Operational Risk Analyst (4ABA842)

Referment; Manchester; Hybrid; GBP 50,000 - 70,000; Full time

Job summary

Referment, in partnership with a fully regulated UK digital bank, is seeking an Operational Risk Analyst. Based in London or Manchester, you’ll work in the second line of defence to develop and maintain the Operational Risk Management Framework and advise on risk across the business.

You’ll identify, assess and monitor risks, challenge teams on controls, and report risk events and trends up to senior management and the Board. A strong background in UK banking risk is essential.

Qualifications

• Experience in operational risk, risk management, internal controls or related assurance.
• Understand first and second lines of defence and risk ownership.
• Familiar with RCSAs, risk events, issues management and KRIs.
• Strong analytical skills to interpret data and report to Board level.

Responsibilities

• Identify and assess operational risks and maintain effective controls.
• Conduct risk assessments, identify weaknesses and suggest improvements.
• Develop and implement risk policies and procedures.
• Oversee RCSA processes, risk assessments, controls and action plans.
• Coordinate risk events, ownership of actions and monitoring progress.
• Review risk events for themes and root causes to prevent recurrence.
• Test and monitor controls for design and operating effectiveness.
• Develop and monitor KRIs and escalate concerns.
• Prepare management information and reporting for senior management and Board.
• Provide second-line advice on projects and new products.

Skills

Operational risk

Risk management

RCSA

KRI

Board reporting

Job description

Referment is working with a fully regulated UK digital bank on its search for an Operational Risk Analyst. The bank serves retail customers through an app-based current account, savings and lending products, and is backed by long-term investors with a growing customer base. The role sits in the second line of defence, reporting to the Operational Risk Manager, with one position available based in London or Manchester.

The Role

You’ll Help Develop And Maintain The Bank's Operational Risk Management Framework And Support a Culture Of Risk Awareness Across The Business. Working As Second-line Oversight, You'll Advise And Constructively Challenge Teams On How They Identify, Assess, Monitor And Report Their Operational Risks. Day To Day, You'll

• Support business areas in identifying and assessing operational risks and maintaining effective controls
• Conduct risk assessments and reviews, identify control weaknesses and recommend practical improvements
• Develop, maintain and implement operational risk policies and procedures
• Oversee and challenge the risk and control self-assessment (RCSA) process, including risk assessments, controls and action plans
• Coordinate the risk events and issues process, ensuring accurate records, clear ownership of actions and monitored progress
• Review risk events to identify recurring themes and underlying causes, and opportunities to prevent similar incidents
• Test and monitor controls to assess whether they are appropriately designed and operating effectively
• Develop and monitor key risk indicators, escalating emerging concerns
• Prepare management information and monthly and quarterly reporting on risk events, losses and trends for senior management and the Board
• Provide second-line advice and challenge on projects, new products and features

What We're Looking For

You’ll bring relevant experience in operational risk, risk management, internal controls or a related assurance role, ideally gained in banking or financial services. You should understand operational risk frameworks and the respective responsibilities of the first and second lines of defence, and be familiar with RCSAs, risk events, issues management and key risk indicators. You'll need strong analytical skills in interpreting data, spotting trends and turning findings into practical recommendations, plus the ability to document control assessments and prepare clear reporting for audiences up to Board level. Clear communication and the confidence to ask questions and provide constructive challenge matter, as does the independence of judgement to oversee risk while working collaboratively across teams. Awareness of the UK regulatory environment for banks is important, and good attention to detail and organisation will help you manage competing priorities against reporting deadlines.

This could suit an operational risk or assurance professional from a UK bank or fintech looking for genuine second-line ownership in a smaller, fast-moving organisation.

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