Risk, Operational Risk, Vice President, Salt Lake City

Vice President, Operational Risk, Third Party Risk

Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments, and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

The Risk division identifies, monitors, assesses, and manages financial and non-financial risks in support of the firm's appetite and strategic plan as well as the risk of expected and unexpected events that may have an adverse impact on the firm. Risk teams play a critical function for the firm, driving how risk is taken and managed. Risk professionals execute critical day-to-day risk management activities, operating in a fast paced and dynamic environment and utilizing best-in-class risk tools and frameworks. Risk teams are analytically curious, have an aptitude for challenge, and an unwavering commitment to excellence. Effective coordination with executive management, business units, control departments and technology is critical for success.

The Operational Risk Department at Goldman Sachs is an independent risk management function responsible for developing and implementing a standardized framework to identify, measure, and monitor operational risk across the firm.

Within Operational Risk, the Third Party Risk team has primary responsibility for overseeing the components of the firm's global third party (or supply chain) risk management, consistent with the Operational Risk Management Framework. This role will perform independent oversight, review and challenge of remediation, root cause analyses, and lessons learned in the process of managing actual and potential risk from deficiencies or gaps in controls and processes. The team engages with a wide array of businesses and risk management groups across the firm; the cross-disciplinary nature of this work makes for a rewarding and multifaceted work environment.

Key Responsibilities :

• Identify, monitor, analyze and challenge operational risks for third parties including but not limited to vendors, contingent workers, interaffiliate service provision, and other third party partnerships
• Provide oversight of risks and challenge of third party controls implemented by the first line of defense Third Party Risk Management team; able to identify key controls required within firm processes
• Establish and maintain a qualitative / quantitative operational risk appetite / tolerance with associated metrics at the divisional level. Maintain ongoing monitor, triggers, escalation, and mitigating actions of the relevant metrics
• Conduct scenario analysis by working with stakeholders to develop and quantify tail scenarios used for third party activities and responses
• Facilitate operational risk event and data collection including reporting when necessary; perform detailed reviews of trends to identify significant risks and ensure monitoring and remediation
• Perform New Activity review and ensure operational risks arising from new products and / or business, migrations, etc. are properly considered
• Create and present divisional risk profile assessments by highlighting risk issues and trends to senior divisional managers and senior operational risk management team
• Conduct quarterly trigger assessments for the division to ensure the divisions risk and control self-assessment and tail scenarios remain applicable and current
• Remain current on business drivers, regulatory and industry changes impacting the business
• Contribute to the advancement of operational risk methods and practices and the operational risk management framework inclusive of the operational risk framework
• Identify and drive initiatives that improve the risk management activities at the firm

This role requires an energetic self-starter that can liaise with divisional teams both regionally and globally. Experience and knowledge in a financial institution's third party infrastructure / applications and control requirements are required together with strong interpersonal and analytical skills for this role.

Experience / skills required :