Key Roles & Responsibilities
The operational risk of the end to end processes owned by WB in the businesses and subsidiaries of Standard Chartered Group in UAE, Oman, Jordan, Lebanon, Qatar, Bahrain. Provide oversight of the operational risk profile of the organisation and work with the business to identify material risks requiring management attention.
* Align the WB in country operational risk management approach to the Risk Management Framework and oversee its effective application.
* Ensure, jointly with the CCRO, that the WB business heads and relevant staff understand and accept their risk management responsibilities in relation to operational risk.
* Assess periodically the country operational risk profile of WB and maintain alignment with risk appetite by rebalancing of risks or controls that may be required in response to internal and external factors.
* Review and challenge country WB strategy and plans in line with risk appetite and ensure alignment with operational risk capabilities and control environment.
Risk Control Ownership of WB operational risk
* Provide a focal point of control over the aggregate level of operational risk in WB that arises from end to end processes.
* Design, maintain and effectively communicate operational risk control parameters across WB, including control standards, risk exposure limits and other control levers in order to maintain WB’s risk profile in line with the overall risk appetite.
* Challenge the completeness of risk identification, monitoring and control activities across Operational Risk Control Areas within WB owned end to end processes and identify and address any significant gaps that may exist between them.
* Ensure compliance with Operational Risk policy & procedures.
Risk identification and Assessment
* Validate and challenge the first line risk identification and assessment of gross and residual risks arising from its end to end processes and identify any gaps.
* Assess the control environment including, but not limited to, control design, control execution, control testing and control history.
* Recommend changes to the control environment or to business practice where necessary to reduce the level of operational risk exposure to within the agreed appetite.
* Design effective process controls where there are material risks of process control failure.
Identify Local Control Gaps – Regularly assess all key controls against the country risk profile to monitor exceptions and identify gaps.
o Optimise portfolio of local controls – Regularly assess existing Local Key Control Standards, key risk indicators (KRIs) and key control indicators (KCIs) to ensure cost effectiveness, efficiency and relevance.
* Provide balanced and informed assessment of operational risks arising from acquisitions and major change initiatives or country projects.
* Review and approve risk record templates for acceptance of medium, high and very high country level WB risks.
* Accept the classification and accurate reporting of operational risk events and the appropriateness of mitigation actions.
* Challenge and constrain relevant business activities where risks are not aligned with control requirements or risk appetite.
* Sign off on new products on behalf of Operational Risk through the Country Addenda process.
* Ascertain and confirm that country risk registers, KRIs, KCIs, and control sample testing are effectively implemented.
* Periodically review operational risk assessments to ensure these appropriately reflect changes in environment, mitigating controls and the progress of treatment plans.
* Systematically monitor process control effectiveness where there are material risks of process control failure.
* Work with local business representatives to receive control and risk metrics in order to monitor KRIs and KCIs.
* Review and update annual key control testing plans.
Risk & Loss Rep
|Job Location:||Dubai, United Arab Emirates|
|Career Level:||Entry Level|
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