Senior Manager, Business Continuity Risk Management

2 weeks ago

Old Toronto, Canada RBC Full time
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As part of Mutual Funds Distribution, this position will be responsible for overseeing and managing the risks associated with all products and services offered by Royal Mutual Funds Inc, within the Mutual Funds Distribution line of business by identifying, assessing, and mitigating risks that may affect compliance, regulatory adherence, performance, and viability. The Senior Manager will collaborate with various internal stakeholders and departments such as regional banking, advice center, role design, compensation, compliance, legal, business risk, GRM operations, IT and product management teams to ensure all products and services align with the firm’s risk appetite and regulatory requirements. This individual will also be responsible for the review and monitoring of existing control that MFD owns along with corresponding policies, and processes to identify gaps, duplications, areas of improvement and support for trigger events - regulatory surveys, external settlements/findings, audit etc. This individual will also provide governance and monitoring support for controls owned by other partners across the RMFI ecosystem.

This role will also lead risk-related projects and initiatives involving issue and risk management to develop and monitor key controls across the RMFI ecosystem.

Strategic Initiatives

  • Identify and execute on opportunities identified from rigorous analysis of escalations and client complaints to address systemic issues (policy, procedure, process, controls, training changes)

  • Conduct end-to-end process review, gap analysis, and help define future state for existing control environment and risk management framework.

  • Translate high level process maps to policy updates, work with various partners (i.e. Wealth Operations, NABCO) to create detailed procedures and set up ongoing operational model and effective monitoring practices on adherence.

  • Independent ownership and execution on the opportunities identified, working closely and collaboratively with partners across retail enablement, operations, IT, legal, compliance and others.

  • Lead and/or support various business initiatives aimed at delivering against key strategies, including product / process enhancement to maximize growth/retention, regulatory soundness, and operational efficiencies

  • Design new requirements or enhance new requirements on issue and risk management as a control operator, and participate throughout the development life cycle (development, monitoring, etc.) for all control issues and operational issues.

  • Assist in the design, operation and implementation of the new RMFI/MFD Risk Management Framework; Corrective Risk Management through accelerated issue resolution; Preventive Risk Management by enhancing controls environment; Transformative Risk Management through Best-in-Class dealer Platform.

Risk/Compliance

  • Ensure all products and services are administered, managed, and structured to meet legal, legislative (provincial and federal) and regulatory requirements.

  • Review and enhance controls owned by the MFD business and with all the control’s owners across 1LOD to RMFI Management Committee and Board.

  • Hold discussions with business partners, 1LOD and 2LOD on risk management best practices and incorporate those within the existing MFD operational model.

  • Ensure appropriate technology, business operations, and service solutions are in place to administer and deliver products and services while ensuring compliance and regulatory adherence while identifying potential for streamlining process which lead to operational efficiencies and/or cost saving opportunities.

  • Key escalation points for inquiries from RMFI Compliance, Client Care, Operations Centre, and partners.

  • Represent RBC with various internal and external partners as a regulatory and risk subject matter expert and formal advisor providing input on best practices and opportunities, simplifying processes, improving client experience and extending distribution strength.

  • Responsible to identify, manage, and escalate risks, issues and/or control deficiencies while also promoting and encouraging effective challenge during risk discussions.

Ongoing Management/Enablement

  • Ownership of all policy and procedure updates and related content.

  • Ownership of the end-to-end escalation, inquiries and exceptions resolution process relating to issue and risk management.

  • Provide direction on formal client complaints by collaborating with Compliance, tax, legal and other partners (guided by policies, procedures, and risk factors).

  • Engage partners from Role Design, Advisor Capability and Learning to build a training/support plan that is scalable to Financial Planners to integrate new requirements.

  • Business Communication- Effectively share ideas and capture the attention of your audience through different tools and tactics.

  • Business Perspective - Tackle complex business problems through strategy development, challenge processes and enhance business performance.

  • Business and Financial Insight - Enhanced business and financial knowledge to make informed Product decisions.

  • Change management – Collaborate with retail enablement to seamlessly apply change management.

  • Decision Making – Be readily able to weigh-out multiple alternatives based on levels of risk and ambiguity.

  • Network and Partnering- Build relationships with key stakeholders.

  • Strategic Orientation/Managing and Measuring Work- Optimize time and resources within the team to reach desired goals.

Nice to have:

  • Post graduate degree in Business will be an asset or similar designation or equivalent combination of education and experience.

  • Regulatory Knowledge, specifically within the investment industry.

  • Strong quantitative and qualitative skills with the ability to interpret complete financial data and trends.

  • Excellent verbal and written communication skills with the ability to present complex information to senior leadership.

  • Understanding of financial markets, investment products and risk management principles.

  • Work effectively under pressure while managing multiple priorities.

    We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

Job Skills

Communication, Critical Thinking, Group Problem Solving, Knowledge Organization, Long Term Planning, Product Development Lifecycle, Product Manufacturing, Product Services, Product Testing, Waterfall Project Management.

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