Head of Operational Risk

Marks Sattin (UK) Ltd; London; On-site; GBP 80,000 - 120,000; Full time

Job summary

A leading financial institution in London is seeking an Operational Risk Manager to develop and enhance their operational risk management framework. This role involves leading a team, ensuring compliance with regulatory requirements, and fostering a strong risk culture within the organization. The ideal candidate will have over 10 years of experience in operational risk management, particularly within UK wholesale banking, and possess strong leadership and communication skills.

Qualifications

• 10+ years of experience in operational risk management within banking.
• Strong knowledge of PRA and FCA regulations.
• Excellent report writing and decision-making skills.

Responsibilities

• Design and embed operational risk management frameworks and policies.
• Lead the Operational Risk Team for effective risk identification and reporting.
• Ensure compliance with PRA, FCA, and Head Office requirements.

Skills

Operational Risk Management

Regulatory Compliance

Leadership

Communication

Problem Solving

Job description

Principal Purpose of the Job

Responsible for developing and enhancing the operational risk management framework, ensuring the Bank effectively identifies, assesses, and mitigates operational risks.

Responsibilities & Accountabilities

Design, enhance, and embed comprehensive operational risk management frameworks, policies, and procedures across the Bank. Continuously assist in process improvements and enhancements.

Lead the Operational Risk Team to ensure effective identification, assessment, monitoring, mitigation, and reporting of operational risks. Embed operational risk management into daily activities, maintain robust controls, and foster a strong risk culture aligned with the Bank's ERM framework, risk appetite, and regulatory requirements (PRA, FCA, Head Office). Facilitate timely reporting to management and risk committees.

Risk Identification and Assessment

• Engage in identifying and assessing operational risks across all business lines, integrating risk considerations into daily activities.
• Lead Risk and Control Self-Assessments (RCSAs), evaluate controls, identify gaps, and develop action plans.
• Conduct scenario analyses and stress testing to evaluate impacts of severe risk events and inform mitigation strategies.
• Maintain risk register and loss event database, providing regular reports on trends and emerging risks.
• Collaborate with business units for timely reporting and escalation of risk incidents, supporting root cause analysis and corrective actions.
• Develop and monitor Key Risk Indicators (KRIs) to proactively identify increasing risks.
• Embed risk identification and assessment processes within governance frameworks, ensuring regulatory compliance and promoting a risk-aware culture.

Third-Party and Outsourcing Risk Management

• Manage risks related to third-party relationships and outsourcing, ensuring compliance with PRA SS2/21 and other regulations.
• Develop frameworks for risk assessments, due diligence, and ongoing monitoring of third-party risks.
• Create risk heat maps and identify KRIs for outsourced activities.

Internal Control Enhancement

• Evaluate and improve internal controls to mitigate operational risks.
• Work with business units to implement effective controls and action plans.
• Monitor control effectiveness and recommend improvements.

Regulatory Compliance and Reporting

• Ensure adherence to PRA, FCA, and Head Office requirements.
• Prepare and present reports on risk metrics, issues, and trends to senior management and committees.
• Coordinate the annual Operational Resilience Self-assessment report preparation.
• Serve as the primary contact for operational risk with regulators, management, and stakeholders.

Skills Required

• 10+ years of experience in operational risk management within banking, preferably UK wholesale banking.
• Strong knowledge of PRA and FCA regulations on operational risk, resilience, outsourcing, and third-party management.
• Excellent report writing, problem-solving, communication, and decision-making skills.
• Leadership, collaboration, and stakeholder influence skills.