City of London, London
£100000 - £120000 per annum
3 months ago
Global Investment Bank based in the City of London, have additional headcount to recruit a new Associate Director/Senior Ops Risk Officer to join their expanding Operational Risk Management team. The incumbent will have active leadership of a ten point op risk transformation embedding the existing framework across the organisation. You'll be responsible for developing, implementing, maintaining and enhancing a framework consisting of a network of processes, procedures, reports and responsibilities that are used to monitor and manage the operational risks of the Bank. These include governance, day-to-day management practices such as the collection and analysis of key risks, control issues and incident data.
The role acts as a second line of defence providing independent oversight of the risks identified and managed by the business and includes challenging the business areas in their assessment and monitoring of their risks, control effectiveness and action plans. The framework and plan has already been approved but now needs embedding for which additional staff (including this role) are being recruited.
The Associate Director, Senior Risk Officer is responsible to drive the cultural adoption needed to embed the existing op risk framework bank wide, including providing inputs into the plan and suggesting initiatives to help management better embrace the framework.
The key objective is to equip the first line of defence (departments across the Bank) to be able to identify, assess and monitor their operational risks, improve the control environment and reduce the number and value of operational risk incidents. To continuously engage with the business in reviewing and challenging such risk information, with escalation of issues, via Director, Operational Risk Management, to the Risk Committee. This can be broken down to the following key responsibilities:
- Develop, maintain and enhance OpRisk management tools & methodologies, defining key operational risks and establishing minimum control standards and appropriate indicators / metrics, which support business processes and management decision making, the "OpRisk management framework".
- Maintain and enhance key Operational Risk policy, guidelines and standards, proactively review and enhance the OpRisk framework to align with changing needs and market good practice.
- Engage with Senior Management (MDs and Directors), advise and challenge on their Op Risk activities and to ensure they review and assess their key operational risks and the effectiveness of key controls on a regular basis and actions are identified to address any control gaps or inadequacies.
- Enhance reporting on top and emerging risks facilitating discussion at senior management level.
- Develop, enhance and maintain the Op Risk appetite framework
· Develop and implement scenario and stress testing methodology and analysis
- Act as an internal risk consultant providing best practice mitigation advice helping to education and ensure sufficient plans are in place to manage operational risks, in accordance with Bank policy.
- Partner with business areas to ensure analysis of incidents and issues is conducted to identify root causes and trends, ensuring that appropriate action plans are established, approved and monitored. Challenge such action plans accepting the risk mitigation within delegated approval limits.
- Identify core risk issues that arise and ensure these are appropriately mitigated or escalate according to delegated authority and in accordance with policy, guidelines and best practice.
- Review and make autonomous decisions and report on business indicators / metrics for key control monitoring and take action as necessary where any business appears to be operating, or to be at risk of operating, outside the established risk appetite.
- Develop, implement and maintain management information reporting to allow senior business leaders to make more informed business decisions.
- Develop, implement and maintain the training curriculum required for the team and across the Bank on the team's subject matter.
- Manage the OpRisk Management System and vendor relationships to ensure the system meets the OpRisk Framework requirements and provides value for money.
- Develop external relationships of similar and of regulated organisations to keep abreast of good practice.
- Represent the department at committees considering for example new products, system implementations and strategic procurement activities.
- Develop, train and coach the other staff in the team.
- Contribute to OpRisk Strategic direction including an integrated Risk Framework
To be considered for this fantastic opportunity, ideal candidates must have the following experience & skills;
- Degree level or equivalent and a qualification in a risk related discipline (including Accountancy, CFA, Risk Management) Is useful.
- Previous extensive experience of transforming an operational risk function within a financial services organisation.
- Knowledge and applicable understanding of regulatory best practice (BASEL) & other risk management standards.
- Strong relationship management skills, and the confidence and ability to challenge business leaders in their risk mitigation measures.
- Excellent presentation skills & oral and written communication skills.
- Demonstrate strong skills in planning, organising, presentation and collaboration including project management skills
- Sound organisational and management skills. Ability to manage a number of varied and complex tasks, resilient attitude towards conflicting priorities and challenges.
- Ability to motivate team performance through a people centred approach to management. Coaching, mentoring and leadership skills.
- Strong communication and negotiation skills suited for a wide variety of people at high level both inside and outside the Bank.
- Ability to build effective working relationships with clients and colleagues in a multicultural environment