Sr, Operational Risk Analyst, Business Risk Management

Together we fight for everyone’s opportunity for a better financial future.

We will do this together — with customers, partners and colleagues. We will fight for others, not against: We will stand up for and champion everyone’s access to opportunities. The status quo is not good enough … we believe every individual and every community deserves access to financial opportunities. We are determined to support both individuals and communities in reaching a better financial future.  We know that reaching this future depends on our actions today.

Like our Purpose Statement, Voya believes in being bold and committed to action.  We are committed to a work environment where the differences that we are born with — and those we acquire throughout our lives — are understood, valued and intentionally pursued. We believe that our employees own our culture and have a responsibility to foster an environment where we all feel comfortable bringing our whole selves to work. Purposefully bringing our differences together to positively influence our culture, serve our clients and enrich our communities is essential to our vision.

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Profile Summary:

The Sr Analyst, Operational Risk Management (ORM) reports to the AVP of ORM and is responsible for supporting the Workplace Solutions/Benefitfocus ORM strategy and framework; ensuring a proper process is in place to mitigate risk. This role will assist the organization in the identification, classification, measurement, and monitoring of operational and related business risks. It will require working closely with others in ORM, Voya’s wider Risk Management function, and business units to provide business management with a consistent and accurate view of the sources, scale, and scope of identified risks. It will also require providing and presenting accurate data and conclusions, making actionable recommendations to Leadership, and holding Leadership accountable to timely and effective risk remediation.

 

ORM is defined as a continual cyclic process which includes risk assessment, consulting, decision making, and implementation of controls, which results in acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, and this role requires strong partnership in providing consulting and meaningful input to ensure risk data is captured, mitigation strategies and controls are developed, and appropriate reporting mechanisms are in place.

Please Note: This position allows remote work from home but will require travel to our Voya office as business requires. 

Profile Description:

• Member of the ORM team; support the development and execution of a robust ORM strategy, framework and policies. 
• This role will partner with the business to remediate identified risks in a timely manner and document progress and completion within Voya’s GRC tool.
• Participate in the identification, assessment, measurement, mitigation, monitoring, and reporting of operational risk through the effective deployment of key operational risk management processes, including:
  • Key Risk Indicators (KRIs)
  • Scenario analysis
  • Preparation/Presentation of Risk Committee slides/materials
  • Preparation of monthly/quarterly risk reports
  • Risk event management including post-incident reviews
  • Documenting issues within Voya’s GRC tool and ongoing monitoring of remediation efforts
  • Assist in analyzing data, creating, and presenting risk findings and recommendations to leadership
  • Targeted risk assessments
  • Project engagement and post-release assessments
  • Risk consulting/advice on new or updated process changes
  • Facilitate annual control attestation survey, analyze results, and report findings
• Periodically engage in day-to-day activities performed by the business to better understand the procedures, controls, and identify risks.
• Assist in promoting and instilling a strong risk culture and operational excellence by:
  • Creating risk awareness training materials and facilitating training sessions 
  • Partnering with the business to continually improve operational risk processes and help strengthen business operating models
  • Promoting the use of effective controls within key business processes.
  • Embedding risk management understanding and culture into the business unit, informing risk related decision making.
• Partner with other risk assurance functions, including internal audit, compliance, legal TPRM, corporate special investigation, privacy office, and IT ORM to develop a complete and aggregated view of risks.
• Assist in providing an independent view which will consist of validating and endorsing business risk profiles and providing a constructive challenge to the business where residual risk levels are deemed to exceed standards.
• Participate with ORM management in the development of risk management strategies for all business units: establishing business priorities and planning activities accordingly.
• Collaborate with ORM team members and the Business, Technology, Innovation & Operations partners to identify opportunities to reduce manual processing through automation.
• Interact with Sr. Leaders within the organization to provide risk advice/consulting on risk related issues to support the decision-making process.
• Manage the development and administration of tools and procedures for reporting and daily operational risk processes. Such as SharePoint sites, Spreadsheets, Tableau, Presentations, GRC tool, Standard Work for ORM processes etc.
• Remain up to date on current trends and external events to recognize and identify emerging risk within the business, assist in risk rating and identification of appropriate mitigation strategies.

Knowledge & Experience:

• Bachelor’s degree in risk management, accounting, finance, business management, mathematics, or equivalent work experience in Operational Risk Management.
• Minimum 4 years of experience in Health and Wealth (Benefit Administration) organizations with an understanding of Operational Risk Management, Operations, Call Centers, and other business functions. Experience in Employee Benefits and/or Benefit Administration preferred.
• Experience with risk assessments, risk decision making, and the implementation of controls.
• Solid problem solving, decision making, and facilitation skills.
• Ability to analyze and leverage data to perform research and draw conclusions.
• Ability to create high quality work products.
• Mindset of proactive communication and problem solving, with a continual focus on process improvement.
• Ability to build relationships, trust, and a reputation for quality with Sr. Leaders.
• Leveraging AI tools to support risk management activities is a plus.
• Familiarity and expertise in the use of tools such as industry GCR tools, Microsoft Office suite, Tableau and SharePoint.
• CIA, CRMA, CFE preferred.

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Compensation Pay Disclosure:

Voya is committed to pay that’s fair and equitable, which means comparable pay for comparable roles and responsibilities.

The below annual base salary range reflects the expected hiring range(s) for this position in the location(s) listed. In addition to base salary, Voya offers incentive opportunities (i.e., annual cash incentives, sales incentives, and/or long-term incentives) based on the role to reward the achievement of annual performance objectives. Please note that this salary information is solely for candidates hired to perform work within one of these locations, and refers to the amount Voya Financial is willing to pay at the time of this posting.

Actual compensation offered may vary from the posted salary range based upon the candidate’s geographic location, work experience, education, licensure requirements and/or skill level and will be finalized at the time of offer. Salaries for part-time roles will be prorated based upon the agreed upon number of hours to be regularly worked.

$114,480 - $170,070 USD

Be Well. Stay Well.

Voya provides the resources that can make a difference in your lives. To us, this means thriving physically, financially, socially and emotionally. Voya benefits are designed to help you do just that. That’s why we offer an array of plans, programs, tools and resources with one goal in mind: To help you and your family be well and stay well.

What We Offer

• Health, dental, vision and life insurance plans
• 401(k) Savings plan – with generous company matching contributions (up to 6%)
• Voya Retirement Plan – employer paid cash balance retirement plan (4%)
• Tuition reimbursement up to $5,250/year
• Paid time off – including 20 days paid time off, nine paid company holidays and a flexible Diversity Celebration Day.
• Paid volunteer time — 40 hours per calendar year

Learn more about Voya benefits (download PDF)

Critical Skills

At Voya, we have identified the following critical skills which are key to success in our culture:

• Customer Focused: Passionate drive to delight our customers and offer unique solutions that deliver on their expectations.
• Critical Thinking: Thoughtful process of analyzing data and problem solving data to reach a well-reasoned solution.
• Team Mentality: Partnering effectively to drive our culture and execute on our common goals.
• Business Acumen: Appreciation and understanding of the financial services industry in order to make sound business decisions.
• Learning Agility: Openness to new ways of thinking and acquiring new skills to retain a competitive advantage.

Learn more about Critical Skills

Equal Employment Opportunity

Voya Financial is an equal-opportunity employer. Voya Financial provides equal opportunity to qualified individuals regardless of race, color, sex, national origin, citizenship status, religion, age, disability, veteran status, creed, marital status, sexual orientation, gender identity, genetic information, or any other status protected by state or local law.