Business Control Officer

Overview

The Business Control Officer is responsible for ensuring robust risk management, compliance, and operational control measures within the bank. This role involves monitoring business activities, implementing internal controls, ensuring adherence to regulatory requirements, and mitigating financial and operational risks. The Business Control Officer collaborates with key stakeholders to enhance business performance and operational efficiency while maintaining a strong control environment. 

 

Principal Duties & Responsibilities:

• Monitor and update the supported LOB on the status of RCSAs, highlighting any risks outside of appetite, new issues, and progress on open issues.
• Maintain an updated list of processes executed by the assigned business unit and ensure they are accurately reflected in the RCSA, including the RCSA system of record.
• Track all risks related to the products, services, and processes supported by the Lines of Business(“LOB”), identifying inherent risks and monitoring any changes (Internally or externally) that impact risk levels.Collaborate with new product and service owners/managers to assess risks, identify controls, and ensure controls are captured in RCSAs before or after implementation.
• Engage with Risk SMEs (e.g., BSA/AML, Compliance, Info Sec, Tech, Third Party, Fraud, etc.) to identify risks and controls for the LOB's processes.
• Work with the Model Risk Management (“MRM”), TPRM, and Tech teams to ensure models, tools, vendors, and applications used to support the process are appropriately captured
• Ensure all controls mitigating risks for the LOB are properly documented and assessed (control design and effectiveness, designation of key controls, etc.) in accordance with the Controls Standard.
• Direct and Oversee RCSA control testing executed by the 1LOD QA team to ensure adherence to the Controls Standard. Additionally, oversee Quality Assurance (“QA”) of control testing to ensure compliance with requirements such as frequency, sample size, evidence collection, and reporting.
• Monitoring the status of control effectiveness, ensuring controls are operating as intended and identifying any weaknesses.
• Ensure Operational Risk Events (“OREs”) and Complaints are captured and reported promptly.
• Analyze operational risk events above a certain threshold that impact or are caused by the LOB, ensuring root causes are identified and action plans are developed. In some cases, raise issues in the system of record (Archer) to document material control deficiencies requiring remediation
• Map OREs and Complaints related to control deficiencies to the impacted controls in the RCSA, reassess residual risks, and escalate when residual risk exceeds appetite.
• Analyze external events (e.g., industry events) to determine their relevance to the LOB. If applicable, assess whether current controls need enhancement or if new controls are required to mitigate risks, and report any emerging risks
•  Act as Issues Management Coordinator for the LOB, ensuring consistent documentation, compliance with SLAs (Service Level Agreements) and due dates, and reported through the appropriate channels.
• Collaborate with issue sources to identify finding owners and map issues to impacted controls in the RCSAs supported, and ensuring accurate severity calculations.
• Perform Quality Control (“QC”) on all issues owned by the supported LOB.
• Reassess impacted risks when issues are mapped to controls, ensuring residual risk reflects the issue's impact and working with LOB and control owners to mitigate risk if it exceeds appetite.

Qualifications

• 5-7 years experience in risk management, internal controls, compliance, or business operations within the banking or financial services industry. 
• Knowledge of banking regulations, risk management frameworks, financial reporting, and control methodologies.
• Familiarity with banking systems, risk management software, and data analytics tools (e.g., Excel, Power BI, SQL).
• Ability to apply critical thinking to identify the strengths and weaknesses and propose effective solutions to control weaknesses.
• Excellent verbal and written communication skills to engage with stakeholders at all levels.
• High level of accuracy in risk assessment and compliance monitoring.
• High reasoning skills including the ability to define problems, collect data, establish facts, and draw valid conclusions.
• Ability to read, comprehend, analyze, and interpret legal documents, governmental regulations, and professional publications, especially guidance issued by regulatory authorities on the issues.

Education

• Bachelor's Degree in Business, Finance, Business Administration, Risk Management or related field. 

Specia