Operational Risk Officer

Job Description

Operational Risk Officer - (2200028066)Job: JOT to updatePrimary Location: Africa & Middle East-Pakistan-KarachiSchedule: Full-timeEmployee Status: PermanentPosting Date: 01/Nov/2022, 5:41:34 AMUnposting Date: 15/Nov/2022, 11:59:00 PMThe operational risk of the end to end processes owned by above mentioned Businesses / Functions in Pakistan. Provide oversight of the operational risk profile of the organisation and work with the business to identify material risks requiring management attention.Risk Governance

• Align the assigned Businesses / Functions in country operational risk management approach to the Risk Management Framework and oversee its effective application in units/ functions assigned by line manager
• Ensure, jointly with the CHOR / CCRO, that the assigned units/ functions business/product/ function heads and relevant staff understand and accept their risk management responsibilities in relation to operational risk.

Risk Appetite

• Periodically assess the country operational risk profile of assigned units/ functions and maintain alignment with risk appetite

Risk Control Ownership of assigned units/ functions

• Provide a central contact point and oversight over controls required to effectively manage operational risk in the above areas that arises from end to end processes.
• Challenge the completeness of risk identification, monitoring and control activities across Operational Risk Control Areas end to end processes to identify and follow through the remediation by the 1st line of 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 from its 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.
• Review the design of effective process controls by the 1st line to manage material risks of process control failure.

Risk Acceptance

• Review and approve risk record templates for acceptance of medium, high and very high 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.

Risk & Loss Reporting

• Ensure that risks requiring acceptance are escalated as per the policy for Operational Risk Assessment and Acceptance.
• Approve the classification and accurate reporting of operational risk losses.
• Report and escalate significant operational risk events (SORE).
• Deliver Root Cause reports for relevant events where required.
• Provide risk information/updates to Executive Risk Committee (ERC)/ Board Risk Committee (BRC) as appropriate.

Root Cause Report:

• Support the preparation and ensure the delivery of RCR for Unsatisfactory Operational Risk event as per procedure.

Knowledge and Skills:

• Operational risk management experience.
• Relevant business/function experience.
• A clear understanding of the Bank?s approach to the management of operational risk, or equivalent experience gained in other organizations.

Keyskills :