The UORM represents the business and supports the Operational Risk function to implement the operational risk aspects of the Bank’s Risk Management Framework, Group Operational Risk strategy and associated operational risk procedures to ensure that operational risk is effectively managed at the business unit level. The UORM must focus on CMT governance and supervision and:
1. Implement the Risk Management Framework (RMF) where the UORM double-hats as the RP, and ensures that all aspects of the Wholesale Bank Operational Risk (WB OR) toolkits are completed on time and relevant stakeholders regularly kept apprised.
2. Proactively identify control weaknesses and ensure proper functioning of day-to-day controls and timely resolution of risks/events. Concurrently, implement controls within the Business Unit to meet all key regulatory and internal policy requirements.
3. Help develop and cultivate operational risk culture by ensuring compliance with operational risk governance procedures and policies and by delivering training.
4. Coordinate, drive and direct effective compliance and operational risk management at the Business/Unit level in order to achieve favourable audit outcomes
Risk Identification, assessment and Acceptance
Responsible for the timely identification, assessment, mitigation, reporting and escalation of all identified Operational Risk exposures.
Assist in the identification of new business and regulatory risks and the implementation of appropriate controls to mitigate those risks.
Ensure RAT (Risk Acceptance Template) completed for any identified new risks, control failures and passed to SORO for approval before submission to BORC.
Assist relevant stakeholders (within the business and cross-functional) in the management and implementation of the Risk Management Framework and other relevant OR-related initiatives, including ensuring proper functioning of embedded and periodic controls.
Responsible for the implementation and execution of the Control Sample Testing (CST)/KCSA process, sampling and testing the population of controls to ensure compliance with agreed control standards.
Ensure risks and issues identified are resolved in an appropriate and timely manner.
With the process owner ensure sign off on all new and amendments to existing CST’s and that same are tabled at BORC.
Assist group to develop and execute daily key control check and produce Risk MIS reporting for key stakeholders.
Develop effective risk monitoring mechanisms (eg. Key Risk Indicators), including ones rolled down from group
Act as coordinator for various internal/external audits/reviews and liaise with various stakeholders to ensure timely and accurate information is provided.
Work with Head CMT to provide training where control lapses occur due to personnel errors.
Assist the team in reconciling stock /TP recon. Incident investigation, reporting and escalation
Responsible for accurate, complete and timely event reporting by capturing risk events (losses and near misses) in CAR and Phoenix.
Escalate significant operational risk events (SORE) in accordance with OR procedures. Investigate and report root causes of events for incidents below the SOROs level of delegated authority.
With the Unit Head ensure a RCA (Root Cause Analysis) is completed for any audit fail and identified weaknesses in critical processes/significant losses/near misses (as per ORMF guidelines).
Perform reconciliation on a monthly and annual basis on all Phoenix operational losses versus GL entries to ensure that all losses/recovers are correct and/or accounted for on both databases and the Bank’s books and records
Independent of CAR/Phoenix, provide MIS and trackers of incidents and issues that arise within CMT.
Maintain data quality in CMT, TP system by conducting tests through various reports available in system.
Conduct concurrent audit on deals to avoid surprises. Leadership Capability
To be the source of reference within the Business in facilitating/promoting the understanding of Operational Risk and compliance/regulatory requirements.
Facilitate development of training material on Operational Risk policies relevant to the business.
Identify knowledge gaps and arrange appropriate and relevant training on Operational Risk.
Coordinate business continuity plans
Ensure timely communication of new/revised external regulations and internal policies.
Bachelors degree or post - graduate in any discipline.
Knowledge of CMT products
Operational risk accreditation / background
Relevant business/function experience, including experience within business/function operations
A clear understanding of the Bank’s approach to the management of operational risk, or equivalent experience gained in other organizations
The sound judgement and courage necessary to perform a control role and maintain effective working relationships