Risk Officer

Job Description: Operational Risk Officer

Job Summary

The Operational Risk Officer is responsible for identifying, assessing, monitoring, and mitigating operational risks across the bank. This role ensures that operational risk management frameworks, policies, and practices are effectively implemented to minimize the impact of operational failures and external events on the bank's performance and reputation.

Key Responsibilities

1. Risk Identification and Assessment

- Identify, analyze, and evaluate operational risks across all business processes and departments.

- Conduct risk assessments, including Risk Control Self-Assessments (RCSAs), to determine high-risk areas and provide recommendations.

- Review operational incidents and ensure lessons learned are incorporated into the risk management framework.

2. Risk Monitoring and Reporting

- Develop, implement, and monitor Key Risk Indicators (KRIs) to track operational risk exposures.

- Prepare and submit operational risk reports, including risk dashboards and summaries, to senior management and the Risk Oversight Committee.

- Maintain a log of operational risk incidents and ensure proper escalation of high-impact events.

3. Risk Mitigation

- Collaborate with business units to develop and implement effective controls and action plans to address identified risks.

- Assist in business continuity planning (BCP) and disaster recovery (DR) exercises to ensure resilience.

- Monitor the implementation of corrective actions related to operational risk incidents.

4. Policy and Framework Development

- Contribute to the development and periodic review of operational risk management policies and procedures.

- Ensure the operational risk management framework aligns with regulatory requirements and industry best practices.

- Provide guidance to business units on operational risk policies and frameworks.

5. Training and Awareness

- Conduct training sessions and workshops to raise awareness of operational risk among staff.

- Promote a risk-aware culture across the organization by sharing lessons learned and best practices.

Key Qualifications

Education and Experience

- Bachelor’s degree in Finance, Business Administration, Risk Management, or a related field.

- At least 2-5 years of experience in operational risk, internal audit, compliance, or a related field.

- Experience in banking or financial services is preferred.

Skills and Competencies

- Strong understanding of operational risk management frameworks and practices (e.g., Basel III, ISO 31000).

- Knowledge of regulatory requirements related to operational risk (e.g., BSP regulations).

- Analytical and problem-solving skills with attention to detail.

- Proficiency in using risk management tools and systems.

- Excellent communication and interpersonal skills to engage with stakeholders.

Certifications (Preferred)

- Certified Operational Risk Manager (CORM)

- Certified Risk Management Professional (CRMP)

- ISO 31000 Risk Management Certification

Key Performance Indicators (KPIs)

- Timely completion of RCSAs and risk assessments.

- Reduction in the frequency and impact of operational risk incidents.

- Effectiveness of implemented controls and risk mitigation strategies.

- Compliance with regulatory and internal policy requirements.