Operational Risk Officer at Standard Chartered Botswana

Job Description
	ROLE TITLE: (Senior) Operational Risk Officer [Country Name] SCOPE OF RESPONSIBILITIES The management and monitoring of all the operational risk Standard Chartered Group and its subsidiaries are exposed to as a result of the business activities and processes that exist in [Country Name]. This includes oversight of the Country’s operational risk profile of the organisation and work with the business and functions to identify material risks requiring management attention. REPORTING RELATIONSHIPS: Reports Directly To: Country Head of Operational Risk [Country Name] / Country Chief Risk Officer Direct Reports: Operational Risk Officer,(if applicable) Other Key Relationships: • Country Heads of Operational Risk (within the Region) • (Senior) Operational Risk Officers in the Region and globally • Country Business Heads • Country Function Heads • Business COOs in the Country • Group Operational Risk • Country / Group Internal Audit Team • External Auditors and Regulators PURPOSE: (Please explain succinctly the reason for existence of the role) • To ensure that operational risks are properly assessed; that processes, roles and responsibilities are clearly understood; that all risk / return and control cost / benefit decisions are made transparently on the basis of a complete and proper assessment, and all controls are implemented in accordance with the Group’s standards and in line with the Risk Appetite. • To ensure Operational Risk Framework and all associated policies and procedures and the Risk Management Framework are effectively embedded and communicated in country. • To be the central point of contact for operational risks within the country arising within the processes, including being responsible for the evaluation of the design and operational effectiveness of all controls To ensure risks of processing failure are being actively managed and monitored on an end-to-end basis in country; including providing regular control assessments of required controls and escalation in instances . AUTHORITIES: The Senior Operational Risk Officer , has delegated authority to: • Accept the classification and accurate reporting of operational risk losses and events and to accept the appropriateness of mitigation actions. • Validate the 1st • Challenge and constrain relevant business activities where risks are not aligned with the risk appetite of the business and the group; or controls have not been appropriately designed. line gross and residual risk assessments. • Sign off on new products introduced in the country on behalf of Operational Risk through the PPG and Country Addenda process as outlined in the Product Governance Handbook. RESPONSIBILITIES: (Summarise all responsibilities and accountabilities) Risk Governance • Align the in country operational risk management approach to the Operational Risk Framework and the Risk Management Framework and oversee its effective application. • Ensure, that the business heads, function heads and relevant staff understand and accept their operational risk management responsibilities. Risk Appetite • Periodically assess the country operational risk profile to maintain alignment with the risk appetite. Redesign controls as required in response to internal and external factors. • Review and challenge country strategy where this is not aligned with the risk appetite ; • Maintain operational risk capability and a control environment which is in line with the operational risk Risk Control Ownership of operational risk • Provide a central contact point and oversight over all controls required to effectively manage operational risk within the country that arises from the end to end processes. • Design, maintain and effectively communicate operational risk controls, including control standards, risk exposure limits and other control levers in order to maintain the country’s risk profile in line with the overall risk appetite. • Challenge the completeness of risk identification, monitoring and assessment of the corresponding control activities required within the end to end processes to identify and remediate any significant deficiencies. • 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 within the end to end processes. • 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 to manage all material risks linked to the process control failure. o 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 a balanced and informed assessment of all operational risks arising from acquisitions or major change initiatives or projects within the country. Risk Acceptance • Review and approve risk record templates for acceptance of medium, high and very high country level 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. Risk Monitoring • 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 Reporting • Approve the classification and accurate reporting of operational risk losses. • Report and escalate significant operational risk events (SORE). • Deliver Root Cause Analysis reports for relevant events • Provide risk information/updates to Country Operational Risk Committee (CORC)/ Country Risk Committee as appropriate. Stress testing • Conduct, at least annually and with guidance from Group specialists, a stress test and scenario programme for operational risk [as part of ICAAP], review the results and assess their implications. Root Cause Report • Support the preparation and ensure the delivery of RCA for Unsatisfactory Operational Risk event as per procedure. Strategy & Planning Inform the development of country business plans, exercising appropriate focus on the implementation of robust operating environments, within risk appetite, to support business aspirations. KEY RELATIONSHIPS Relationship: For: Business/ Function heads • Ensure operational risk management within the country is effective in containing risks within risk appetite. • Provide guidance on how effective operational risk management can be achieved. • • Group Operational Risk • Country Head of Operational Risk works closely with Group Operational Risk who provide functional leadership and support. Country / Group Internal Audit Team • Maintain regular dialogue to both ensure Assurance work is carried out in accordance with a consideration of relevant business risks and issues and to ensure GIA fully consider core OR tools and techniques in performing their core audit work. External Auditors and Regulators • Maintain a strong partnership with external auditors and regulators to facilitate effective external reviews. KEY MEASURABLES The performance of the Senior Operational Risk Officer will be measured by: • Favourable external, internal and regulatory audit results e.g. absence of audit failures or audits rated ‘improvement required’, absence of near misses and only acceptable results at independent control sample testing. • CORC/ CRC acknowledgement that controls have been made more efficient and effective and operational risks reduced and attestation to a complete country risk profile and awareness of emerging risks. KNOWLEDGE AND SKILLS: • Operational risk management experience. • Business/function experience. • A clear understanding of the Bank’s approach to the management of operational risk, or equivalent experience gained in other organisations. • Ability to leverage resources across the organisation to complete deliverables. • Sound judgement and courage necessary to perform a control role and maintain effective working relationships.
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