About the Role:
The purpose of this role is to support the implementation and maintenance of the Operational Risk Management framework and identify, assess, manage, and report operational risks to ensure effective monitoring and compliance across the organization. We are seeking individuals who are passionate about the banking and finance industry and possess a talent for dealing with people, ensuring service that exceeds expectations.
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Responsibilities:
- Provide support in meeting the Department’s objectives and in implementing the bank-approved ORM Plan.
- Work closely with the Senior Operational Risk manager to implement the Operational Risk Framework across the bank.
- Support and monitor the implementation of Operational Risk Tools, including Risk and Control Self-Assessment (RCSA), Key Risk Indicators (KRI), System Implementation Information (SII), Incident, Risk Acceptance, and Actions across various lines of business, including new products and outsourced vendors.
- Track actions captured within the RCSAs and ensure the implementation of proposed actions within designated timeframes.
- Assist the Operational Risk Portfolio Leads in conducting independent governance and monitoring of operational risk tools to identify control deficiencies and propose mitigating controls.
- Support the escalation and recording of Operational Risk events, challenge remediation and preventative actions to prevent reoccurrence, and ensure customer issues are prioritized.
- Collect, review, and report on KRIs/Risk Appetite metrics, analyze them, and escalate any breaches or irregular variances to determine root causes and enforce remedial actions.
- Ensure operational losses are written off timely through the designated General Ledger (GL).
- Periodically monitor and analyze operational loss entries in the GL and provide monthly reports to stakeholders.
- Collaborate with various units to recover actual financial losses and take actions to prevent potential losses.
- Support the Head of ORM in managing operational risk training and refresher sessions to ensure adequate controls and understanding at the front line of defense (FLOD).
- Evaluate and escalate critical and emerging operational risks to management.
- Provide detailed reports and presentations on operational risk matters for management, Audit, and ORM Committee.
- Work closely with relationship owners of outsourced vendors to ensure compliance with Vendor Risk Management policies, CBUAE regulations, and enforce the completion of requirements within timelines.
- Monitor action items and follow up with action owners to avoid overdue actions.
Requirements:
- 2-3+ years of relevant experience in operational risk, operations, or a control function with a working knowledge of Operational Risk Management within a financial institution.
- Bachelor’s degree.
