Operational Risk Specialist

Absa Group; Johannesburg; On-site; ZAR 600 000 - 800 000; Full time

Job summary

Join a leading bank as an Operational Risk Specialist, driving the Enterprise Risk Management Framework. You'll identify and mitigate operational risks, ensuring robust compliance and effective business processes. This role demands strong analytical skills and industry knowledge, contributing to a risk-aware culture within the organization.

Qualifications

• Minimum 3 years’ experience in Specialist Operational Risk Management or related area.

Responsibilities

• Identify and mitigate risks associated with operations.
• Develop and implement controls to minimize operational risks.
• Conduct regular assessments of processes to ensure compliance.

Skills

Communication

Research

Critical Thinking

Industry Knowledge

Education

Bachelor’s degree in Risk Management, Commerce or equivalent

Job description

Empowering Africa’s tomorrow, together…one story at a time.

With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

Job Summary

As an Operational Risk Specialist, you will be at the forefront of driving our Enterprise Risk Management Framework (ERMF) and Operational Risk Management Framework (ORMF) within the Digital Business. Your mission is to identify and mitigate risks associated with our operations and ensuring our business processes are robust and compliant. You will assess business operations, identify issues in projects, processes, and new initiatives, and prepare impact assessments. Your role will involve developing and implementing controls to minimize operational risks, participating in management committees, and continuously monitoring business processes to identify potential threats and ensure compliance with laws and regulations.

Job Description

Education

Bachelor’s degree (NQF 6) in Risk Management, Commerce or equivalent

Experience

Minimum 3 years’ experience in a Specialist Operational Risk Management or related area

Key Responsibilities:

• Collaborate with internal stakeholders to understand Business Requirements, processes, and Product needs.

• Identify and track potential issues and risks that could impact financial and non-financial outcomes.

• Implement and embed Risk Management strategies to reduce risk exposure and losses.

• Provide management with reports on risk exposures to inform decision-making.

• Conduct regular assessments of Critical and Non-critical processes to ensure they meet required standards.

• Review policies to identify and address any gaps within the business.

• Coordinate with cross-functional stakeholders to drive Governance and maintain a Satisfactory Control Environment.

• Conduct thorough risk assessments for new and amended product proposals to identify potential Operational, Financial, Regulatory, and Reputational risks.

• Analyze the impact of proposed changes on existing processes, systems, and controls.

• Work closely with Product development teams, Business Units, and other stakeholders to understand the scope and objectives of New and Amended Product proposals.

• Facilitate Risk workshops and discussions to gather input and insights from various stakeholders.

• Ensure that New and Amended Product proposals comply with relevant policies and standards.

• Develop and recommend risk mitigation strategies and controls tailored to the specific risks identified in the product proposals.

• Prepare detailed Risk assessment reports and impact analysis for new and amended product proposals.

• Establish monitoring mechanisms to track the effectiveness of implemented controls and identify any emerging risks.

• Provide training and guidance to Product Development teams and other stakeholders on Risk Management practices and the importance of risk considerations in product proposals.

• Promote a risk-aware culture within the organization by sharing best practices and lessons learned from previous product launches.

• Prepare reports documenting Risk exposure and recommend solutions to mitigate risks.

• Proactively review processes to identify Risks or Potential issues.

• Coordinate efforts across the Business and Assurance providers to achieve optimal assurance outcomes.

• Ensure Compliance with Legislative and Regulatory requirements, Policies, and Standards, including monitoring Compliance training.

• Share your expertise with colleagues to help them navigate the evolving risk environment.

• Collaborate with peers to generate innovative ideas for risk identification.

• Perform other duties as required.

Skills

• Communication: Ability to communicate effectively with a variety of stakeholders, including executive leadership, team members, and cross-functional partners. Proficient in various communication methods, including emails, phone calls, meetings, and presentations. Capable of explaining complex risk concepts clearly to non-risk professionals .

• Research: Strong research skills to gather information about business operations and associated risks, and to find solutions to mitigate those risks.

• Critical Thinking: Ability to analyze situations and make informed decisions based on available information. Skilled in evaluating potential risks of business processes and determining the best mitigation strategies .

• Industry Knowledge: Extensive knowledge of the financial and/or banking industry, including the types of risks these industries face and the best ways to address them.

• Additional Requirements:

• Ability to perform in high-pressure and agile environments.

• Highly self-motivated and capable of operating independently.

• Proficient in using a range of mobile communication tools.

• Knowledge of Digital environments.

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised