Old National Bank · 2 weeks ago
Operational Risk Manager
Lake Elmo, MN
Full-time
Onsite
Senior Level, Lead/Staff
$82K/yr - $165K/yr
10+ years expOld National Bank is a regional powerhouse that has been serving clients and communities since 1834. The Operational Risk Manager will oversee the operational risk framework, manage a team, and ensure alignment with regulatory expectations while promoting a proactive risk management culture.
BankingFinancial ServicesWealth Management
Responsibilities
Lead the ongoing development, implementation, and enhancement of the enterprise-wide Operational Risk Management Framework, ensuring alignment with regulatory expectations and industry best practices
Oversee the design and execution of core Operational Risk Management Programs, including but not limited to the Operational Loss Event Program, the Risk and Control Self-Assessment (RCSA) Program, the Control Monitoring and Testing Program
Develop, design, and maintain detailed procedures and documentation for ORM team core activities, ensuring clarity, consistency, and alignment with the broader risk framework and regulatory expectations
Exercise effective challenge as part of the Second Line of Defense by independently reviewing and assessing First Line risk activities, control environments, and remediation plans
Collaborate with cross-functional teams to evaluate operational risk implications of new products, services, and strategic initiatives, providing independent challenge and risk-based recommendations
Monitor and track operational risk issues and control gaps through established governance routines, ensuring timely remediation and escalation where appropriate
Support the ongoing development, implementation, and enhancement of enterprise-wide taxonomies, including but not limited to the Risk Taxonomy, Process Taxonomy, Control Taxonomy, promoting consistency in risk identification, control mapping, and reporting
Partner with First Line and Internal Audit to ensure alignment and transparency across risk assessments, control testing, and issue management processes, while maintaining independence and objectivity in Second Line oversight
Lead and coordinate operational risk assessments across enterprise functions and lines of business, evaluating inherent risks, control effectiveness, and residual risk exposures
Develop and maintain standardized methodologies, tools, and procedures for conducting risk assessments
Perform independent Second Line assessments to validate First Line risk evaluations, providing objective analysis and effective challenge where appropriate
Collaborate with First Line stakeholders to support the execution of RCSAs, offering guidance on risk identification, control mapping, and risk rating
Document and communicate assessment results, including key findings, risk ratings, and recommended actions, to senior management and governance committees
Monitor and track remediation efforts resulting from risk assessments, ensuring timely resolution and escalation of high-risk issues
Integrate assessment outcomes into broader operational risk reporting and risk profile updates
Design and execute an independent control monitoring and testing program to evaluate the effectiveness of key controls across enterprise functions and lines of business
Develop methodologies, procedures, and testing scripts tailored to operational risk control objectives
Lead targeted control testing based on risk assessments, loss event trends, and emerging risks, providing objective analysis and effective challenge to First Line control activities
Track and monitor remediation efforts resulting from control testing
Collaborate with First Line stakeholders to validate control design and implementation, while maintaining independence in testing execution and reporting
Integrate control testing outcomes into operational risk reporting and governance routines, informing risk profiles, control ratings, and strategic decision-making
Continuously enhance the control testing program based on regulatory feedback, internal audit findings, and industry developments
Develop and deliver reporting on operational risk exposures, trends, and emerging issues to senior management, risk committees, and other governance forums
Communicate results of control monitoring, testing, and RCSA activities, highlighting areas of concern, control weaknesses, and recommended remediation actions
Ensure timely escalation of significant operational risk events, control failures, or emerging threats in accordance with established governance protocols
Collaborate with business units and support functions to ensure consistent messaging and understanding of operational risk issues, remediation plans, and risk appetite alignment
Contribute to the development of executive-level materials, including board and regulatory reporting, that reflect the status and effectiveness of the operational risk program
Serve as a key liaison for operational risk communications between the Second Line of Defense and First Line stakeholders, promoting transparency and accountability
Lead and execute strategic initiatives, special projects, and ad hoc assignments in coordination with Enterprise Risk Management
Develop and maintain strong, collaborative relationships across all levels of the organization, serving as a key liaison with internal and external auditors, consultants, and regulators on matters related to operational risk
Establish and sustain effective partnerships with line of business leaders and risk management colleagues to drive alignment, promote risk transparency, and support the execution of enterprise risk objectives
Provide leadership and oversight to a team of operational risk professionals, including direct reports, fostering a high-performance culture and ensuring accountability for risk management deliverables
Qualification
Required
Bachelor's Degree in Business, Finance, Accounting, or related field; advanced degree (MBA, MS) or professional certifications (e.g., CERP) strongly preferred
10+ years relevant experience in operational risk management within a regulated financial institution, with expertise in second line of defense functions
3-5 years of management experience
Strong understanding of operational risk frameworks, control environments, and regulatory expectations (particularly OCC guidelines)
Proficiency in risk assessment methodologies, control testing techniques, and risk reporting tools
Proven ability to lead and develop high-performing teams, including direct reports and matrixed contributors
Excellent written and verbal communication skills, with the ability to present complex risk concepts to senior leadership and governance committees
Strong interpersonal skills and ability to build effective relationships across business lines and control functions
Ability to think critically and strategically about risk issues, emerging threats, and control effectiveness
Experience supporting regulatory exams, internal audits, and board-level reporting
Preferred
Advanced degree (MBA, MS) or professional certifications (e.g., CERP) strongly preferred
Experience with GRC platforms and data analytics tools is a plus
Benefits
Medical, dental, and vision insurance
401K
Continuing education opportunities
Employee assistance program
Company
Old National Bank
Old National Bank is a regional bank providing you with additional provides account choices, expanded convenience, and greater control.
1001-5000 employees
H1B Sponsorship
Old National Bank has a track record of offering H1B sponsorships. Please note that this does not
guarantee sponsorship for this specific role. Below presents additional info for your
reference. (Data Powered by US Department of Labor)
Distribution of Different Job Fields Receiving Sponsorship
Represents job field similar to this job
Trends of Total Sponsorships
2025 (4)
2024 (5)
2023 (5)
2022 (5)
2020 (1)
Funding
Current Stage
Public CompanyTotal Funding
$400M2024-11-25Post Ipo Equity· $400M
1984-12-04IPO
Leadership Team
James Sandgren
CEO - Commercial Banking
Timothy Burke
President & Chief Operating Officer
Recent News
2026-01-03
Company data provided by crunchbase