Operational Risk

3 weeks ago

London, United Kingdom Crown Agents Bank Ltd. Full time

Crown Agents Bank is a vastly growing and regulated UK bank that connects emerging and frontier markets to the rest of the world, using FX and payments technology. We are transforming the way payments and FX move through emerging markets, reducing friction so that more money gets to those who need it. Emerging markets payments are usually challenging, expensive, unreliable and opaque. Our solutions help fix these pain points. Ultimately, we connect traditionally hard-to-reach regions to global financial infrastructure, giving access to the best prices and the fastest, most reliable settlement.

FX and cross-border payments are often complex and expensive, especially when operating in emerging markets. Crown Agents Bank (CAB) wraps its deep and trusted relationships and strength of network around innovative digital capabilities, and cross-border transaction banking solutions to enable fintech, corporates, governments, development organisations and banks to move money to, from, and across often hard-to-reach markets.

We are currently based in Sutton and we are expected to move to our new offices, in London Bridge in May 2024

Job Description

Assist with the management and oversight of Operational Risk within the First Line of Defence by execution and adoption of the Operational Risk Management Framework, which includes risk identification, assessment, management, monitoring, and remediation. Key focus on risk analysis and reporting, with particular focus on Risk and Control Assessments, Risk and Event Management, Control Assurance Testing and MI reporting.

Embedding regular risk & control governance activities across Operations by ensuring compliance with regulatory requirements and internal risk appetite to assist preventing the bank from risk exposure, money laundering or terrorist financing.

Role Responsibilities

  • Support the Head of First Line Operational Risk and Control in the day-to-day management of Operational Risk to include key risk management activities such as Operational Risk Event reporting and error resolution, Risk and Control Assessments, Project and Product Risk Assessments, Key Risk Indicators, and Operational Risk training to first line risk owners.
  • Involvement in the process of embedding the operational risk framework throughout the business lines and contribute to the risk and control culture of the organisation through knowledge sharing and awareness on the importance of risk management.
  • Promote an appropriate culture of awareness and attention to Operational Risk throughout the bank in line with evolving regulatory requirements by embedding the three lines of defence and enhancing the OR reporting and governance. Escalate complex risk issues to the Head of Operational Risk as required.
  • Influence and monitor progress of action plans to improve the risk and control environment arising from internal and external risk events, risk issues, internal and external audits, and regulatory inspections.
  • Assess operational processes and identify issues in projects, new product launches or maintenance to prepare risk and impact assessments.
  • Develop internal strategies to implement changes to reduce operational risks. Ensuring that risks are identified, measured, managed, and reported/escalated and give quality advice on risk mitigation.
  • Provide oversight and challenge of identified issues and risk incidents, ensuring they are reported in a timely manner, and escalated as appropriate. Ensure that appropriate remediation is undertaken by risk owners, along with root cause analysis and action tracking.
  • Ensure that RCSA’s are updated by the relevant Risk Owner when trigger events occur and ensure these are accurately captured within our internal Risk and Control Library, and Riskonnect.
  • Analyse risk and control data and use statistical models to evaluate the likelihood of certain events occurring and the potential impact on the bank.
  • Develop and implement risk management strategies to minimise risks and ensure compliance with regulations. Maintain knowledge and adhere to the relevant regulatory and legal.
  • Conduct reviews of information held within Riskonnect to ensure the quality and consistency of data and that the risk, control, and process library is maintained.
  • Oversight and monitoring of Internal & External Audits, review all open audit actions and work with Ops stakeholders to ensure the audit requirements are understood. When audit actions are presented to closure, review evidence that action has been closed.
  • Maintain central Operations process and procedure library, ensuring annual reviews are completed in a timely manner and appropriate governance is adhered to for approval.
Qualifications
  • The ideal candidate should be educated to degree level and have a minimum of 3 years Operational Risk Management experience within financial services. Strong candidates with transferable Operational Risk experience will also be considered.

Experience

  • Knowledge of the EU and UK financial services and regulatory framework
  • Knowledge and experience of managing operational risk in either a 1LoD or 2LoD position.
  • Demonstrable experience of using analysis tools such as Excel, Power BI or Tableau.
  • Experience of using a GRC system.
Additional Information
  • Contributory personal pension plan: - Minimum: Employee 2% and Employer 7%. Employer matches contributions in 1% increments to a maximum of: Employee 5% and Employer 10%
  • Life Assurance – 4 times annual salary
  • Group Income Protection
  • Private Medical Insurance – this may include cover for partner and or children at company cost. Cover includes Optical, Dental and Audiology
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