Director, Operational Risk

We’re building a relationship-oriented bank for the modern world. We need talented, passionate professionals who are dedicated to doing what’s right for our clients At CIBC, we embrace your strengths and your ambitions, so you are empowered at work. Our team members have what they need to make a meaningful impact and are truly valued for who they are and what they contribute To learn more about CIBC, please visit CIBC.com What You’ll Be Doing Global Operational Enterprise Risk Management (GOERM) is responsible for providing oversight of CIBC's global operational risk exposures, through the Operational Risk Management and Control Frameworks, related to people, technology, processes or external events.

The Third Party Risk Management (TPRM) Group is part of the Technology, Infrastructure & Innovation (TI&I) Operational Risk team, within GORM, and provides an enterprise-wide view of Third Party Risk and is accountable for the governance and effective challenge of third party risk and control activities. The TPRM group establishes clear lines of oversight among various stakeholder groups to ensure the right level of independence when overseeing and challenging Third Party Risk-related activities. TPRM also leverages GOERM operational risk program and practices, in alignment with the Operational Risk Management Framework, for the identification, measurement, mitigation, monitoring and reporting of third party risk. This includes review and challenge of Risk and Control Self-Assessments (RCSAs), Change Initiative Risk Assessments (CIRAs), Risk Appetite Statement (RAS) and Key Risk Indicators (KRIs), Risk Reviews, and Operational Incidents to support execution of its mandate The Director, Operational Risk in the Third Party Risk Management (TPRM) team, acts as the 2nd LOD by working with business units and Risk Management partners in all aspects of identification, measurement, mitigation and monitoring (effective challenge) of third party risk. The primary purpose of this position is to ensure CIBC has a sound and effective TPRM practice and program. This role also provides oversight to internal control assessment processes through independent review of design and measurement, deficiency management, and operational effectiveness of established internal controls that mitigate third party risk. In this capacity, the Director works in close partnership with the businesses as well as peers in GORM responsible for Operational Risk and Control Programs and other GORM partners to ensure a consistent and collaborative approach to delivery and information.

At CIBC we enable the work environment most optimal for you to thrive in your role. You'll have the flexibility to manage your work activities within a hybrid work arrangement where you’ll spend 2-3 days per week on-site, while other days will be remote.
How you'll succeed

• Program Oversight - Perform periodic review of the overall effectiveness of the TPRM program; Support processes and programs to enable effective identification, measurement, mitigation, monitoring and reporting of third party risk; Support established governance structures and processes to provide oversight of programs and both tactical and strategic initiatives to mitigate third party risk; Contribute to ensuring the design and operating effectiveness of third party risk control environment (e.g. control, testing, metrics etc.); Support the TPRM issues management process and contribute to program development.
• Risk Management - Fulfill the role of CIBC”s second line of defence in the management of third party risk by challenging assigned business units, control groups and other key stakeholders in alignment with CIBC’s Operational Risk Management Framework. This is a key role in the three LOD model and it requires a deep understanding of third party risk as well as the ability to challenge senior employees of the Bank in a constructive manner. Provide ongoing oversight and assessment of CIBC’s third party risk exposure through the use of various risk identification and assessment tools. The operational risk tools are a key enabler of CIBC’s operational risk program and as such, the proper application and oversight of the tools are an important part of CIBC being able to manage and monitor its operational risks, including third party risk. In addition to applying the tools, the role is also expected to provide input into refining and improving the tools as part of a continuous improvement process.
• Operational Risk and Control Framework Tools and Programs – Working with and challenging assigned businesses to appropriately identify, measure, monitor and control third party risk through support of key operational risk tools (e.g. CIRA, RCSA, Risk Reviews, Incident Management, deficiencies, Scenario Analysis). Proactively working with stakeholders in identifying action plans in closing gaps/deficiencies and/or risk mitigation plans in minimizing CIBC’s third party risk exposures.
• Stakeholder Partnership- In partnership with assigned business units, and in accordance with the Operational Risk Management Framework and the Control Framework, provide guidance and oversight in the assessment and establishment of internal controls, to ensure that the business operates within established policy and procedures and in accordance with CIBC’s risk appetite and expectations of its regulators. Provide third party risk advice to assigned business units to enhance the management of risk, including advising on risk mitigation strategies. This requirement includes the ability to work with senior management in advising on risk mitigation strategies.
• Metrics and Reporting – Contribute information to the content of reports for delivery to the Board, Senior Management, governance committees on third party risk status, trends, issues and mitigation strategies/plan; Support the development of key risk and performance metrics to monitor third party risk.
• Operational Effectiveness - Partner with stakeholders and TPRM program owners to increase third party risk awareness in CIBC; Proactively monitoring emerging risks and external events and assessing applicability and potential impacts to CIBC’s TPRM Program. Stay current with regulatory requirements, industry best practices and emerging thinking on third party risk.
• TPRM Framework and Policy- Support the development and review of CIBC’s TPRM Framework, Policy, related procedures.

Who you are

• You can demonstrate 10-15 years industry-related experience and have strong understanding of the Canadian Banking Industry (issues, trends, competitors); you have excellent leadership and business planning skills.
• You have strong knowledge of CIBC’s business units (eg. Strategic Business Units and Functional Groups), structure, financial and operational controls, and processes within the financial services industry and risk management. You have strong business intelligence of CIBC and it’s an asset if you have knowledge of TPRM practices and TPRM-related regulatory requirements and industry trends.
• You have a Bachelor’s degree in Business or related field, or equivalent professional experience in a related field.
• You look beyond the moment. You make decisions and take actions that will make a difference today and tomorrow. You proactively seek new opportunities to define what's possible.
• You're digitally savvy. You seek out innovative solutions and embrace evolving technologies. You can easily adapt to new tools and trends.
• Your influence makes an impact. You know that relationships and networks are essential to success. You inspire outcomes by making yourself heard.
• You're driven by collective success. You know that collaboration can transform a good idea into a great one. You understand the power of an inclusive team that enjoys working together to bring a shared vision to life.
• Values matter to you. You bring your real self to work and you live our values – trust, teamwork and accountability.

What CIBC Offers At CIBC, your goals are a priority. We start with your strengths and ambitions as an employee and strive to create opportunities to tap into your potential. We aspire to give you a career, rather than just a paycheck

• We work to recognize you in meaningful, personalized ways including a competitive salary, incentive pay, banking benefits, a benefits program*, defined benefit pension plan*, an employee share purchase plan, a vacation offering, wellbeing support, and MomentMakers, our social, points-based recognition program
• Our spaces and technological toolkit will make it simple to bring together great minds to create innovative solutions that make a difference for our clients
• We cultivate a culture where you can express your ambition through initiatives like Purpose Day; a paid day off dedicated for you to use to invest in your growth and development

• Subject to plan and program terms and conditions

What you need to know

• CIBC is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. If you need accommodation, please contact [email protected]
• You need to be legally eligible to work at the location(s) specified above and, where applicable, must have a valid work or study permit
• We may ask you to complete an attribute-based assessment and other skills tests (such as simulation, coding, French proficiency, MS Office). Our goal for the application process is to get to know more about you, all that you have to offer, and give you the opportunity to learn more about us

Job Location Toronto-81 Bay, 31st Floor Employment Type Regular Weekly Hours 37.5 Skills Analytical Thinking, Continuous Improvement Techniques, Emerging Risks, Group Problem Solving, Leadership, Operation Risk Management, Predictive Modeling, Regulatory Requirements, Risk Analytics, Risk Management Framework