Posted on :
22 Aug, 2014
22 Aug, 2014
Standard Chartered PLC provides consumer and wholesale banking products and services primarily in Asia, Africa, and the Middle East. The company offers personal banking products and services, such as savings and accounts, loans, mortgages, credit cards, investment advisory, retail FX products, mutual funds, and employee banking, as well as life, savings and retirement planning, health and medical, home, motor, and travel insurance products.
It also provides wholesale banking services, such as transaction banking, including cash management, trade finance, and securities services; financial market solutions to meet risk management, financing, and investment needs; corporate finance services, such as corporate advisory and finance, project and export finance, structured trade finance and financing solutions, and structured finance; and principal finance solutions. In addition, it offers preferred, priority and international, private, small and medium-sized enterprises, and online banking services; and Islamic banking services, such as a range of Shariah-compliant financial solutions under the Saadiq brand. The company operates approximately 1,600 branches and outlets in 70 countries. Standard Chartered PLC was founded in 1853 and is headquartered in London, the United Kingdom.
The Business Risk Manager 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 Business Risk Manager must :
1. Implement and execute the Risk Management Framework (RMF) and ensure that all aspects of the Bank’s Operational Risk (TB OR) toolkits are completed on time and relevant stakeholders are 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 additional controls as required within TB to meet all key local regulatory and internal policy requirements.
3. Coordinate, drive and direct effective compliance and operational risk management within TB in order to achieve no failed audit outcomes.
Loss Reporting and Investigation Support TB in minimizing operational risks and losses, and ensure all operational losses are investigated to prevent recurrence.
Risk Identification and Control Effectiveness Responsible for the timely identification, assessment, mitigation, reporting and escalation of all identified Operational Risk exposures within TB and supporting functions. Assist in the identification of new business and regulatory risks and the implementation of appropriate controls to mitigate those risks.
Ensure TB Front Office Self-Assessments (FOSA) are completed on time as required, and ensure issues identified are tracked to closure.
Ensure RAT (Risk Acceptance Template) completed for any identified new risks, control failures and passed to SORO for approval before submission to BORF.
Proactively 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 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) process, sampling and testing the population of controls to ensure compliance with agreed control standards as well as facilitating the monitoring/collection of any Key Risk Indicators (KRIs). With the local process owner ensure sign off on all new and amendments to existing CSTs and ensure they are tabled at BORF.
Responsible for tracking actions against audits and other business-specific reviews and reporting the status of these actions periodically to the appropriate governance forums.
Responsible for recording and maintaining TB Front Office risks in the risk tracking system (Phoenix). Responsible for the quality of information being recorded as well as ensuring data accuracy, completeness and timely resolution for end-to-end business risks.
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.
Drive improvement in OR processes through process improvement initiatives.
Leadership Capability To be the source of reference within TB 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, across the Region.
Identify knowledge gaps and arrange appropriate and relevant training on
Audits and Reviews With the Senior Business Risk Manager ensure a RCA (Root Cause Analysis) is completed for any audit fail and for any identified weaknesses in critical processes/significant losses/near misses (as per ORMF guidelines).
Contribute, through conduct of FOSA and other internal assessments, towards achieving no failed audits and reviews undertaken by Group Internal Audit, Country Audit, regulators and external auditors (and any others from time to time).
Review audit findings and key themes; assist business to achieve resolution in line with business risk appetite. Coordinate socialisation of audit reports and identification and closure of common issues.
Conduct periodic reviews on Operational Risk controls, 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.
Financial Crime, Sanctions and Compliance Be the “go to” person within TB
for the FCC and Compliance teams
Raise awareness of AML compliance procedures in TBthrough receiving, distributing and championing AML awareness disseminated from Business and Country FCC.
External Focus Work with local risk control owners to ensure timely communication of new/revised external regulations and internal policies.
In collaboration with the SORO and Country Compliance, 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.
Country TB Head To provide assurance that operational risk management within the business unit is effective in containing risks within understood levels.
Senior Operational Risk Officer
To proactively engage and work collaboratively with the SORO to identify control weaknesses, improve processes and develop self-assessment checks.
SOROs provide functional leadership and in conjunction with the Business Unit Head, will provide input into the Business Risk Manager objectives and performance appraisal.
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 relevant reviews and audit activity.
Country Banking Operations & CSG A strong partnership with Country Operations Teams to facilitate robust management of risks identified in TB support functions.
Legal & 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 FM and Country Compliance teams to be informed of product changes, regulatory changes, new policies, compliance reviews and audits
The BUSINESS 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 Risk Managers to ensure no single points of failure
2. Effective cross border collaboration and leadership skills – proactive engagement with the TB Heads, Operations Heads and SOROs.
3. A demonstrated understanding of the gross and residual risks associated with TB business activities and how the impact/probability of these risks is reduced by an effective control environment
4. Demonstrated track record of Operational risk considerations being an integral component of the business decision process
5. An effective and timely communication of changes due to internal or external factors, e.g. from regulatory environment and internal policies from Group
6. An acceptable and understood history of operational risk losses
7. An acceptable history of audit results and review outcomes
KNOWLEDGE, SKILLS AND EXPERIENCE
Knowledge of TB products
Operational risk accreditation / background
Relevant business/function experience
A clear understanding of the Bank’s approach to the management of operational risk, or equivalent experience gained in other organisations
The sound judgement and courage necessary to perform a control role and maintain effective working relationships
Free access to Regional Business Manager, TB Heads and SOROs.
Free access to all documents and records within the TB product universe unit including support functions catering to TB requirements.
Free access to meetings in TB space (barring meetings which are deemed client sensitive)
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