Enterprise Risk Management (ERM) is more than simply a collection of policies, procedures, limits, and models. Effective risk management also requires a strong risk culture and risk governance. Risk culture is the system of values and behaviors within the organization that shapes the day-to-day decisions that we all make. Developing a risk culture is a continuous process – it is consistent with, and builds upon, our Core Values, Leadership Competencies, and Code of Business Conduct & Ethics in that it is based on a common understanding that managing risk is everyone's responsibility and creates an environment that encourages the open exchange of ideas, willingness to elevate concerns, and a commitment to "doing the right thing." As such, risk culture is a critical element of the Bank's risk management efforts.
Also critical to Fifth Third Bank's approach to Enterprise Risk Management is a Risk Appetite Framework that defines how much risk is taken by the Bank. This Risk Appetite Framework is supported by an Enterprise Risk Management Framework that defines key risk activities for the eight different risk categories of credit risk, liquidity risk, market risk, operational risk, compliance risk, legal risk, reputational risk, and strategic risk. If you are interested in helping to further develop our risk culture, consider a career within Enterprise Risk Management at Fifth Third Bank.
At Fifth Third Bank we utilize an Enterprise Risk Management Division that is comprised of the risk functions below.
Independent from the lines of business, Commercial Credit Risk is responsible for the overall risk strategy of the portfolio of commercial loans originated by the lines of business. Commercial Credit personnel have direct responsibility for the administration, implementation, and adherence to the Bank's policies and guidelines related to commercial credit.
Provides independent risk assessment and oversight of the Consumer Line of Business, while providing guidance, tools, analyses, and reports to the business to ensure that risks are effectively managed. Functions include:
Provides quantitative analysis to support:
Responsible for the design, development, implementation, and oversight of the Bank's Enterprise Fraud program, including the fraud prevention, detection, strategy program and the Investigations and Recovery program. Bank Protection partners with the lines of business to manage fraud and security risk across people, products, and channels by identifying current and emerging fraud and security risks and utilizing tools, strategies, and policies to manage risk while delivering an optimal and appropriate customer experience.
Partners with the lines of business and provides independent oversight to ensure that operational risk identification, assessment, management, monitoring, and reporting processes are adequate and accurate. As such, ERM serves as the second line of defense in controlling operational risks. The ORM function also develops methodologies and tools to support Operational Risk Management and provides reporting on aggregate operational risks. The ERM programs and ORM function administer the risk and control self-assessment process and ensure compliance with Sarbanes-Oxley requirements.
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