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

Fairstone

Senior Business Risk Manager

Toronto, ON

Operational Risk Events (OREs) (10%) * Oversee the identification, assessment, classification, and ... Issue Management & Assurance (10%) * Oversee tracking and resolution of issues arising from RCSAs ...

Canadian Tire

Manager, Third Party Risk

Oakville, ON · On-site

CA$131K/yr

OSFI B-10, operational resilience principles, risk governance frameworks, third-party lifecycle management Experience developing governance reporting, KRIs, and executive dashboards Experience ...

Canadian Tire

Manager, Third Party Risk

Oakville, ON · On-site

CA$131K/yr

OSFI B-10, operational resilience principles, risk governance frameworks, third-party lifecycle management Experience developing governance reporting, KRIs, and executive dashboards Experience ...

Scotiabank

Manager, Climate Risk

Toronto, ON · On-site

The Manager will report to the Director & Global Head of E&S Risk Management and support the team ... Actively pursue effective and efficient operations of his/her respective areas, while ensuring the ...

Hatch

Principal Risk Manager

Mississauga, ON · On-site

With expertise in sustainable studies, asset building and operations, and industry-leading ... This role is pivotal in ensuring that risk management is a value-add process that supports ...

Hatch

Principal Risk Manager

Mississauga, ON · On-site

With expertise in sustainable studies, asset building and operations, and industry-leading ... This role is pivotal in ensuring that risk management is a value-add process that supports ...

goeasy

Risk Manager (Risk & Analytics)

Mississauga, ON · On-site

CA$95K - CA$129K/yr

We're looking for a Risk Manager, Risk & Analytics to join a collaborative and forward‑thinking ... and operational changes on delinquency and charge off levels. What experience do you have? * You ...

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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 Jun 18, 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.

Senior Business Risk Manager

Fairstone

Toronto, ON

Full-time

Medical, Dental, Retirement, PTO

Posted 7 days ago

Job description

Who we are:

Fairstone Bank and its family of brands are united in delivering innovative, accessible and reliable financial solutions that enable Canadians to reach their goals. Over the years, our brand family has grown. In 2024, Home Trust Company, Home Bank and Oaken Financial became part of the Fairstone Bank family of brands, alongside Fairstone, EdenPark and Fig.

Together, we are the leading alternative lending bank in Canada. We have the collective experience and expertise to better serve our customers and foster our partners' growth. With a diverse suite of products-residential and commercial mortgages, consumer deposits and GICs, credit cards, retail and automobile financing, personal loans and digital lending-we offer financial solutions tailored to all Canadians, including newcomers, small-business owners, smart investors and savvy consumers.

Backed by nearly a century of lending experience through its legacy companies, Fairstone Bank and its brand family are proud to be Canada's leading alternative lending bank.

About the role:

The Senior Manager, Business Risk Management (BRM) - Deposits operates within the Deposits line of business as a First Line of Defence, providing independent, objective risk management advice, insight, and oversight. The role partners closely with business leadership and enterprise control functions to ensure that risks arising from deposit taking activities are identified, assessed, mitigated, monitored, and reported in alignment with the Company's risk appetite, regulatory expectations, and strategic objectives.

Business Risk Management & Oversight (30%)

  • Lead and oversee all Business Risk Management activities across the Deposits line of business.
  • Partner with Deposits leadership to ensure effective processes are in place to identify, assess, mitigate, monitor, analyze, and report on risks.
  • Provide credible, independent challenge and advisory support on emerging risks, control gaps, and material issues.
  • Act as a trusted advisor to senior management, presenting clear recommendations to strengthen risk management practices and decisionmaking.
  • Lead the development and execution of the Deposits BRM strategy, aligned with enterprise risk priorities.
  • Lead CDIC and AML/TF reporting and annual requirements

Risk & Control SelfAssessments (RCSAs) (10%)

  • Support and lead risk and control selfassessments, new initiative risk assessments, postimplementation reviews, compliance assessments, and CEO/CFO certifications.
  • Facilitate processlevel RCSAs, business process mapping, control design and operating effectiveness assessments.
  • Identify and analyze key risks, root causes of control deficiencies, and systemic issues.
  • Ensure remediation action plans are sustainable, riskbased, and tracked to timely completion.

Key Risk Indicators (KRIs) & Risk Reporting (10%)

  • Define, develop, and maintain relevant KRIs and supporting KPIs for inherent and emerging risks within Deposits.
  • Ensure data integrity, governance, and adequate controls over KRI/KPI calculation and reporting.
  • Design and deliver clear, insightful risk reporting to management committees and senior leadership.
  • Analyze trends and risk signals to proactively identify areas of heightened exposure.

Operational Risk Events (OREs) (10%)

  • Oversee the identification, assessment, classification, and reporting of operational risk events.
  • Ensure robust root cause analysis is performed and that corrective actions effectively prevent recurrence.
  • Monitor and report on ORE trends and systemic issues impacting the Deposits business.

Issue Management & Assurance (10%)

  • Oversee tracking and resolution of issues arising from RCSAs, OREs, KRIs, Internal Audit, regulatory reviews, and external examinations.
  • Ensure adequacy of evidence supporting issue closure and maintain strong governance over issue management processes.
  • Coordinate with ERM and ORM to maintain centralized issue tracking and reporting.

Frameworks, Policies & Governance (20%)

  • Support the implementation and ongoing maintenance of the Company's ERM framework within Deposits.
  • Provide input into risk management policies, frameworks, standards, and methodologies.
  • Develop and maintain operating procedures tailored to the Deposits business.
  • Ensure alignment with regulatory expectations applicable to deposittaking institutions.

Stakeholder Leadership & Culture (5%)

  • Build and maintain effective working relationships with Deposits leadership, ERM, ORM, Compliance, Internal Audit, and other control functions.
  • Promote a strong risk and compliance culture through training, coaching, and awareness initiatives.
  • Support the business in demonstrating the value of risk management insights to improve controls, efficiency, and outcomes.
  • Ensure adherence to Business Continuity requirements within the line of business.

People & Resource Leadership (5%)

  • Provide oversight, guidance, and direction to BRM resources supporting the Deposits line of business.
  • Ensure appropriate prioritization, coordination, and delivery of risk management activities.

What we're looking for:

  • Bachelor's degree in Business, Finance, Accounting, Economics, or a related discipline.
  • Professional risk, audit, or compliance designation preferred.

Years of Experience:

  • Minimum 8+ years of progressive experience within a regulated Canadian financial institution.
  • Demonstrated experience in Business Risk Management, Operational Risk, Internal Audit, Compliance, or Operational Effectiveness.
  • Strong experience facilitating RCSAs, risk assessments, issue management, and seniorlevel reporting.
  • Proven ability to operate effectively in a firstline risk leadership role.

Additional Qualifications, Certifications, Skills:

  • Deep understanding of risk management frameworks and regulatory environments.
  • Strong analytical, problemsolving, and critical thinking capabilities.
  • Excellent written and verbal communication skills, including executivelevel presentations.
  • Proven relationshipbuilding and influencing skills.
  • Ability to work independently and collaboratively in a fastpaced, deadlinedriven environment.
  • Selfmotivated, resultsoriented, and committed to adding value.
  • Consistently demonstrates and reinforces organizational values.
  • Bilingualism (French/English) considered an asset.

What you'll love about working here:

  • Award-Winning Culture: We're proud to be recognized as a Great Place to Work Canada 2025 and one of Montreal's Top Employers 2025 by Canada's Top 100 Employers.
  • Work-Life Balance: Enjoy flexibility with our hybrid work model designed to support your lifestyle.
  • Time to Recharge: Generous vacation based on your role, statutory holidays, plus 6 wellness days to prioritize your well-being.
  • Compensation Package: Competitive base salary plus an annual incentive bonus tied to performance.
  • Comprehensive Benefits: Robust health and dental coverage through Manulife, as well as virtual healthcare through Dialogue.
  • Future-Ready Savings: Group Retirement Savings Plan with up to 7% employer match.
  • Exclusive Perks: Discounts from top retailers via WorkPerks, plus location-based perks like gym memberships and Toronto Bike Share.
  • On-Site Fitness: Gym access at our London and Montreal offices.
  • Continuous Growth: Education Assistance Program and Fairstone Academy for training and skill development.
  • Family Support: Parental leave top-up program to help you during life's big moments.
  • Community Impact: One paid volunteer day to give back to causes that matter to you.
  • For more information on who we are as an employer click here.

What you can expect - pay & process:

  • Expected base salary range is $125,000 - $135,000 , plus the opportunity to earn an annual incentive bonus tied to performance.
  • This posting is for an existing vacancy within our organization.
  • Artificial intelligence may be used in parts of the recruitment process.
  • All candidates considered for hire must successfully pass a criminal background check, credit check, and validation of their work experience to qualify for hire.

If what you read excites you, we'd like to hear from you! Please submit your application and we'll contact you if you become selected for first stages of the interview process.

Learn more: https://www.fairstone.ca/en/about/canadian-lender

Follow us on LinkedIn: https://www.linkedin.com/company/fairstone/mycompany/

If you have a preferred language for communication, please kindly inform us whether you prefer French or English on your application.

Fairstone is an equal opportunity employer. Accordingly, we will make reasonable accommodations to respond to the needs of people with disabilities. Individuals who view themselves as Aboriginals, members of visible minorities, and disabled are encouraged to apply in confidence.

Time Type:

Full timeJob Type:Permanent

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