Joseph Palma

About Joseph Palma

Senior Financial Services professional experienced in Operational Risk Management…

Experience

1. Director

   BNY

   Apr 2016 — Present · New York, NY, US

   Manage team of 5 responsible for the development, maintenance and ownership of the BNY Corporate Operational Risk Management Framework.• Policy Owner of 10 firmwide ORM policies including: ORM Framework, RCSA, Risk Acceptance, Control Standardization, KRI, Control Testing and High-Level Assessment.• Developed and manage all required components of the firms RCSA Program: Inherent Risk, Materiality Matrix, Residual Risk, Control Assessment and Testing, Residual Risk Treatment (Remediation vs Risk Acceptance), Trigger Events and Concurrence.• Re-engineered and uplifted the RCSA and High-Level Assessment (HLA) programs to drive efficiency and align with the firm’s principles which led to a significant reduction in the number of assessments and a heightened focus on key risks, controls and remediation actions.• Manage the various ORM Taxonomies/Libraries (e.g. Risk, Process and Control) including annual review to ensure all align to current footprint of firm and environment.• Manage and coordinate the quarterly firm-wide HLA program (qualitative assessment to review/discuss the top and emerging risks for each business and corporate function - total of 18 across firm).• Construct quarterly Enterprise High-Level Assessment (EHLA) for the BNY Chief Operational Risk Officer (CORO) which is provided to regulators and the firm’s senior most risk committee (SRCC) highlighting the firm’s top risks.• Created inventory of various training courses, guidance materials and FAQ documents for all 3 lines of defense. Assign relevant ORM training courses monthly to new joiners to enhance risk awareness and compliance with policy requirements.• Led MRA remediation effort pertaining to improving the timeliness of RCSA and HLA data which was subsequently closed/validated by both Internal audit and the regulator. Effort included the development of an RCSA Trigger Tracker tool which resulted in an 80% reduction in trigger breaches within the first 6 months of implementing.

Skills

• Fixed Income
• Operational Risk
• Operational Risk Management
• Investment Banking
• Financial Services
• Equities