Introducing the Role of Principal Risk Specialist in Retail Banking
In the dynamic world of retail banking, one role stands out for its strategic importance and forward-thinking approach – the Principal Risk Specialist. This key position, housed within the Retail Risk Office Control Testing Program, supports the Retail Bank and Premium Products + Shopping business divisions. If you’re looking for an opportunity to leverage your strong communication, analytical, and problem-solving skills, this role is for you.
As a Principal Risk Specialist, you will be pivotal in delivering on our first line controls testing program. The role necessitates a well-developed risk and control mindset, strong judgment, and the ability to influence priorities across different Lines of Defense teams. You will play a crucial role in executing a robust testing program and managing capacity effectively.
Opportunities and Responsibilities
This position offers the unique opportunity to become a subject matter expert in the processes and controls across specific business areas within our Retail Bank, Premium Products, Capital One Shopping, and Enterprise Payments organization. Your daily tasks will involve working with Business and Risk stakeholders to assess the design and operations of relevant control activities, perform audit and certain regulatory remediation validations, as well as support other controls related consultation and improvement initiatives. You could also work with other 1st Line risk management professionals to define and update control designs within the relevant systems of records.
As a Principal Risk Specialist, you will:
- Collaborate with business Process Owners and Risk Advisors to assess control activities and recommend control enhancements as needed.
- Review and analyze complex business and certain technology processes to assess the current risk and control environment for potential control updates.
- Engage and advise our business and risk partners on how to design effective controls in our control environment related to business risks in addition to regulatory and internal policy requirements.
- Identify and assist with remediation of identified gaps in our control environment due to regulatory and internal policy updates.
- Explore and collaborate with business and risk office partners in root cause analysis for ineffective control results.
- Contribute to reporting necessary to inform the Accountable Executives and other key stakeholders on the status of control suite effectiveness and issue remediation.
- Perform quality reviews and assessments on control testing results.
- Validate the effectiveness of remediation efforts for issues generated from Audits, Regulatory Exams, and various other assessments.
- Engage with our Risk Office and business partners on how to design and document effective controls in our control environment related to business risks in addition to regulatory and internal policy requirements.
- Advise and assist with remediation of identified gaps in our control environment due to regulatory and internal policy updates.
- Possess solid verbal and written communication skills to communicate effectively and present to a range of Risk Office, business and functional stakeholder groups.
- Apply sound inquiry and analysis to make recommendations and decisions.
- Be intellectually curious to question the obvious, explore options, and develop alternatives.
Qualifications
The ideal candidate for this role should have at least 2 years of experience in Control Testing or Risk Management, Financial Services, Audit, or Risk Management, and supporting, partnering and interacting with internal business clients. Preferred qualifications include 3+ years of experience in Project or Process Management, Controls Testing or Risk Management, 1+ year of experience in Change Management, and 3+ years of experience supporting, partnering and interacting with internal business clients.
Conclusion
As a Principal Risk Specialist, you will be an integral part of our team, offering your unique expertise and skills to manage and mitigate risks in our retail banking operations. Capital One is committed to providing a comprehensive, competitive, and inclusive set of health, financial, and other benefits that support your total well-being. Join us in this exciting journey of growth and innovation in retail banking. Here
