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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 ...

Bmo

Operational Risk Analyst

Toronto, ON · On-site

CA$45K - CA$84K/yr

Supports an efficient and effective risk management function which uses common information sources ... Supports the maintenance of operational procedures and processes related to analytical and ...

Mace

Risk Manager

Toronto, ON · On-site

You will lead operations that are fiscally and ethically viable, influencing the achievement of ... Accountable for the risk management performance of assigned commission(s). * Creates/designs ...

Mace

Risk Manager

Toronto, ON · On-site

You will lead operations that are fiscally and ethically viable, influencing the achievement of ... Accountable for the risk management performance on assigned commission(s). * Creates/designs ...

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All JobsOperational Risk Manager JobsOperational Risk Manager Jobs in Toronto, ON

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 Jun 17, 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 helps ensure organizational resilience and compliance.

What does an operational risk manager do?

An operational risk manager identifies, assesses, and mitigates risks that could disrupt a company's operations, such as process failures, fraud, or system outages. They develop risk management frameworks, monitor key risk indicators, and ensure compliance with regulations to protect the organization’s assets and reputation.

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 benefits. Certifications like FRM or ORM can enhance earning potential in this field.

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 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.

What are the 5 steps of orm?

In operational risk management (ORM), the five key steps are: identifying risks, assessing their likelihood and impact, implementing controls to mitigate risks, monitoring the effectiveness of these controls, and reviewing and improving the risk management process regularly. These steps help operational risk managers proactively manage potential threats to an organization’s operations.
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 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
Infographic showing various Operational Risk Manager job openings in Toronto, ON as of June 2026, with employment types broken down into 94% Full Time, 3% Part Time, and 3% Contract. Highlights an 89% In-person, 8% Hybrid, and 3% Remote job distribution, with an average salary of $104,141 per year, or $50.1 per hour.

Operational Risk Manager - 12 months

The Mason Group Inc

Oakville, ON • Hybrid

Contractor

This job post has expired today. Applications are no longer accepted.

Job description

Our client is looking for an Operational Risk Manager for a 12 months contract to play a key role in strengthening risk governance, audit readiness, and organizational resilience. This is an excellent opportunity for someone who thrives in a second line of defense environment and has experience across Operational Risk, TPRM, and Business Continuity.

Core responsibilities include:

  • Risk Governance & Programs
    • Lead and manage key risk programs, including Third-Party Risk Management (TPRM), Operational Risk, and Business Continuity Management (BCM).
    • Conduct Risk and Control Self-Assessments (RCSAs) to identify and mitigate operational and compliance risks.
    • Ensure adherence to regulatory requirements and internal risk frameworks across the organization.
  • Audit & Controls Oversight
    • Support internal and external audits by documenting, testing, and evaluating risk controls.
    • Perform root cause analysis on risk events and implement remediation strategies.
    • Design and execute control testing methodologies to assess risk maturity.
  • Enterprise Risk Management (ERM)
    • Enhance and maintain the ERM framework by improving governance, risk assessment processes, and integration of risk appetite into decision-making.
    • Provide independent oversight and challenge to ensure effective risk management practices.
    • Develop and maintain GRC (Governance, Risk & Compliance) tools and reporting frameworks.
    • Prepare risk metrics, dashboards, and reports for senior leadership and risk committee.
Experience:
  • 5+ years in risk management, audit, compliance, or second-line defense, preferably in financial services.
  • Bachelor’s Degree or higher with 5 years relevant work experience in compliance, operational risk management, third party risk management, internal audit, or other relevant areas.
  • Demonstrated success in overseeing Operational Risk Management program(s) including Third Party Risk management.
  • Strong written and verbal skills (ability to communicate clearly and concisely to various levels of internal and external parties).
  • Understands how the company’s risk appetite and risk culture should be considered in day-to-day activities and decisions.
  • Champions a customer focused culture to deepen client relationships and leverage broader relationships, systems, and knowledge.
  • Must maintain a current awareness of regulatory requirements and industry best practices in operational and regulatory risks.
  • Expert knowledge of Excel, PowerPoint, Word, and Visio. Power BI is an asset.
  • Superior project management skills and attention to detail with the ability to work with and influence all levels in the organization.
  • Proactive and strong problem solving, critical thinking, negotiating, and time management skills. #LI-Hybrid This position requires work from our Oakville office but offers a flexible hybrid work model that allows employees to work remotely from their home office.

 Additional Information:

The Mason Group is committed to fostering a diverse, inclusive, and accessible recruitment process. We welcome applicants from all qualified candidates. Accommodations are available upon request for candidates participating in all stages of the recruitment process, in accordance with the Accessibility for Ontarians with Disabilities Act (AODA).

This role is for an immediate vacancy, and we are actively hiring.

#LI-JI1

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