The Role of a Risk Manager in a Retail Bank
Operating in the dynamic financial industry, retail banks face a myriad of risks that, if not properly managed, could lead to catastrophic results. This is where the role of a Risk Manager comes into play. As the guardian of retail banks, Risk Managers focus on product design, innovation, customer experiences, and behind-the-scenes operations that allow customers to bank with confidence. They are tasked with the responsibility of protecting the bank and its customers from financial threats, thereby securing the bank’s position in the marketplace.
At the heart of this role is the ability to navigate unstructured problems and manage change while demonstrating superior problem-solving skills, strong business judgment, and executive presence. Risk Managers play a pivotal role in supporting various areas within the bank, including Marketing, Analytics, and Product Strategy.
What Does a Retail Bank Risk Manager Do?
As a Risk Advisor in a retail bank, your key responsibilities would include advising and consulting with self-directed teams to help develop well-designed products, practices, and processes. You would also be required to establish and maintain positive working relationships with product owners, process managers, compliance advisors, legal counsel, auditors, and other risk associates.
Further tasks include managing multiple tasks independently and/or through a team to meet deadlines, coordinating work between multiple areas, and engaging in multiple work streams simultaneously. You would also need to effectively work in non-binary space and bring structure to deliver on our well-managed agenda, oversee risk event remediation impacting customers stemming from process breakdowns or other problems, and develop permanent corrective actions.
What Qualities Does a Successful Risk Manager Need?
Successful Risk Advisors in a retail bank are innovative, adaptive, and inclusive. They are exceptional communicators and are able to blend strategic and tactical thinking along with creative and analytical reasoning. They are creative, outside-the-box thinkers who have a customer-backed problem-solving approach.
They are also able to identify themes and apply learnings in highly ambiguous contexts and are collaborative team players with the ability to navigate and influence organizations. Lastly, they are passionate about continuously learning and adapting to the ever-changing financial landscape.
What Are the Basic and Preferred Qualifications?
The basic qualifications for a Risk Manager in a retail bank include at least 2 years of experience in risk management, product management, financial services, or technology.
Preferred qualifications include 2+ years of people leadership experience, 5+ years of experience in risk management, financial services, technology, product management, compliance, or internal audit, and 3+ years of Technology and Data Risk experience or Technology or Data Control experiences. Additional qualifications such as a Business Process Management certification, Lean or Green Belt Certification, and experience with core process management tools like Swim Lane, FMEA, RACI, and a professional certification like CFE, CRM, CIA, etc. are also highly desirable.
If you have the passion to protect customers and the bank, and you meet the above qualifications, then the role of a Risk Manager in a retail bank could be the perfect fit for you. Retail banking is a dynamic, ever-changing industry, and risk management is at the heart of ensuring the industry continues to thrive.
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