Job Description
Accountability: Operational and Resilience Risk Framework & Policy Oversight
Provide effective second line of defence oversight by guiding and supporting the business in the implementation and embedment of the Operational Risk Framework. Ensure that the risk profile and control environment, including inherent and residual risks, are effectively managed through rigorous facilitation of the Risk and Control Self-Assessment (RCSA) process.
Provide relevant guidance and training to business on the implementation and maintenance of Operational Risk framework components, including RCSAs, Key Risk Indicators (KRIs), risk events, Strategic Risk Assessments, Key Risk Scenarios, and capital drivers.
Assess the level of business compliance with applicable risk frameworks and policies, and remain up to date with Operational Risk frameworks, policies, standards, procedures, and relevant legislation/regulations.
Planning
Participate in an advisory capacity in the scoping and definition of Operational Risk deliverables and plans, ensuring alignment with the central Operational Risk calendar.
Assess, challenge, and monitor current and forward-looking Operational Risk exposures (financial and non-financial), considering framework elements, strategic initiatives, business growth, and change programmes (including NPA).
Support the business in risk identification and assessment.
Identify and assess the relevance and performance of KRIs and thresholds.
Conduct rigorous analysis and oversight of the RCSA process.
Review and challenge the end-to-end risk profile and control environment, including emerging risks and strategic changes.
Collaborate with the first line of defence on issue documentation, tracking, escalation, and remediation.
Provide oversight on deep dives, root cause analysis, and lessons learned for material risks.
Review remediation plans for adequacy, completeness, and progress.
Oversee monthly loss event reconciliations to ensure all reportable risk events are captured in the Operational Risk Management System (ORMS).
Liaise with Group Operational Risk teams to ensure alignment with policies and standards.
Monitoring of Control Environment
Perform annual reviews of RCSAs and Critical Process Assessments (CPAs), or as required due to material changes.
Review risks and controls defined by Key Risk Owners.
Assess the effectiveness and relevance of KRIs and thresholds.
Monitor KRIs and evaluate their impact on the risk profile and control environment.
Governance
Actively participate in Operational Risk governance forums.
Monitor and challenge the business risk profile against approved risk appetite.
Review and challenge first line of defence on control design and implementation.
Facilitate effective management of findings and observations raised by assurance providers.
Ensure business unit capabilities are met in consultation with relevant stakeholders (e.g. SRTOs).
Drive the remediation of issues, including overdue actions and ineffective controls.
Promote strong risk ownership within business units.
Operational Risk Management Systems (ORMS) Reporting
Provide oversight to ensure accurate and complete capture of Operational Risk data in ORMS (including MCA, RCSA, CPA, issues, risk events, indicators, root cause analysis, lessons learned, risk acceptances, and SNOW issues).
Perform data quality checks and facilitate resolution of data issues.
Validate and challenge data reported by the first line of defence.
Compile reports as required, providing independent insights, interpretation, and analysis.
Prepare current and forward-looking Operational Risk profile reports for the relevant business unit or function.
Business Support
Maintain a strong understanding of the business, including its operations, risks, and strategic objectives.
Engage with business stakeholders and leverage central resources to deliver effective Operational Risk oversight across functions.
Education
Postgraduate qualification in one of the following disciplines:
Risk Management
Finance / Accounting
Economics
Business Management
Internal Audit
Law
Education
Bachelor Honours Degree: Auditing, Bachelor Honours Degree: Law