In 1965, the Standard Bank of South Africa merged with the Bank of West Africa acquiring businesses including a banking operation in Nigeria, which dated back to 1894. The name was then changed to Standard Bank of West Africa. Four years after the merger, Standard Bank Nigeria was incorporated locally to take over the business in Nigeria. In 1971, 13% of the share capital was placed with Nigerian investors. The end of the civil war saw a major economic upturn and as a consequence, the military government sought to increase local control of the retail-banking sector, hence the Bank’s investment in Standard Bank Nigeria (renamed First Bank of Nigeria in 1979) was reduced to 38%. Standard Chartered remained a shareholder of First Bank of Nigeria until 1996
Job ID: 533823
The Business Operational Risk Manager represents the Corporate and Institutional Clients (FM) business as a first line of defence, implements the Standard Chartered Operational Risk Framework (ORF), and supports the Group’s Operational Risk policy and associated operational risk procedures to ensure that operational risk is effectively managed at the business unit level. The Business Operational Risk Manager must focus on FM controls, governance and supervision at all times, and:
- Ensure that all material operational risks are identified, assessed, mitigated, monitored and reported to relevant governance forums
- Assist in Managing the FM Business Operational Risk Forum (BORF) in the country. Ensure absolute adherence to country BAU OR deadlines and effective business escalation from BORF to the Country Operational Risk Committee (CORC), Process Governance Committee, and Group Business Risk Committee (GBRC)
- Participate in peer reviews in the FM business; this may involve travel to other markets to conduct such reviews and share best practice
- Develop control enhancements to ensure that any known risks are controlled within acceptable boundaries and consistent standards.
- Challenge/question business strategy with operational risk appetite and seek to optimise the business’ risk-return profile.
- Mentor FM staff across all segments on business controls, governance and supervision
- Be the go-to person for the business, for all operational risk related incidents/queries/events that arise, and become a business ‘Front to Back’ subject matter expert in all products offered by SCB in a market
- Coordinate with stakeholders in the country and with other FM Operational Risk Managers to increase transparency and share key learnings and best practice
- Ensure compliance with policies applicable to FM which impact operational risk. Challenge processes, procedures and policy if there is a better way to do things
- Escalate issues, blockages, challenges and trends to the COO and FM Head when required
- Speak Out about emerging risks or Known-Unknowns and try and change the way things are done – making BAU (your job) easier
- Focus on Regulations, regulatory compliance and associated operational risks
- Network extensively, and drive change / improvements
Key Roles and Responsibilities
- Risk Identification and Control Effectivenes
- Responsible for the timely identification, assessment, mitigation, reporting and escalation of all identified Operational Risk exposures. Assist in identification of operational risk for new products and new business, regulatory and thematic risks and implementation of appropriate controls to mitigate those risks.
- Liaise with FM staff as required to ensure that Risk Acceptance Templates (RATs) are completed for material risks or control failures identified and passed to Senior Operational Risk Officer (SORO) for approval before submission to BORF, for subsequent support and acceptance in the CORC/PGC or GBRC.
- Be an informer: Identify new business and regulatory risks, perform risk assessment and measurement, facilitate the implementation of appropriate controls to accept risks, and perform risk monitoring.
- Assist relevant stakeholders within the business and across functions in the management and implementation of the ORF and other relevant OR-related initiatives, including ensuring proper functioning of embedded and periodic controls.
- Be Responsible for the implementation and execution of the Control Sample Testing (CST) process, sampling and testing the population of controls to ensure compliance with agreed control standards and facilitating the monitoring/collection of any Key Risk Indicators (KRIs). With the process owner ensure sign off on all new and amendments to existing CST’s and that same are tabled at BORF and other governance forums.
- Responsible for recording and maintaining risks in the risk tracking system (Phoenix). Responsible for ensuring the quality of information being recorded as well as ensuring data accuracy, completeness and timely resolution.
- Drive improvement in OR processes (through process improvement initiatives).
Loss Reporting and Investigation
- Support the business in minimizing operational risks and losses, and ensure material operational losses are investigated to prevent recurrence per group policy.
- Responsible for recording operational errors that occur within business that result in financial losses, gains, near misses, reputational damage or danger to people or our reputation. Ensure that significant operational losses are escalated with appropriate root cause analysis completed.
- Perform reconciliation on a monthly basis on all Phoenix operational losses versus GL entries to ensure that all losses/recoveries are correct and/or accounted for on both sources and the Bank’s books and records.
- To be the source of reference within the business in facilitating/promoting the understanding of Operational Risk and compliance/regulatory requirements.
- Identify knowledge gaps, facilitate development of training material, and arrange relevant business training on Operational Risk.
- Coordinate and lead the identification, presentation and resolution of FM risk issues through local business risk forums (BORF/ CORC) to ensure there is adequate governance and oversight of FM risk.
Audits and Reviews
- With the Senior Operational Risk Officer, ensure a RCA (Root Cause Analysis) is completed for any audit fail. Contribute towards achieving no fail results on all audits and reviews undertaken by Group Internal Audit, Country Audit, regulators and external auditors.
- Review findings/key themes; assist business to achieve resolution in line with business risk appetite.
- Conduct periodic reviews on Operational Risk controls; periodically complete FM Front Office Self-Assurance Framework (FOSAF), submit review reports and follow-up with the business for timely closure of any identified risks/issues.
- Act as coordinator for various internal/external audits/reviews and liaise with various stakeholders to ensure timely and accurate information is provided.
- Participate in periodic peer reviews subject to business need to ensure consistency of risk management approach and support the business by embedding best practice.
- Responsible for tracking actions against audits and internal reviews and reporting the status of these actions periodically to the appropriate governance forums.
- Responsible for tracking the issues raised from business-specific reviews and follow-through to resolution.
In tandem with the SORO/Country Compliance/Business, review new/revised regulations and implement new control measures and/or develop relevant and risk-based self-assessment checks for implementation in the business.
Coordinate business continuity plans and ensure timely update and team awareness.
To provide assurance that operational risk management within the business unit is effective in containing risks within understood levels.
Business Unit Heads
Work closely, effectively and in a mentoring capacity to all staff that act in a business supervision capacity, to ensure that existing control processes and new control processes are clearly understood, and be the go-to person for when they have queries or when incidents occur.
Senior Operational Risk Officer
To proactively engage and work collaboratively with the SORO to identify control weaknesses, improve processes and develop self-assessment checks.
Country Audit Team
- A strong Audit/Operational Risk partnership facilitates effective assurance through the alignment of controls and assurance with areas of most significant risk.
- Regular dialogue with audit team to be informed of results of reviews and audit activity.
- A strong Compliance/Operational Risk partnership facilitates effective assurance through the alignment of controls and assurance with areas of most significant risk.
- Regular dialogue with FM and Country Compliance teams to be informed of product changes, regulatory changes, new policies, compliance reviews and audits
Develop a strong working relationship with regional and Global Operations stakeholders so that business issues can be investigated end-to-end
Qualifications and Skills
KNOWLEDGE, SKILLS AND EXPERIENCE
Knowledge of FM products
- Relevant business/function experience in operations, business analysis or project management
- Clear understanding of the Bank’s Operational Risk Framework or equivalent experience gained in other organizations
- Sound judgment with critical thinking skills and courage necessary to perform a control role and maintain effective working relationships
- Strong analytical skills, detail-focused with the ability to interpret large amounts of information
- Problem solving skills with ability to influence at all levels of the business
- Ability to work independently with minimum supervision
Method of Application
Interested and qualified? Go to career website on cgportal.global.standardchartered.com to apply
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