Compliance and Operational Risk Analyst Education and Career Path

To become a compliance and operational risk analyst, you'll typically need a bachelor's degree in a field such as finance, accounting, or business administration.

The typical educational background for this role includes a bachelor's degree, with some positions requiring a master's degree or certifications like the Certified Compliance and Risk Professional (CCRP) or the Certified Anti-Money Laundering Specialist (CAMS).

In terms of career progression, compliance and operational risk analysts often start as junior analysts and work their way up to senior roles, with some moving into leadership positions or specialized areas like audit or consulting.

As a compliance and operational risk analyst, you'll be working with risk-related data to identify potential threats to your organization's financial stability.

Manipulating and interpreting this data using risk information management software (RIMS) is a crucial part of your job.

You'll need to be able to quantify the potential negative effects of risk-related activities, which means putting numbers to the potential consequences of different scenarios.

This could involve analyzing financial reports, industry trends, and other relevant data to make informed decisions.

Your role will also involve identifying practices within the organization that contribute to increased financial risk, such as inadequate controls or poor decision-making.

This might involve working with different departments to understand their risk management strategies and identify areas for improvement.

Compiling reports, summaries, and presentations to communicate your findings to key stakeholders within the business is another key responsibility.

These reports should be clear, concise, and actionable, providing recommendations for mitigating risks and improving overall financial stability.

Collaborating with risk managers on reporting and evaluation techniques is also an important part of your job.

By working together, you can develop more effective risk management strategies and ensure that your organization is better equipped to handle potential threats.

Education is key when it comes to landing a compliance and operational risk analyst role. Make sure to highlight your education on your resume, especially if you have a Ph.D. in a relevant field, such as a doctorate in Neuroscience or a Master's in the same sphere.

Put your education after your relevant work experience, as this is where it will be most impactful. For example, if you have a Ph.D. and a Master's degree, just list your Ph.D. and then your Master's degree. Bachelor's and Associate's degrees come next.

While a degree in finance, accounting, economics, or business is common for compliance and operational risk analysts, people with degrees in other subjects, such as engineering, math, and computer science, can also find roles within the field. This is especially true for those with a background in audit, accounting, or compliance, as they have excellent transferrable skills and experience.

A degree from a specific business unit of a bank can help you acquire operational risk roles with those business units, as it provides a sound understanding of systems and processes used in that business unit.

As an Operational Risk Analyst, your day-to-day tasks will involve identifying, assessing, and mitigating risks associated with a company's operations. You'll analyze the potential impacts of operational risks on the company's performance and recommend strategies to reduce the likelihood of those risks occurring.

Your schedule will be filled with meetings, including regularly scheduled ones to examine upcoming process and system changes. You may also be called into unexpected meetings to discuss operational risk issues concerning new systems or processes.

Your primary responsibility is to review incident reports of operational risk breaches in your specific functional area and plan the implications for your organization. You'll need to pull historical data from internal risk databases to find any recurring themes that may have contributed to the breach.

Operational Risk Analysts work collaboratively with various areas across the organization to identify, mitigate, monitor, and report key risks. They also manage the Group Operational Risk Committee and develop, implement, and oversee Group Operational Risk and Group Outsourcing and Third Party Supplier Policies and Standards.

Here are some key responsibilities of an Operational Risk Analyst:

Operational risk analysts in major financial centers can earn six-figure USD salaries, plus bonuses, within a couple of years.

Career progression in operational risk is excellent, and getting overseas roles is relatively straightforward due to the universal nature of operational risk.

Hybrid operational risk roles are more common today, and locating functions away from major centers can be beneficial for companies looking to save costs.

Compensation and career development in certain fields can be quite lucrative. Operational risk analysts working at investment banks in major financial centers can expect to earn six-figure USD salaries, plus bonuses, within a couple of years.

Industry and location play a significant role in determining compensation. Hybrid operational risk roles are more common today.

Career progression is excellent within operational risk. Getting overseas roles is relatively straightforward due to the universal nature of operational risk.

To make a strong first impression, include relevant skills and experience that are specifically related to the position you're applying for.

Highlighting relevant projects is a great way to demonstrate your skills and experience. For example, highlighting a project where you successfully managed operational risk can be a major selling point.

Use strong action verbs to describe your experience and accomplishments. This will help your resume stand out and make it easier for the reader to understand your skills and experience.

A well-written resume should be easy to read and concise. This means using clear headings, bullet points, and avoiding unnecessary details.

Here are some key elements to include in your resume:

As a compliance and operational risk analyst, you'll work closely with various teams to identify and mitigate potential risks. Your primary role is to ensure the organization is in compliance with regulatory requirements.

An Operational Risk Analyst is responsible for monitoring and reviewing risk assessment processes, methodologies, and results. This includes identifying emerging risks and developing risk mitigation strategies.

Some key job titles and roles in this field include:

These professionals work together to develop and implement operational risk management systems, conduct regular risk management reviews, and provide risk management advice and guidance.

As we explore various job titles and roles, it's essential to understand the responsibilities that come with each position. Let's take a closer look at the Operational Risk Analyst role.

An Operational Risk Analyst is responsible for monitoring and reviewing risk assessment processes, methodologies, and results. They must also identify emerging risks and develop risk mitigation strategies.

Conducting periodic reviews of operational risks is a critical task for an Operational Risk Analyst. This involves staying up-to-date with changing risk landscapes and adapting strategies accordingly.

In addition to risk assessment, an Operational Risk Analyst is responsible for developing risk reporting, monitoring, and measurement systems. This helps organizations make informed decisions and mitigate potential risks.

Some key responsibilities of an Operational Risk Analyst include:

As a ROHQ-Mbcs Manager, you'll be responsible for overseeing the operational risk management program, ensuring that it's aligned with the bank's methodology and regulatory requirements.

You'll need to have experience in managing the execution of the RCSA program, ensuring adherence to assessment timelines and compliance with the Bank's methodology. This involves coordinating project deliverables for Infrastructure Risk initiatives, focusing on information security.

A ROHQ-Mbcs Manager should have a working knowledge of operational risk methodologies, principles, and internal controls. They should also be familiar with operational and regulatory risk controls concepts and practices.

Some key skills for a ROHQ-Mbcs Manager include:

In this role, you'll be expected to maintain current knowledge of new applicable laws, regulations, and industry practice, ensuring the appropriate application of these to the audit framework.

ROHQ-FRSS is a job title that requires a unique set of skills and responsibilities. ROHQ-FRSS professionals typically work in a regulated environment and have experience dealing with internal and external audits.

They are responsible for supporting project management, maintaining documentation, and facilitating business in implementing process and control improvements. In particular, they focus on Operational Risk Assessments with business functions and incident management processes.

A key part of their job is to analyze data and identify emerging operational risks, as well as work with the 1LOD to perform root cause analysis and mitigate risks. They also provide TeamMate support to users and act as primary analysts to create focused specifications and requirements.

Some of the skills required for this role include experience working in a flexible working environment, regulated environment, and dealing with internal and external audits. They should also have experience performing business analysis of complex issues and working with services providers/vendors.

Here are some of the key responsibilities of a ROHQ-FRSS:

ROHQ-FRSS professionals should also have a good knowledge of the CIB businesses, products, and processes, particularly in Corporate Banking and the Credit Process. Experience implementing Enterprise Risk Management processes is also valuable.

Business roles are all about managing and mitigating risks that could impact an organization's operations. In the financial services industry, a Business Operational Risk Analyst plays a crucial role in identifying and analyzing operational risks.

They work closely with lines of business, risk colleagues, and other stakeholders to anticipate and mitigate operational risk issues. This involves reviewing incident reports, pulling historical data, and identifying recurring themes that may have contributed to a breach.

A Business Operational Risk Analyst's day is filled with meetings, reviews, and analysis. They may be called into a meeting to discuss operational risk issues related to a new system, or they may need to review incident reports and plan the implications for the organization.

To be successful in this role, a Business Operational Risk Analyst needs to have a range of skills, including experience working in a flexible working environment, regulated environments, and with services providers/vendors. They should also have a wide-ranging knowledge of banking finance, technologies, laws, regulations, company policies, and procedures.

Some of the key responsibilities of a Business Operational Risk Analyst include:

In a senior role, a Business Operational Risk Analyst VP may be responsible for managing risk reporting, implementing operational risk tools, and building strong relationships with other control functions and business stakeholders. They may also need to perform global core and generic MSS controls, review and validate exceptions and policy breach reports, and coordinate risk mitigation initiatives.