Vice President - Operational Risk

RAKBANK; Dubai; On-site; AED 180,000 - 260,000; Full time

Job summary

An established industry player is seeking a Vice President of Operational Risk to spearhead the development and implementation of risk management frameworks. This pivotal role involves collaborating with senior management, overseeing operational risk assessments, and ensuring compliance with regulatory standards. The ideal candidate will possess extensive experience in operational risk management within the banking sector, demonstrating strong analytical and leadership skills. Join a forward-thinking organization that values innovation and teamwork, and contribute to shaping a robust risk management culture while advancing your career in a supportive environment.

Benefits

Competitive salary

Professional development opportunities

Collaborative work culture

Access to cutting-edge tools and technologies

Qualifications

• 10+ years in Operational Risk Management, with 5+ years in mid-management.
• Proven experience in developing risk management policies and strategies.

Responsibilities

• Lead the implementation of Operational Risk Management frameworks across the bank.
• Engage with senior management on critical matters of risk management.

Skills

Operational Risk Management

Conduct Risk Management

Risk Assessment

Analytical Skills

Project Management

Communication Skills

Leadership

Education

Postgraduate / Master's Degree in Finance

Equivalent Qualification in Risk Management

Tools

RCSA

KRI Reporting

Job description

At RAKBANK, we believe in fostering a culture of innovation, growth, and excellence. We are not just a bank – we are a community that thrives on teamwork, cutting-edge solutions, and the highest standards of governance. Now, We’re looking for a dynamic Vice President - Operational Risk to join our team at Dubai Silicon Oasis, where you'll lead the way in leveraging your expertise in Operational and conduct risk, you will drive the development and deployment of innovative models and insights that align with the bank's strategic objectives, ensuring measurable impact and value creation.

Job Description:

The Vice President - Operational Risk is responsible for implementing and maintaining RAKBANK Group's Operational and Conduct Risk Management frameworks across all business and operational areas. This critical role demands rigorous engagement with senior and executive management, management committees, and various stakeholders, including audit teams and regulators, to ensure the utmost effectiveness of internal controls and risk management practices. The position requires meticulous risk assessments, stringent implementation of control measures, and vigilant maintenance of risk management policies and procedures.

Operational Risk & Internal Controls:

• Implement and administer Operational Risk Management and Conduct Risk Management programmes with utmost diligence, including RSCA and specialized risk assessments.
• Oversee the implementation, administration, and continuation of Operational Risk Management and Conduct Risk Management frameworks and programmes, such as RSCA, KRI Reporting, and loss data reporting, throughout RAKBANK Group's first and second lines of defence.
• Engage in formal interactions with RAKBANK Group's Senior & Executive Management and Management Committees on critical matters of Internal Controls, Operational Risk, and Conduct Risk Management.
• Establish and maintain professional relationships of the highest calibre with internal and external stakeholders, including senior management, external and internal audit teams.
• Provide comprehensive training, expert advice, guidance, and support to team members to ensure optimal team effectiveness and maintain the highest standards of risk management.
• Provide strategic direction for the update of the Group's Operational Risk Management and Conduct Risk Management Frameworks.
• Conduct thorough reviews of new products and processes, and modifications to existing ones, ensuring their implementation aligns strictly with the Bank's internal policies, control standards, and Central Bank Regulations.
• Critically evaluate and approve process changes proposed by Operating / Business units, permitting incorporation into Operating Procedures only if the proposal meets the Bank's stringent internal policies, control standards, and Central Bank Regulations.
• Ensure Operating Procedures are drafted to the highest standard and are documented with efficient turnaround times. Oversee the release of new or amended Operating Procedures on the Bank's intranet after rigorous verification of correct documentation.
• Conduct comprehensive reviews of system enhancements and new system releases in the production environment, ensuring Operating Procedures are meticulously drafted, access roles are thoroughly reviewed and updated, and all respective stakeholders are duly informed of the new system or changes.
• Perform in-depth reviews of functionality available in new systems, identify potential risk areas, and provide critical commentary on the impact on the Bank's procedures and controls.
• Participate in and undertake crucial responsibilities for the bank's new digital and non-digital initiatives, ensuring all risk aspects are thoroughly addressed.

Core Responsibilities:

• Take full ownership and drive the process of embedding RAKBANK Group's Operational Risk Management framework throughout the business & operational areas. Contribute significantly to the risk and control culture of the organisation through comprehensive knowledge sharing and awareness programmes on the critical importance of risk management.
• Engage in high-level interactions with RAKBANK Group's Senior & Executive Management and Management Committees on matters of utmost importance concerning Internal Controls, Operational Risk, and Conduct Risk Management.

Qualifications:

• Postgraduate / Master's Degree or Equivalent Qualification in Finance, Risk Management, Business Administration, or a related field.
• Minimum 10 years' experience in Operational Risk Management function in a reputed Banking or Financial Institution, including minimum 5 years in mid-management or supervisory position.
• Proven experience in managing risk management functions, developing policies, procedures, and risk management strategies.
• Relevant professional qualifications such as FRM, PRM, or CISM are preferred.
• Comprehensive understanding of regulatory requirements and guidelines related to operational risk management in the banking sector.
• Strong analytical skills with the ability to interpret complex data and present findings clearly to various stakeholders.
• Excellent project management skills with experience in implementing risk management frameworks and systems.
• Proficiency in risk assessment methodologies and tools, including RCSA and KRI reporting.
• Exceptional communication and interpersonal skills, with the ability to influence and drive cultural change across the organisation.
• Strong leadership qualities with experience in mentoring and developing high-performing teams.
• Solid understanding of emerging risks in the banking sector, including cyber security, data privacy, and digital transformation risks.
• Experience in conducting risk assessments for new products, processes, and systems.

What You'll Gain:

• Competitive salary and benefits package.
• Opportunities for professional development and career advancement.
• A supportive and collaborative work culture.
• Access to cutting-edge tools and technologies