Operational Risk Manager

  • Competitive
  • Manama, Capital Governorate, Bahrain
  • Permanent, Full time
  • Non-disclosed
  • 11 Aug 17

To assist and facilitate the management of operational risk.

This includes:

  • Engaging with the first line on risk management (identification of risks and appropriate mitigation strategies) starting from a good understanding of the business processes & products
  •  (Facilitation) of the implementation of the group-wide framework for management of operational risk in Bahrain and other Units;
  • Supporting the risk management by the first line;
  • Provide assistance to second line Risk Departments of Units;
  • Overseeing the processes for identification and controlling of risks in existing and new activities and products
  • Representing risk in efforts to launch new products, change processes, implement systems, etc.;
  • Analysis of risk data and translating same in action plans;
  • Reporting of risks and status of risk management;
  • Preparation Operational Risk Committees;
  • Raising awareness and promoting best practices for the management of operational risk.
  • Assistance with the further development of the framework for the management of operational risk

The job holder needs to have a thorough understanding of the products and business processes, and be familiar with operational risk management practices and regulatory requirements.  He should be able to articulate these and have meaningful discussions with internal and external stakeholders at various levels. He should also never lose sight of the “big picture” of the markets the group is in and the overall trends in the financial industry as a whole.

Principal Responsibilities, Accountabilities and Deliverables of Role:

  • Facilitate the management of operational risk across the Units.
  • This includes (list is not exhaustive):
  1. (Facilitation of the) implementation of the group-wide framework for the management of operational risk;
  2. Organization and facilitation of risk management workshops (e.g. RCSA workshops, etc.);
  3. Coordination and facilitation of the implementation of the various risk management policies and procedures within the Units:
  4. Assistance with the identification of risks and the definition of appropriate controls;
  5. Assistance with development of action plans to mitigate risks;
  6. Challenging / testing the effectiveness of controls;
  7. Analysis of risk data such as loss events and other incidents, KRIs, etc. and ensuring that they are translated into appropriate action;
  8. Investigating risk events and incidents;
  9. Following up on completion of action plans;
  10. Review - and approve – local policies & procedures to ensure compliance with group standards and policies
  • Provide day-to-day direction, guidance, training and support to the first line and second line of the Units for the management of operational risk.
  • Ensure respect of the group-wide and local risk management policies and procedures and raising any exceptions to the appropriate decision level (Unit and group level).
  • Quality control of the various ORM projects (i.e. the reliability of the results of the various risk management projects reported to the Operational Risk Committees and Board Risk Committees both at the local level and at the group level);
  • Participate in the development of new products and change management projects (e.g. outsourcing of processes) to ensure that the inherent risks are assessed and mitigated prior to launch/implementation. 
  • Quality control of the various ORM projects (i.e. the reliability of the results of the various risk management projects reported to the Operational Risk Committees and Board Risk Committees both at the local level and at the group level);
  • Ensure that the management of operational risk is aligned to the management of other non-financial risks (Compliance, IT Risk, BCM, Audit)
  • Cooperation with other risk and control functions of the Unit/group to ensure that all non-financial risks are adequately managed
  • Prepare / oversee the preparation of actionable (consolidated) risk reports for the various internal and external stakeholders.
  • Reporting ORM matters to the local/group senior management, the local/group ORCO, the local/group Board Risk Committee, etc.  and to the local (“host”) regulators.
  • Reporting on the progress against the approved operational risk management planning;
  • Participate in the development of best practices for management of operational risk at the group level and at the Unit level to ensure that the group’s risk management processes are aligned to new regulations and evolving industry practices
  • Acting as sounding board for new risk management initiatives considered at the group.
  • Conduct necessary training and provide guidance to the risk managers in the Unit, subsidiaries, branches and rep offices on all aspects of the management of operational risk management
  • Disseminate – and explain - policies and procedures for the management of operational risk to the various stakeholders in the Unit.
  • Acting as point of contact for local external auditors and regulators in operational risk matters.
  • Serving as secretary of the local ORCO.
  • Carrying out “ad hoc” tasks as directed by Senior Management. 

Job Context (Circumstances & environment surrounding the job):

Operational risk has advanced significantly from being a concept to an independent discipline with its own rules and regulations.

The scope of operational risk management is now broadening from identification of risks and controls (implementation of frameworks for managing operational risk) to pro-actively challenging the business on the robustness and effectiveness of the risk management process (especially the identification of risks and implementation / effectiveness of controls)). This takes place in an environment where expectations of internal and external stakeholders have gone up dramatically, as evidenced by the ongoing issuance of new rules and regulations banks have to cope with.

As a result, the job complexity has grown significantly.

In the light of these developments it is imperative to have a well-resourced strong independent operational risk management function that helps the Unit manage its operational risks effectively and that ensures that the best risk management practices are implemented, that regulations are complied with.   

Job Requirements:

Knowledge

  • Extensive first line product and process experience, preferably gained in / related to commercial credits and/or trade finance and/or trading & sales.
  • Relevant experience in risk management in the financial industry, supported by:

-          Practical working experience with risk & control frameworks;

-          Good understanding of the international regulatory environment and in the different countries where the group operates;

-          Broad knowledge of operational risk disciplines, information security, business continuity and disaster recovery, compliance;

-          Relevant knowledge of industry process, risk and control frameworks, e.g., COSO ISO,

  • Strong practical experience with risk and control assessment frameworks, tools and methodologies as applied to business processes, business applications, technology infrastructure and third parties.

Education / Certifications

  • Master degree of reputable university or acceptable equivalent

Experience

  • 5 years to 10 years of relevant banking experience.

Personal Attributes

  • Strong written & oral communication / presentational skills;
  • Proficient in English, Arabic and other language (French or Portuguese)
  • Good time-management skills;
  • Self-motivation and leadership attributes;
  • People management and relationship skills;
  • Experience leading business critical projects;
  • Good PC skills (current applications).