FMO Risk Operations at Standard Chartered Bank

FMO Risk Operations, Nigeria | Standard Chartered Bank | Location: Lagos | Operations

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The Role Responsibilities

Strategy

The Country FMO & SS Business Risk is entrusted to ensure the FMO & SS (front to back) teams in the Country operate in full compliance with all Country and Group policies as well as local regulatory requirements, through

  • Ensuring Operation Units’ standards and roadmap abide by Group operating principles, policies and procedures as well as Country Addendums and Enterprise Risk Management Framework (“ERMF”)
  • Ensuring that the execution of Operations’ functions is fully compliant with statutory regulations, laws, guidelines.
  • Support Country, Business Risk in the overall effective and proactive management of Operation units’ risks and control gaps.
  • Act as the voice, eyes and ears of the Cluster Head, FMO & SS Business Risk for all matters related to Risk for the Country.
  • Oversee the effective execution of controls within the Country (front to back), including identification of gaps and remediation of issues, elevating residual risk where appropriate.
  • Create and maintain complete, accurate and targeted metrics to allow the COO, the Cluster Head Business Risk Management for FMO & SS and Business Head to constantly assess the control environment and residual risk profile.
  • Effectively manage the entire Risk Management agenda for FMO & SS within the country, along with ensuring targeted Front to Back peer reviews, and the proactive rippling of peer review and audit findings.
  • Work with Country teams and Group to drive hubbing of control checks where feasible, ensuring continued country oversight and ownership of hubbed checks and processes

In addition to the aforementioned objectives, the resource will support the Country COO and Regional R&C Head to run the R&C agenda for the Country.

Processes

Pro-active Risk Management

  • Perform risk reviews and end-to-end process reviews in collaboration with the units and the GBS teams.
  • Analyse process and explore the possibilities of automation and process reengineering/ enhancement on the ground where possible.
  • Conduct Country governance reviews to ensure effectiveness and robustness of the country’s governance activities and control environment.
  • Assist in the identification and escalation of thematic and horizon risks and the implementation of appropriate controls to mitigate those risks within the Country.  Be the ‘go-to’ person for the business with regards to the escalation of all operational and other risk-related incidents/queries/events that arise within the Country.
  • Ensure the country (s) is always ready to handle any reviews and user understand the risk very well.

Risk Identification and Control Effectiveness

  • Responsible for supporting the unit in the timely identification, assessment, mitigation, reporting and escalation of all identified Operational Risks.
  • Assist in identification of operational risk for new/amended products, projects, regulation, etc. and implementation of appropriate controls to mitigate those risks.
  • Liaise with unit as required to ensure that Residual Risk Acceptance Requests (RRARs) are completed for material risks or control failures identified and passed to Senior Operational Risk Officer (SORO) for review before submission to the relevant approving authorities and tabled at appropriate forums/committees.
  • Assist the unit in the management and implementation of the ORF and other relevant OR-related initiatives, including ensuring proper functioning of embedded and periodic controls.
  • Monitor the implementation, execution, and outcome of the Control Sample Testing (CST) process, results of any Key Risk Indicators (KRIs), and Key Control Indictors (KCIs) to ensure compliance with agreed control standards.
  • Oversee risks in the risk tracking system (EORP) and responsible for ensuring the quality of information being recorded as well as ensuring data accuracy, completeness and timely resolution.
  • Determine effectiveness/ ineffectiveness of defined prevalent controls and control testing through independent validation.
  • Review the ORF results and arrived on the action plan for reducing residual risk rating and mitigating repetitive failure /exceptions.

Loss Reporting and Investigation

  • Support the unit in minimizing operational losses and issues, and ensure operational losses are investigated to prevent recurrence.
  • Drive the root cause analysis discipline, validate the content before submission and track the treatment plans until closure. Ensure that significant operational losses are escalated with appropriate root cause review completed.
  • Oversee the recording of operational errors that occur within the unit that result in financial losses, gains, near misses, or non-financial damage. 
  • Oversee and have a 2nd line view on the unit reconciliation on a monthly basis of all operational losses records in the risk management system versus GL entries to ensure that all losses / recoveries are correct and/or accounted for on both sources.
  • Ensure units have obtained the relevant approvals for losses in line with delegated authorities granted

Risk Management through Standardised MI

  • Review, analyse and initiate actions in coordination with the respective unit based on Standard MI e.g. KRI, EMF, Reconciliation Scorecards, ORF Results, etc.
  • Review weekly reports circulated by Central Team on issues and incidents logged in EORP and ensure information on EORP is kept up-to-date.
  • Monitor whether COPMAN Controls adhered to, review the type of exceptions and analyse with the team.
  • Monitor/review COPMAN Controls through spot checks – management of exceptions and feedback to line managers.

People and Talent

  • Support Country, FMO & SS Business Risk to develop and embed a high-performance culture and organisational mindset to effectively embed policies and procedures in cluster.
  • Support the units by developing OR awareness in respective areas of work and adherence with the highest standards of ethics, and compliance with relevant policies, processes and regulations among employees’ form part of the culture
  • Be the source of reference within the operation unit in facilitating / promoting the understanding of Risk Management and Operational Risk Frameworks.
  • Identify knowledge gaps, facilitate development of training material, and arrange relevant trainings on Operational Risk.
  • Lead through example and build the appropriate culture and values. Sets appropriate tone and expectations for the team and work in collaboration with risk and control partners.
  • Lead and support a change in mindset, building a culture of client centricity, agility, and accountability through standardised metrics and measurement.

Risk Management

The Risk Manager must at all times focus on the operation units’ controls, governance and supervision and support the Cluster Head FMO & SS Business Risk through:

  • Ensuring that all material operational risks are identified, assessed, mitigated, monitored and reported to relevant governance forums
  • Developing control enhancements to ensure that any known risks are controlled within acceptable boundaries and consistent standards.
  • Becoming the go-to person for the unit for all operational risk related incidents / queries / events that arise/ policy & procedure guidance.
  • Coordinating with stakeholders in the country and with other Operational Risk Managers to increase transparency and share key learnings and best practice.
  • Proactively engaging and collaboratively working with the 2nd line OR team and BRMs to identify control weaknesses, improve processes and develop self-assessment checks.
  • Ensuring compliance with policies applicable to operation units which impact operational risk; focus on Regulations, regulatory compliance and associated operational risks.
  • Challenging processes, procedures and policies which are inefficient, ineffective, and can be improved upon
  • Carrying regular dialogue with audit team to be informed of results of reviews and audit activity

Governance

Audits and Reviews

  • Support the SPOC for various internal / external audits / reviews and liaise with various stakeholders to ensure timely and accurate information is provided.
  • Responsible for tracking actions against audits and peer reviews and reporting the status of these actions periodically to the appropriate governance forums. Keep audit informed of progress and ensure timely submission of action plan and issue closure pack.
  • Responsible for tracking the issues raised from internal reviews and follow-through to resolution.
  • Own and drive the audit round-up and audit ripple frameworks. Identify cross-border issues, agree the treatment plan and track closure.
  • Whilst the primary responsibility for every audit will still remain with the Unit Head, FMO & SS Business Risk will be expected to play a critical role of supporting the unit in preparation of GIA. ROFs and quality of management response are discussed with FMO & SS Business Risk to ensure that the findings are factually correct and the agreed action plans, along with target dates, are reasonable and achievable. Support Business and Operational Heads within the Country in developing high levels of front to back risk awareness and ownership across the business.  This is for all risk types aligned to the FMO & SS business. Provide structured guidance towards improving MCA ratings in the country and drive first line ownership of risk to ensure teams understand the key risks, how they manifest in our controls / processes and how the controls are implemented and managed.

Risk Governance Representation and Preparation of Risk Packs

  • Provide support to Cluster Head FMO & SS Business Risk on operation related items presented in BRFs, ERC, or any other risk forums/ committee – where necessary.

External Focus and Regulatory Compliance

  • In coordination with the SORO / Compliance / Business, review new/revised regulations and help implement new control measures and / or develop relevant and risk-based self-assessment checks for implementation in the business.
  • Provide an oversight over any dispensations obtained/granted and ensure these are kept up-to-date.

Global Sourcing & Vendor Management

  • Provide an oversight over the central repository of all contracts and ensure it is kept up-to-date for all third-party engagements.
  • Support the unit to ensure compliance with the related policies and standards. Alert the Cluster FMO & SS Business Risk of any adverse or material developments in the arrangements.
  • Provide an oversight over any dispensations obtained/granted and ensure these are kept up-to-date.

EUC Management (Technology only)

  • Ensure Group policy is well circulated and socialized.
  • Provide an oversight over the central repository of EUC register and ensure that exceptions are escalated to the respective EUC owners and tracked till closure.
  • Support the Cluster Head of FMO & SS in assessing any dispensation requests.
  • Provide an oversight over any dispensations obtained/granted and ensure these are kept up-to-date.

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.
  • Lead the Operation unit to achieve the outcomes set out in the Bank’s Conduct Principles: [Fair Outcomes for Clients; Effective; Financial Crime Compliance; The Right Environment, Effective Governance, Robust Infrastructure, etc.], as applicable.
  • Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
  • Exercise authorities delegated by the Board of Directors and act in accordance with Articles of Association (or equivalent), as applicable.
  • Create a climate where risk issues are surfaced without fear and resolved as part of our culture.

Key Stakeholders

Internal

  • Operational Risk Management Team
  • Regulatory and Business Compliance Team
  • GIA Team
  • ITO Unit Heads
  • GBS counterparts
  • Group Risk and Control teams
  • Supply Chain Management Team
  • Global / Regional/Cluster FMO & SS COO
  • Global/Regional/Cluster Head FMO & SS Business Risk

External

  • Auditors
  • Regulators and other government departments/officials

QUALIFICATIONS:

  • University Degree from an accredited institution
  • Operational Risk / Risk Management/ Compliance certification preferred

Application Closing Date
02/Jun/2021

Method of Application
Interested and qualified candidates should:
Click here to apply