Manager, Operational Risk Framework

Commercial Bank of Dubai; Dubai; On-site; AED 60,000 - 100,000; Full time

Job summary

An established industry player in the banking sector is seeking a dedicated Operational Risk Manager to enhance the bank's control environment and manage operational risk frameworks. This role is pivotal in driving the bank's operational risk policies and ensuring compliance with regulations. The ideal candidate will possess a strong background in operational risk management and a passion for delivering exceptional service. Join a forward-thinking institution that values innovation and teamwork, and make a significant impact in the banking landscape of the UAE.

Qualifications

• 5+ years of experience in operational risk or control functions.
• Strong knowledge of Operational Risk Management in financial institutions.

Responsibilities

• Develop and manage Operational Risk Frameworks across the bank.
• Implement Risk and Control Self-Assessment across various lines of business.
• Monitor operational losses and ensure timely reporting.

Skills

Verbal and written communication

Attention to detail

Knowledge of banking products

Goal execution and prioritization

Multi-tasking

Analytical thinking

Collaborative relationships

Education

Bachelor's degree in Finance or related field

Job description

Operating in the UAE for over 50 years, CBD manages the financial requirements of some of the largest corporates and businesses operating in the country, driving the UAE economy. Over the years, CBD has transformed into a progressive and modern banking institution winning multiple awards for its digital initiatives, credit cards, bank accounts, mobile app features and services.

CBD has been recognized as the number one bank in the UAE on the Forbes list of The World s Best Banks 2022.

As we continue to build upon our successes, we are looking for ambitious individuals who are passionate about the banking and finance industry and the markets in which CBD operates. Just as important to us is your ability to demonstrate a talent for dealing with people - your colleagues and our customers - and delivering service that really goes the extra mile.

The purpose of this role is to develop and manage the Operational Risk Frameworks across the bank, improve the control environment, and reduce operational risk incidents / losses and reputational damage to the bank.

Responsibilities:

• Develop operational risk policies and standards for the bank
• Work closely with the Head of Operational Risk Management in designing and implementing the Operational Risk Framework across the bank.
• Drive the implementation of Risk and Control Self-Assessment (RCSA) across various lines of business within the bank for departments and for new products as well as for the bank s outsourced vendors
• Track the actions captured within the RCSAs and ensure the implementation of the proposed actions within the designated timeframe
• Assist the business areas with the escalation and recording of Operational Risk events, challenge remedial and preventative actions to prevent reoccurrence as well as ensuring any customer issue is being handled and resolved on a priority basis to reduce any reputational losses to the bank
• Collect, review and report KRI s / Risk Appetite metrics, analyze and escalate in case of KRI threshold breach/irregular variance to identify the root case and enforce remedial and preventative actions.
• Ensure operational losses are written off in a timely manner and through the designated GL.
• Monitor and analyze the operational loss entries in GL on a periodic basis and send a monthly report to the Head of Operational Risk
• Work closely with various channels across the bank to recover any actual financial losses as well as taking appropriate actions to prevent any identified potential losses
• Review Bank policies and standard operating procedures to ensure adequate controls are embedded within the operational processes
• Evaluate and escalate critical and emerging operational risks to the Head of Operational Risk
• Review and update the ORM policies and procedure where applicable
• Develop detailed reports and presentations on operational risk matters for management and ORM Committee
• Work closely with relationship owners of the bank s outsource vendors to ensure full alignment to the bank s Vendor Risk Management policy and procedures as well as CBUAE regulations and enforces the completion of the requirements within the designated timelines
• Conduct an independent review of the EIBOR submission on a monthly basis as per the CBUAE requirement to ensure the rate submission is aligned to the bank s IRSG and CBUAE regulations

Experience:

• 5+ years of relevant experience in operational risk, operations or in a control function with working knowledge of Operational Risk Management within a financial institution.

Skills:

• Excellent verbal and written communication skills
• High attention to detail
• Knowledge of Retail, Wholesale, Treasury and Shari a banking products, process and systems
• Ability to execute on goals, prioritize and meet deadlines
• Ability to multi task and work in a high volume environment
• Analytical thinking
• Establishes strong effective, collaborative relationships with all functions within the bank

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