Operational Risk Manager

Watershed Consulting; Durban; On-site; ZAR 600 000 - 900 000; Full time

Job summary

A leading consulting firm is seeking an Operational Risk Manager to oversee the operational risk management framework. This role is critical in ensuring compliance with South African Reserve Bank regulations and managing various risk classes, including Business Continuity and Technology risks. The ideal candidate will have a strong background in risk management, excellent analytical skills, and the ability to lead cross-functional teams. This position offers a competitive salary and the opportunity to contribute significantly to the organization's risk management strategy.

Qualifications

• Minimum of 5 years' experience in operational risk management in banking or financial services.
• Proven track record in managing various risk classes.
• Deep knowledge of SARB regulations and Basel III.

Responsibilities

• Develop and implement an operational risk management framework.
• Oversee the identification, assessment, monitoring, and mitigation of operational risks.
• Manage the Business Continuity Planning (BCP) process.

Skills

Analytical Skills

Organizational Skills

Leadership Skills

Communication Skills

Education

Bachelor's degree in Finance, Risk Management, Information Technology

Master's degree or professional certifications (e.g., CISA, CRISC, FRM)

Job description

Operational Risk Manager

The Operational Risk Manager will report to the Head of Enterprise Risk.

This role involves overseeing the operational risk management framework and extending to other critical risk classes including Business Continuity, Third-Party, Data, Model, Fraud, and Technology (cyber or information security) risks.

The individual will be instrumental in ensuring that these risk areas are managed in compliance with South African Reserve Bank (SARB) regulatory requirements and international best practices.

Duties & Responsibilities

1. Develop and implement an operational risk management framework that aligns with SARB regulations and international standards.
2. Work with the Business on its implementation specifically of the various operational risk processes:

• Maintain an inventory of operational risk events including incidences
• Development of Key Risk Indicators
• Facilitating the implementation of the Risk and Control Assessment program across the organisation
• Ensuring that for all new initiatives / material changes an ad hoc change risk assessment is carried out prior to implementation or go-live

Oversee the identification, assessment, monitoring, and mitigation of operational risks across all bank operations.

Manage the Business Continuity Planning (BCP) process to ensure the bank's readiness to operate during and after disruptive events.

Conduct due diligence and ongoing monitoring of third-party vendors to manage risks associated with outsourcing and third-party engagements.

Implement robust data governance and model risk management practices to ensure the accuracy, completeness, and reliability of bank data and modelling processes.

Lead the fraud risk management program, including the development of strategies to prevent, detect, and respond to fraudulent activities.

Oversee the technology risk management framework, focusing on cyber and information security to protect the bank's digital assets and information.

Collaborate with IT, cybersecurity, and business units to enhance the bank's resilience against technology-related threats.

Prepare and present risk reports to the Head of Enterprise Risk, senior management, and relevant committees, providing insights into risk exposures, trends, and mitigation efforts.

Conduct training and awareness sessions to promote a risk-aware culture within the bank.

Desired Experience & Qualifications

• Bachelor's degree in Finance, Risk Management, Information Technology, or related field.
• A Master's degree or professional certifications (e.g., CISA, CRISC, FRM) is highly desirable.
• Minimum of 5 years' experience in operational risk management within the banking or financial services industry, with a comprehensive understanding of the risk classes specified.
• Proven track record of managing Business Continuity, Third-Party, Data, Model, Fraud, and Technology risks.
• Deep knowledge of SARB regulations, Basel III, and other relevant international risk management standards.
• Strong analytical, organizational, and leadership skills, with the ability to manage multiple priorities in a fast-paced environment.
• Excellent communication and interpersonal skills, capable of working effectively with all levels of the organization and external stakeholders.

Package & Remuneration: Market related