Senior Operational Risk Officer at Standard Chartered Bank

Job ID: 2200002809
Location: Lagos
Job: Risk
Schedule: Full-time
Employee Status: Permanent

Role 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 both the Business and Function teams in Nigeria. This includes oversight of the operational risk profile of the SCB organisation, Nigeria and working with the teams to identify material risks requiring management attention.

Strategy:

• Inform the development of business and support functions plans, exercising appropriate focus on the implementation of robust operating environments, within risk appetite, to support business aspirations.

Business:

• Awareness and understanding of the wider business, economic and market environment in which the Group operates

Processes:

• Framework and standards formulation, implementation and assurance
• Framework Certification
• Risk Reporting

Risk Management:
Risk Appetite:

• Periodically assess the Business operational risk profile to maintain alignment with the Country risk appetite.
• Review and challenge Business strategy where this is not aligned with the Country risk appetite;
• Maintain operational risk capability and a control environment which is in line with the operational risk appetite

Risk Control Ownership of operational risk:

• Provide a central contact point and oversight over all controls required to effectively manage operational risk within the Business that arises from the end to end processes.
• Challenge the completeness of risk identification, monitoring and assessment of the corresponding control activities required within the 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.
• Where the country 1st line redesigns controls in response to internal and external factors, validate such redesign and ensure global sign off on the redesign prior to implementation in the Business.

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. Ensure such changes are agreed with global process owners and global OR Officer for that function prior to Business implementation.
• Review the design of effective process controls by the 1st line to manage all material risks linked to the process control failure:
  • Identify Local Control Gaps - Regularly assess all key controls against the Business/Country risk profile to monitor exceptions and identify gaps.
  • 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 Business level risks.
• Accept the classification and accurate reporting of operational risk events and the appropriateness of mitigation actions.
• Challenge relevant Business units’ 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 Business 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 and Functions 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:

• Ensure that risks requiring acceptance as 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 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:

• Ensure that operational losses, near misses and audit fails are escalated to Group Functions in a timely fashion within the 1st line & Group OR
• 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.

Governance:
Risk Governance:

• Align the business operational risk management approach to the Operational Risk Framework and the Risk Management Framework and oversee its effective application.
• Ensure that the Business Head and Unit Heads and relevant staff understand and accept their operational risk management responsibilities.
• Represent Operational Risk in the Retail Clients Operational Risk Forum and Functions Operational Risk Forums in the country.
• Support training initiatives from Group OR, wherever required, and when time permits, to Business UORMs.
• Provide support to the Cluster Operational Risk Officers in their duties in the governance Secretariats and in advisory capacity.

Regulatory & Business conduct:

• Display exemplary conduct and live by the Group’s Values and Code of Conduct.
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
• Lead the Operational risk team to achieve the outcomes set out in the Bank’s Conduct Principles: [Fair Outcomes for Clients; Effective Operation of Financial Markets; Financial Crime Prevention; The Right Environment.]
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.

Key Stakeholders:

• Business & Function Heads
• Group Operational Risk
• Country / Group Internal Audit
• External auditors and regulators

Other Responsibilities

• Embed Here for good and Group’s brand and values in Operational risk team
• Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures.