Operational risk also ensure that businesses comply with both local regulatory expectations and extra territorial regulations
It is imperative that the Bank have a well-resourced and technically capable Operational risk management function to support, advise and challenge the businesses to enable them deliver value add to the organization.
Lead the setting of a strategic vision for Operational risk and other non-financial risks across the group including subsidiaries & international locations.
Provide thought leadership in management and implementation of Operational risk frameworks across the group including international & subsidiaries based on a thorough understanding of the risk management practices and regulatory requirements related to Operational risk in Bahrain and across jurisdictions that the Bank operates in.
Influence & support senior leadership including C-suite with regards to operational risk framework delivery
Ensure appropriate support for regulatory interaction at Bahrain and across various jurisdictions related to operational risk
Ensure 'fit for purpose' group operational risk framework, policies and procedures are defined and documented supported by appropriate systems.
Enable and support the operational risk capital & stress testing processes
Drive the operational risk focus at appropriate governance forums including Board Risk Committees
Develop a high performing 'Operational Risk' team
Provide operational risk oversight and advisory capability to divisional and international subsidiary leadership.
Provide operational risk advisory for change activities to ensure robust & regulatory compliant business process and systems are delivered in the organisation
Develop assurance capability to ensure there is independent review and reporting of group wide implementation of the operational risk framework including managing eve
Principal Responsibilities, Accountabilities and Deliverables of Role
The key responsibilities, accountabilities and deliverables can be considered in three sections, as below
Strategy, Governance and Frameworks
Develop sustainable strategies to ensure the Group Operational Risk Framework including its constituent policies; procedures and guidance remain effective to meet the regulatory requirements of Bahrain and the international jurisdictions the Bank operates in.
Define, document and ensure currency of the Group Operational Risk Framework and any other non-financial risk frameworks including their constituent policies, procedures and guidance.
Ensure there are 'fit for purpose' systems to support the Group Operational Risk Framework and any other non-financial risk frameworks
Develop and deliver a Controls Assurance Framework as part of the Operational risk framework to provide oversight, challenge and review of the efficacy of controls identified by divisions, international and subsidiaries'.
Lead incorporation of global better practices with respect to Operational risk in the Bank operational risk framework including constituent policies, procedures and guidance
Align the Operational risk framework including constituent policies, procedures and guidance with complementary functions including Compliance, Business Continuity & Crisis Management, Sourcing, Financial Crime (incl. AML/CTF, FATCA, Sanctions & Fraud) and Technology
Delivery, Implementation & Reporting
Ensure that elements of the Operational Risk Framework are developed and implemented across the group including;
Incident Management including identification & reporting of incidents and events
Issue and Action Management including development of root cause analysis, Issues and actions
Risk and Control Assessment including identification and assessment of risks ; development and documentation of controls including assessment and actions plans to improve the effectiveness of the control
Key Indicators to drive monitoring and reporting of operational risks and related action plans.
Develop risk profile for divisions, international locations, subsidiaries and group level.
Ensure appropriate and adequate reporting to key stakeholders (internal/external) and group wide risk committees
Develop and implement an Operational risk training programme across the Bank to increase awareness and to improve implementation effectiveness of the Operational risk framework
Act as the liaison for the Bank with external parties including auditors and regulators with regards to Operational risk
Ensure appropriate operational risk committees are instituted with approved terms of reference including quorum, secretary, minutes and escalation process.
Change, Advisory & Emerging risks
Develop and implement an 'Operational Risk in Change' framework to identify operational risks and implement relevant controls across major change activities including new products, systems and outsourcing
Conduct deep dives to understand cause & effect of any major enterprise wide events
Develop a scenarios based approach to understand large infrequent events and their impact on the Group
Develop an emerging risks approach
Provide Operational risk related effective change management & advisory support across the group
Extensive work experience in Operational Risk in the financial services industry, including demonstrable experience in;
Developing and implementing Operational Risk Management Frameworks including Incident, Issue & Action and Risk & Controls assessments
Understanding of the international regulatory environment in the context of operational risk (including jurisdictions where the Bank group operates)
Knowledge of industry practices with regards to Incident Management, Risk frameworks, control assessments
Implementing Systems and Processes to support effective Operational risk management
Developing and managing high performing teams
Master's degree from a reputed university
At least 15 years of relevant work experience with a minimum of 10 years in risk or audit
Strong written & oral communication / presentational skills
Good time-management skills
Self-motivation and leadership attributes
People management and relationship skills
Experience leading business critical projects
Good PC skills (current applications)
Internal Number: 3394820
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