An In-depth Look at the Role of a Senior Risk Associate in Controls Testing at a Retail Bank
The financial industry is an evolving landscape, and at the heart of this dynamic ecosystem is the role of risk management – a critical function that safeguards the integrity of financial institutions. One such crucial role within this sphere is that of a Senior Risk Associate, specifically in Controls Testing within a Retail Bank. This article explores this role, shedding light on the responsibilities, qualifications, and benefits it entails.
Understanding the Role and Responsibilities
As part of the Controls Advisory and Testing (CAT) team, the Senior Risk Associate plays a pivotal role in managing and mitigating risks within the retail banking sector. The CAT team, a vibrant collection of risk professionals, supports the Retail Risk Monitoring, Process, & Governance (MPG) mission. These professionals work towards enhancing the risk profile of the Retail Bank and Premium Products business through the execution of crucial risk, process, and control programs.
The Senior Risk Associate is an active participant in this mission, involved in assessing the design and operations of control activities. This includes 1st Line control testing, audit, and certain regulatory remediation validations. The Associate also supports other controls-related consultation and improvement initiatives, working alongside other risk management professionals to define and update control designs within the relevant systems of records.
Key Responsibilities
The role of a Senior Risk Associate is multi-faceted, encompassing a wide range of responsibilities. These include rigorous 1st Line control testing of relevant business processes, analysis of business and technology processes to assess the current risk and control environment, and development and execution of processes for various functions across the risk office and business areas.
The Associate also advises business and risk partners on the design of effective controls, identifies and assists with remediation of identified gaps in the control environment, and validates the effectiveness of remediation efforts. The role calls for intellectual curiosity, sound inquiry and analysis skills, and the ability to make recommendations and decisions.
Qualifications and Experience
To become a Senior Risk Associate, candidates need to have at least 1 year of experience in Process Management and Control Testing or Risk Management. However, preferred qualifications include 2+ years of experience in Project or Process Management, 2+ years of experience in Controls Testing or Risk Management, 1+ year of experience in Change Management, and 1+ year of experience supporting, partnering and interacting with internal business clients.
Compensation and Benefits
The role of a Senior Risk Associate comes with a competitive salary range, which varies depending on the location of employment. For instance, the annual salary for this role in McLean, VA, ranges from $96,500 to $110,100, while in Richmond, VA, it varies between $87,700 and $100,100. The role is also eligible for performance-based incentive compensation, including cash bonuses and/or long-term incentives.
Additionally, Capital One offers a comprehensive, competitive, and inclusive set of health, financial, and other benefits that support the total well-being of their employees. These benefits vary based on full or part-time status, exempt or non-exempt status, and management level.
Understanding the role and responsibilities of a Senior Risk Associate in Controls Testing at a Retail Bank, along with the qualifications and benefits, can provide valuable insights for professionals seeking to explore opportunities in this field.
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