Operational Risk and Control Analyst

Charles Levick
21 Jul 2017
15 Aug 2017
Contract Type

My client, a leading financial markets bank, are looking to recruit a dynamic Risk and Regulatory Control Analyst to join their Operations Control team which is a critical function within Operations. Rather than an ops risk sme they are looking for someone with knowledge of fixed income, FX and derivatives and the front to back Operations trade lifecycle, from trade validation through to settlements. This knowledge will then enable this person to be successful in identifying and reducing risk exposure across the bank.

Key Responsibilities / Accountabilities:

* Daily Management Reporting: Work with the MI Reporting Analyst to ensure that management information sufficiently highlights key points and trends to its audience and that it is factually accurate. This should occur prior to reports being issued.
* Reconciliation Oversight: Daily oversight of key controls executed by Operations' Line functions with key risk and control deficiencies escalated in a timely, concise and accurate manner. This function covers all reconciliations performed across International Operations, across multiple geographies and asset classes.
* Weekly Risk Dashboard: Work with the MI Reporting Analyst to ensure that the weekly risk report sufficiently highlights key points and trends to its audience. This should occur prior to reports being issued.
* Monthly MIS Reporting: Various monthly reports are produced for various stakeholders to ensure key risks and controls are monitored both within and outside of Operations. Such reports include: KRI report, monthly control pack, volumes etc.
* Incident Management: Risk Control is responsible for ensuring the adherence to the Operational Risk-owned Incident Reporting policy across International Operations. Risk Control performs an important oversight function and sign-off on all operational risk incidents and related actions. Back-testing should be performed on all preventative actions in a timely manner.
* Action Tracking: to challenge processes during the course of RCSAs/ QAs and incidents to agree Actions to help improve processes and subsequently assist in the management and tracking of these Actions.
* Mailbox: The Risk Control mailbox is used by International Operations as a primary escalation point for risk and control issues. The role holder should ensure all queries are dealt with in a correct and professional manner, and on a timely basis across all mailboxes (i.e. Ops Control, stock and contra)
* Safe Custodian: Risk Control acts as the custodian of the documents held on behalf of the document owner(s) within the safe. The safe custodian is primarily responsible for ensuring documents are correctly lodged, for maintaining accurate records of the lodgement in the Safe Register of holdings and managing the withdrawal process.
* Regulatory control oversight: Ensure key regulatory controls are performed in line with agreed process and schedule. Review and escalate accordingly in order to prevent regulatory breaches. ?
* Providing Training: to assist in the formation of training plans and to subsequently carry out training to reduce single person dependency on core tasks.
* Personal training and development: to work with management to form Personal Development Plans

Risk & control Framework
* Quality Assurance: Identify processes and functions of higher residual risk which require additional focus and oversight and perform 'deep dive' reviews providing an independent assessment to Management of the control effectiveness.
* Operations Control Framework: Oversee the risk and control framework (RCSA's) for Operations and ensure that all updates are promptly actioned by the Operations line. This includes, but is not limited to, ensuring appropriate indicators are in place and MI is available for governance purposes.
* Spot Checks: Perform spot checks as needed in accordance to agreed schedule (e.g. accounts checks, manual payments, physical commodities etc.).

Development Responsibilities:

* Play a proactive role in the development of the evolving Risk Control operating model. The Risk Control has recently evolved in to a well-structured function with clear escalation channels, and the role holder is expected to ensure ongoing adherence to this, as well as to make further improvements through continuous improvement.
* Improve functionality of reconciliation & control processes by playing a full end to end role (identification, testing and implementation of initiatives). This includes adequate involvement in relevant change initiatives.
* Influencing process change across Operations to maintain risk levels whilst seeking process efficiencies
* Build product knowledge through on the job learning, working with functional teams and reviewing functional procedures, completing relevant interactive courses and external training.

Preferred Skills & Experience:

* Some experience in a similar role could be useful although not essential.
* Experience of working within Operations and of the key controls.
* The candidate will be educated to degree level & show strong numeracy skills.
* Exposure to front, middle and back office processes and an understanding of the interaction between these areas.
* Understanding of Operational Risk framework.
* The role owner will be proficient in the use of Microsoft Applications (including Excel, Access, Word and Powerpoint)
* Strong verbal and written communication.
* Familiarity with banking and trading products.
* Ability to develop strong relationships with other functions within and outside of Operations department.
* Methodical, able to work to strict monthly deadlines, strong team player, good problem solving skills.