company policies that
govern the business unit's products/services
- PMP Certification (or commensurate experience managing
corporate-wide projects)
- Advanced degree in Data Analytics, Information Systems, or
related fieldHours: Monday - Friday, 8:00AM - 4:30PMLocation: 820
Follin Lane, Vienna, VA 22180About Us Navy Federal provides much
more than a job. We provide a meaningful career experience,
including a culture that is energized, engaged and committed; and
fierce appreciation for our teams, who are rewarded with highly
competitive pay and generous benefits and perks. * Best Companies
for Latinos to Work for 2024* Computerworld Best Places to Work in
IT* Forbes 2024 America's Best Large Employers* Forbes 2023 The
Best Employers for New Grads* Fortune Best Workplaces for
Millennials 2023* Fortune Best Workplaces for Women 2023* Fortune
100 Best Companies to Work For 2024* Military Times 2023 Best for
Vets Employers* Newsweek Most Loved Workplaces * Ripplematch Campus
Forward Award - Excellence in Early Career Hiring* Yello and WayUp
Top 100 Internship ProgramsFrom Fortune. 2024 Fortune Media IP
Limited. All rights reserved. Used under license. Fortune and
Fortune Media IP Limited are not affiliated with, and do not
endorse products or services of, Navy Federal Credit Union.Equal
Employment Opportunity: Navy Federal values, celebrates, and enacts
diversity in the workplace. Navy Federal takes affirmative action
to employ and advance in employment qualified individuals with
disabilities, disabled veterans, Armed Forces service medal
veterans, recently separated veterans, and other protected
veterans. EOE/AA/M/F/Veteran/Disability
EOE/AA/M/F/Veteran/DisabilityHybrid Workplace: Navy Federal Credit
Union is a hybrid workplace, and details will be discussed during
your interview process.Disclaimers: Navy Federal reserves the right
to fill this role at a higher/lower grade level based on business
need. An assessment may be required to compete for this position.
Job postings are subject to close early or extend out longer than
the anticipated closing date at the hiring team's discretion based
on qualified applicant volume. Navy Federal Credit Union assesses
market data to establish salary ranges that enable us to remain
competitive. You are paid within the salary range, based on your
experience, location and market positionBank Secrecy Act: Remains
cognizant of and adheres to Navy Federal policies and procedures,
and regulations pertaining to the Bank Secrecy Act.
Keywords: Navy Federal Credit Union, Silver Spring , Operational Risk Analyst III (Third Party Risk), Professions , Vienna, Maryland
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