Head of Operational Risk

Marks Sattin; London; On-site; GBP 80,000 - 120,000; Full time

Job summary

A leading company in the financial sector is seeking a Director of Financial Services to enhance its operational risk management framework. This role involves developing policies, leading a team, and ensuring compliance with regulatory standards. The ideal candidate will have over 10 years of experience in operational risk management within banking, strong leadership skills, and a deep understanding of PRA and FCA regulations.

Qualifications

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

Responsibilities

• Develop and implement operational risk framework and policies.
• Lead the operational risk team and drive risk agenda.
• Ensure compliance with regulatory requirements.

Skills

Operational Risk Management

Regulatory Compliance

Leadership

Communication

Problem-Solving

Job description

Direct message the job poster from Marks Sattin

Director of Financial Services - 07775861606 / [e-mail]

The role is 4 days per week in the office, the office is based in the City

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.

Designing, enhancing and embedding comprehensive operational risk management frameworks, policies, and procedures across the Bank, and continuously assisting in process improvements and enhancements.

Lead the Operational Risk Team ensuring that the Bank effectively identifies, assesses, monitors, mitigates and reports operational risks across the bank. This role requires a proactive, hands-on approach to embed operational risk management into daily business activities, maintain robust internal controls, and foster a strong risk culture in alignment with the Bank’s Enterprise Risk Management (ERM) framework, risk appetite, and the regulatory requirements of the PRA, FCA and Head Office, and facilitating timely reporting to executive management and Risk and Compliance Committee/Risk Committee (RCC/RC).

Key Responsibilities:

Leadership and Strategy:

• Develop and implement the operational risk framework, policies, and procedures, ensuring alignment with the Bank’s overall risk strategy and regulatory requirements.
• Lead and manage the operational risk team, fostering a culture of proactive risk management and continuous improvement.
• Drive the operational risk agenda across the Bank, liaison with the Senior Data Governance Risk Manager and other stakeholders ensuring integration into business-as-usual (BAU) activities.

Risk Identification and Assessment:

• Actively engage in the identification and assessment of operational risks across all business lines, integrating risk considerations into daily BAU activities. This includes conducting regular walkthroughs of processes, reviewing transaction flows, and collaborating with all departments to identify potential operational risk exposures.
• Lead and facilitate Risk and Control Self-Assessments (RCSAs) by working closely with process owners to evaluate existing controls, identify control gaps, and develop action plans to address identified weaknesses. Ensure that RCSAs are updated periodically and reflect current operational realities.
• Conduct scenario analyses and stress testing exercises to evaluate the potential impact of severe operational risk events, such as system failures, fraud incidents etc. Utilise these analyses to inform the development of mitigation strategies and contingency plans.
• Maintain and update the Bank’s risk register and loss event database, ensuring that material operational risk events are accurately recorded, categorised, and analysed. Provide regular reports and insights to the Head of Risk Department, highlighting trends, emerging risks, and areas requiring management attention.
• Collaborate with each business line across the Bank and provide independent review to ensure timely reporting and escalation of operational risk incidents to Operational risk team, senior management, Exco, RC/RCC, and Head Office, facilitating root cause analysis and the implementation of corrective actions to prevent recurrence.
• Develop and monitor Key Risk Indicators (KRIs) relevant to operational risk, establishing thresholds and triggers that prompt management action when exceeded. Use KRIs to proactively identify areas of increasing risk and to support decision-making processes.
• Ensure that operational risk identification and assessment processes are embedded within the Bank's governance framework, aligning with regulatory requirements and industry best practices to promote a robust risk culture.
• Enhance the new product approval process, maintain product list and manage product risk.

Third-Party and Outsourcing Risk Management:

• Manage risks associated with third-party relationships and outsourcing arrangements, ensuring compliance with PRA SS2/21 and other relevant regulations.
• Develop and maintain a comprehensive third-party risk management framework, including risk assessments, due diligence, and ongoing monitoring.
• Lead initiatives to identify key risk indicators (KRIs) and develop risk heat maps for outsourced activities.

Internal Control Enhancement:

• Evaluate and enhance internal control systems to mitigate identified operational risks.
• Collaborate with business units to develop and implement effective control measures and action plans.
• Monitor the effectiveness of controls and recommend improvements as necessary.
• Provide regular training across the Bank.

Regulatory Compliance and Reporting:

• Ensure compliance with applicable regulatory requirements, including those set by the PRA, FCA, and Head Office.
• Prepare and present regular reports on operational risk metrics, issues, and trends to senior management, Risk and Compliance Committee and Head Office.
• Coordinate the preparation of the annual Operational Resilience Self-assessment report and present it to senior management, Risk and Compliance Committee and Head Office.
• Act as the primary point of contact for operational risk matters with senior management, regulators, Head Office and external stakeholders.
• Oversee the operational risk incident management process, ensuring timely investigation and resolution of incidents.
• Analyse incidents to identify root causes and implement improvements to prevent recurrence.
• Develop forward-looking ORM approach to anticipate and mitigate potential operational risk events.

Cross-Departmental Coordination and Communication:

• Act as a liaison between the Risk Management Department and other departments, facilitating effective communication and collaboration on operational risk matters.
• Provide guidance and training to first and second lines of defense on operational risk management practices.
• Challenge and support all departments in identifying and mitigating operational risks within their areas.

Team Development:

• Lead, mentor, and develop the operational risk team, to enhancing their skills and knowledge.
• Foster a collaborative and high-performance culture within the department.

Skills Required:

• Proven experience (10+ years) in operational risk management within the banking sector, preferably in a UK wholesale banking environment.
• Strong knowledge of PRA and FCA regulations around operational risk management, operational resilience, outsourcing and third party risk management.
• Excellent report writing, problem-solving, communication and decision-making skills.
• Strong leadership, collaborative and interpersonal skills, with the ability to influence stakeholders at all levels.

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Full-time

Job function

• Job function

  Accounting/Auditing and Finance

• Industries

  Banking, Investment Banking, and Financial Services

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