Standard Chartered Bank - Business Operational Risk Manager

JOB PURPOSE

The Business Operational Risk Manager represents SCILL business as a First Line of Defence, implements the Standard Chartered Operational Risk Framework (ORF), and supports the Groups Operational Risk strategy 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 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

Drive and manage the SCILL Business Operational Risk Forum ( BORF when formed) in the country. Ensure absolute adherence to country BAU OR deadlines, and effective business escalation from BORF to the Country Operational Risk Committee (CORC). Manage reviews in SCILL business including front office. This can, often involve travel to other markets for conducting of such reviews and sharing of best practices

Develop control enhancements to ensure that any known risks are controlled within acceptable boundaries and consistent standards.

Align business strategy with operational risk appetite and seek to optimize the business risk-return profile.

Mentor SCILL 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 in the market

Coordinate with stakeholders in India, across the regions and group, to increase transparency and share key learnings and best practice

Ensure compliance with policies applicable to SCILL 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 respective stakeholders when required

Focus on Regulations, regulatory compliance and associated operational risks

KEY RESPONSIBILITIES

Risk Identification and Control Effectiveness

Responsible for the timely identification, assessment, mitigation, reporting and escalation of all identified Operational Risk exposures. Assist in the identification of new business, regulatory risks and thematic risks and implementation of appropriate controls to mitigate those risks.

Liaise with staff as required to ensure that Risk Acceptance Templates (RATs) are completed for material risks or control failures identified and submitted for subsequent support and acceptance in the CORC.

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 CSTs 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 Banks books and records.

Leadership Capability

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 SCILL risk issues through local business risk forums (CORC) to ensure there is adequate governance and oversight of SCILL risk.

Audits and Reviews

Ensure a RCA (Root Cause Analysis) is completed for any audit fail and identified weaknesses in critical processes/significant losses/near misses.

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

Act as coordinator for various internal/external audits/reviews and liaise with various stakeholders to ensure timely and accurate information is provided.

Conduct 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 managing the issues raised from business-specific reviews and follow-through to resolution.

External Focus

Ensure timely communication of new/revised external regulations and internal policies.

Coordinate business continuity plans and ensure timely update and team awareness.

KEY RELATIONSHIPS

Business Unit Heads To provide assurance that operational risk management within the business unit is effective in containing risks within understood levels.

Desk Heads and Business Supervisors 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.

Compliance

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 TB and Country Compliance teams to be informed of product changes, regulatory changes, new policies, compliance reviews and audits

KEY MEASURABLES

The BUSINESS OPERATIONAL RISK MANAGER manages overall operational risk exposure and to be successful in this role, must operate within understood and accepted levels of operational risk exposure, as evidenced by:

1. Effective cross team collaboration and leadership skills proactive engagement with the other Business Operational Risk Managers to ensure no single points of failure

2. A demonstrated understanding of the gross and residual risks associated with business activities and how the impact/probability of these risks is reduced by the control environment

3. An effective governance process (BORF) that focuses on significant risks and that directs changes to the control environment in order to contain operational risk within acceptable limits.

4. An effective and timely communication of changes due to internal or external factors, e.g. from regulatory environment and internal policies from Group

5. An acceptable and understood history of operational risk losses

6. An acceptable history of audit results and review outcomes

Knowledge, Skill and Experience

Knowledge of Retail Banking products

Relevant business/function experience in operations, business analysis, process controls or project management

Clear understanding of the Banks 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