Senior Operational Risk Officer at Standard Chartered Bank Kenya

Job Summary

The management and monitoring of all the operational risk Standard Chartered Group and its subsidiaries are exposed to because of the business activities and processes that exist. This includes oversight of the Country’s operational risk profile and work with the business and functions to identify material risks requiring management attention.

Responsibilities

Strategy

• Appraise and contribute to the development of the Group's strategic plans and alignment with risk appetite, as set out in the Enterprise Risk Management Framework (ERMF), through active membership of the Country Non- Financial Risk Committee and other forums.
• Continuously assess the strategy and growth versus the internal operational and technology risk profile and external environment; and inform the development of the business plans, products, and process infrastructure.
• Ensure implementation and usage of the Operational and Technology Risk Framework across the critical processes and activities performed within the country.

Business

• Act as second line risk control owner for operational risk for business and functional activities or processes performed in the country.
• Monitor compliance to the Board approved Operational risk appetite and effectiveness of the risk controls; escalate material exceptions to the senior management and County Non-Financial Risk Committee/ Executive Risk Committee Processes.
• Ensure Operational Risk Framework and associated policies and procedures and the Risk Management Framework are effectively embedded and communicated across the designated Businesses / Functions in the country.
• Ensure ensure Operational Risk Framework and associated policies and procedures and the Risk Management Framework are effectively embedded and communicated across the designated Businesses / Functions in the country.
• Monitor the local execution within the country-level processes; and adherence to global policies, control standards and process governance set out by global process owners and risk control owners.
• Work collaboratively with all functions including, but not limited to, Compliance, Corporate, Commercial & Institutional Banking, Credit, Financial Crime Compliance, Financial Markets, Risk Analytics, Risk Operations and Transaction Banking.

Risk Management

• Provide a central contact point and oversight over all controls required to effectively manage operational risk within the country that arises from the end-to-end processes.
• Design, maintain and effectively communicate operational risk controls, including control standards, risk exposure limits and other control levers to maintain the country’s risk profile in line with the overall risk appetite.
• Challenge the completeness of risk identification, monitoring and assessment of the corresponding control activities required within the end-to-end processes to identify and remediate any significant deficiencies.
• Ensure compliance with Operational Risk policy & procedures.

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.
• Design effective process controls to manage all material risks linked to the process control failure.
  • Identify Local Control Gaps - Regularly assess all key controls against the 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-country level risks.
• Accept the classification and accurate reporting of operational risk events and the appropriateness of mitigation actions.
• Challenge and constrain relevant business 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 country 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 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

• Approve the classification and accurate reporting of operational risk losses.
• Report and escalate material risk events (MRE).
• Deliver Root Cause Analysis reports for relevant events 
• Provide risk information/updates to Country Non-Financial Risk Committee (CNFRC)/ Executive 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. 

Governance

• Align the in country operational risk management approach to the Group Operational and Technology Risk Framework and the Enterprise Risk Management Framework and oversee its effective application.
• Ensure, that the business heads, function heads and relevant staff understand and accept their operational risk management responsibilities.

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.
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
• Lead the SCB  Risk function to achieve the outcomes set out in the Bank’s Conduct Principles: [Fair Outcomes for Clients; Effective Financial Markets; Financial Crime Compliance; The Right Environment.] to achieve the outcomes set out in the Bank’s Conduct Principles.

Key stakeholders

Internal:

• Cluster CRO & Head of Operational Risk Southern Africa.
• Cluster OR Lead, Southern Africa
• Country CEO & Senior Management
• Senior Credit Officer/Senior Credit Manager
• Group Internal Audit
• Business and Function Heads
• Other Country Heads OR and SOROs
• Country Business Risk Managers
• Special Assets Group

External:

• Central Bank and other key regulators
• External auditors
• Economic and Industry Associations in country

Other Responsibilities

• Embed Here for good and Group’s brand and values in GSF Risk . Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures; Multiple functions (double hats);

Our Ideal Candidate

• Education - University Degree   
• Minimum 5 years relevant experience
• Training - Operational risk training certification will be ideal
• Membership - Professional membership such as IRM, GARP, PRMIA etc.
• Certifications - Relevant Professional Certifications
• Languages - English

Role specific Competencies

• Manage Conduct
• Manage Risk
• Manage People
• Risk Management – CCIB Credit Risk
• Risk Management – Financial Markets
• Risk Management – SAG
• Risk Management – Traded Risk