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Operational Risk Manager Jobs in Toronto, ON (NOW HIRING)

TMX Group

Operational Risk Analyst

Toronto, ON · Hybrid

CA$60K - CA$80K/yr

KRI Management: Lead the collection, aggregation, and analysis of Key Risk Indicators (KRIs ... Operational Risk Events (ORE): Monitor the incident lifecycle, performing deep-dive Root Cause ...

Scotiabank

Manager, Risk Operations

Toronto, ON

The Manager, Risk Operations will ensure integrated and comprehensive business controls are in ... Execute the bank's operational risk event program. Support the identification, assessment, entry ...

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Operational Risk Manager information

See Toronto, ON salary details

$29.6K

$104.1K

$145.1K

How much do operational risk manager jobs pay per year?

As of Jul 9, 2026, the average yearly pay for operational risk manager in Toronto, ON is $104,141.00, according to ZipRecruiter salary data. Most workers in this role earn between $84,459.00 and $133,607.00 per year, depending on experience, location, and employer.

What Does an Operational Risk Manager Do?

An operational risk manager works to identify and limit the risk associated with a company’s operations. As an operational risk manager, your responsibilities involve assessing business operations, identifying issues, and creating reports on your findings. You then help develop policies and implement changes to lessen operational risks. Other duties include continually monitoring the business to find potential new threats and ensuring company compliance with laws and regulations.

What are the 4 pillars of operational risk management?

The four pillars of operational risk management are risk identification, risk assessment, risk mitigation, and risk monitoring. An Operational Risk Manager uses these pillars to develop strategies that minimize potential losses from internal processes, people, systems, or external events, often utilizing tools like risk dashboards and frameworks such as Basel II. Mastery of these pillars is essential for effective risk oversight and compliance.

What does an operational risk manager do?

An operational risk manager identifies, assesses, and monitors risks that could disrupt a company's operations, such as process failures, fraud, or system outages. They develop strategies to mitigate these risks, ensure compliance with regulations, and often use risk management tools and data analysis to support decision-making.

Do risk managers make good money?

Operational Risk Managers typically earn competitive salaries that vary by industry, experience, and location. According to industry data, the median annual salary ranges from $80,000 to over $130,000, with additional compensation such as bonuses and certifications like FRM or ORM enhancing earning potential.

What are some common challenges faced by Operational Risk Managers in maintaining effective risk controls across different departments?

Operational Risk Managers often encounter challenges in ensuring consistent risk controls due to varying processes, priorities, and risk appetites across departments. Communication gaps and resistance to change can make it difficult to implement standardized procedures. Successfully overcoming these challenges involves building strong cross-functional relationships, conducting regular training, and fostering a risk-aware culture to ensure alignment on risk management practices throughout the organization.

What are the three C's of operational risk management?

The three C's of operational risk management are Culture, Controls, and Communication. These elements help organizations identify, assess, and mitigate risks effectively, which is essential for an Operational Risk Manager to ensure operational resilience and compliance. Developing strong controls and fostering a risk-aware culture are key skills in this role.

What are the key skills and qualifications needed to thrive as an Operational Risk Manager, and why are they important?

To thrive as an Operational Risk Manager, you need a solid understanding of risk assessment, regulatory compliance, and internal controls, typically supported by a degree in finance, business, or a related field. Familiarity with risk management frameworks, GRC (governance, risk, and compliance) systems, and certifications such as FRM or ORM are highly valued. Strong analytical thinking, attention to detail, and effective communication skills set top performers apart in this role. These competencies are crucial for identifying, mitigating, and communicating operational risks, ensuring organizational stability and regulatory adherence.

What is the difference between Operational Risk Manager vs Risk Analyst?

AspectOperational Risk ManagerRisk Analyst
CertificationsCFA, FRM, or similarCFA, FRM, or similar
Work EnvironmentFinancial institutions, banks, insurance companiesFinancial firms, consulting, corporate risk teams
ResponsibilitiesIdentify, assess, and mitigate operational risks; develop risk frameworksAnalyze risk data, support risk assessments, prepare reports

The Operational Risk Manager focuses on managing and mitigating operational risks within organizations, often holding certifications like CFA or FRM. In contrast, Risk Analysts primarily analyze risk data and support risk management processes. Both roles are vital in financial sectors and share similar credentials, but the Operational Risk Manager has a broader responsibility for risk mitigation strategies.

More about Operational Risk Manager jobs
What are the most commonly searched types of Operational Risk jobs in Toronto, ON? The most popular types of Operational Risk jobs in Toronto, ON are:
What are popular job titles related to Operational Risk Manager jobs in Toronto, ON? For Operational Risk Manager jobs in Toronto, ON, the most frequently searched job titles are:
What job categories do people searching Operational Risk Manager jobs in Toronto, ON look for? The top searched job categories for Operational Risk Manager jobs in Toronto, ON are:
Operational Risk Manager jobs near you

Operational Risk Manager

Connor, Clark & Lunn Financial Group Ltd.

Toronto, ON • Hybrid

CA$105K - CA$155K/yr

Other

Posted 25 days ago

Job description

Interested in joining one of Canada's top performing asset managers? We are looking for an Operational Risk Management Manager (ORM) to join our Operational Risk Team. Operational Risk Management (ORM) plays an essential role in driving and embedding a risk intelligent culture and operational excellence across our firm. You will have the opportunity to work closely with multiple internal and external business partners including external auditors, middle & back-office teams, compliance officers and senior leaders. Familiarity with the investment industry and its standards as well as a variety of business applications and technologies assist in you adding value from day 1!
 
What You Will Do
  • Play a leadership role in the coordinating the SOC1 audit, internal controls review, and security attestations working with business, operational and technology teams and external auditors.
  • Work collaboratively with the ORM team and business partners to identify, monitor and report on operational risk incidents, issues, trends and outcomes to Senior Leaders on a regular basis.
  • Collaborate with the Senior Leaders, business, and project teams to identify and assess operational risks, review the effectiveness of controls, mitigation strategies or improvement plans.
  • Provide recommendations for cost effective operational risk mitigation strategies or action items across all business areas, projects or other strategic initiatives.
  • Evolve and progress the Operational Risk Management framework, policies and procedures in line with business and industry developments.
  • Lead training and educational seminars on Risk Intelligent culture and components parts of the Operational Risk framework and platform.
  • Research and share knowledge of latest operational risk management techniques and practices across the team; leverage your experience to implement leading practices
What You Bring 
  • Passion for Operational Risk Management - you have a minimum of 7 years in internal audit or Operational Risk Management experience, ideally in financial services. You have expert knowledge of SOC1 reporting, risk and control management frameworks, and broad-based business practices. Your organizational, project management skills and subject matter expertise are critical success factors.  Completion of relevant qualification or certification is an asset.
  • Influencer - you are a thought leader and influencer and are able to work successfully with a diversity of individuals and teams at all organization levels. Your excellent communications skills enable you to foster a risk intelligent culture, effectively share your ideas and productively challenge the status quo.
  • Problem Solver - you are a creative thinker and possess an analytical mindset. You enjoy asking questions, identifying root causes and can solve problems.
  • Collaborator - you have a collaborative spirit for developing and maintaining productive relationships. You have a genuine interest in understanding others and their individual perspectives and concerns.
  • Accountability - you have the ability to work independently and as part of a team, taking responsibility for the work you and/or the team does.
  • Continuous Process Improvement Mindset - you constantly take a critical eye to processes with the goal of finding improvement opportunities and are determined to meet short and long-term goals.
  • Adaptability - you like change and can seamlessly adapt to changes in the environment, the industry, our business and priorities.  You take a flexible approach to reach outcomes, course correct as required and embrace uncertainty.
  • Investment Industry Knowledge - experience in or genuine interest for the investment or similar financial services industry will be beneficial to your success.

The salary range for this position is $105,000 to $155,000. The salary range provided reflects the base salary range for this position as required by legislation. In addition, there is an annual performance bonus which contributes to the total compensation for this position. Further questions may be directed to the HR team during the interview process. 
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