Job Description
The BORM represents the business and supports the Operational Risk function to implement the operational risk aspects of the Bank's Risk Management Framework, Group Operational Risk strategy and associated operational risk procedures to ensure that operational risk is effectively managed at the business unit level. Specifically, the BORM must:
1. Implement the Operational Risk Management and Assurance Framework (ORMAF) and where the BORM double-hats as the RP, ensure that all aspects of the Wholesale Bank Operational Risk (WB OR) toolkits are completed on time and relevant stakeholders regularly kept apprised.
2. Proactively identify control weaknesses and ensure proper functioning of day-to-day controls and timely resolution of risks/events.
3. Coordinate, drive and direct effective compliance and operational risk management at the Business Unit level in order to achieve no fail audit outcomes.
4. Implement controls within the Business Unit to meet all key regulatory and internal policy requirements, and also the AML and Sanctions policies and procedures.
5. Help develop an operational risk culture by ensuring compliance with operational risk governance procedures and policies by delivering training.
Key Roles & Responsibilities
Loss Reporting and Investigation * Support the business in minimizing operational risks and losses, and ensure all operational losses are investigated to prevent recurrence.
Risk Identification and Control Effectiveness * Assist relevant stakeholders (Senior Operational Risk Officer (SORO), Business/Unit Head and Head of Risk and Control Governance, WB MENA in the management and implementation of the Operational Risk framework and other relevant Operational Risk initiatives, including ensuring proper functioning of embedded and periodic controls.
* Responsible for the timely identification, reporting and escalation of all identified Operational Risk exposures. Assist in the identification of new business and regulatory risks and the implementation of appropriate controls to mitigate those risks.
* Full-time BORMs perform the function of the RP (Responsible Person) and are responsible for the implementation and execution of the KCSA process, sampling and testing the population of controls to ensure compliance with agreed control standards as well as facilitating the monitoring/collection of any Key Risk Indicators (KRIs).
* Responsible for tracking actions against audits and reviews and reporting the status of these actions periodically to the appropriate governance forums.
* Responsible for managing the issues raised from business-specific reviews and follow-through to resolution.
* Responsible for recording and maintaining (in agreement with SOROs) risks in the risk tracking system (Phoenix), in accordance with Group Operational Risk Procedures. Responsible for ensuring the quality of information being recorded as well as ensuring data accuracy, completeness and timely resolution.
* Responsible for recording operational errors that occur within business that result in financial losses, gains, near misses, reputational damage or danger to people or our reputation. Ensure that the SOROs are notified of any significant operational losses. Key part of the role is ensuring the quality of that information is of the standard required.
* Drive improvement in OR processes through process improvement initiatives.
Leadership Capability * To be the source of reference within the Business in facilitating/promoting the understanding of Operational Risk and compliance/regulatory requirements.
* Facilitate development of training material on Operational Risk policies relevant to the business.
* Identify knowledge gaps and arrange appropriate and relevant training on Operational Risk.
Audits and Reviews * Contribute towards achieving no fail results on all audits and reviews undertaken by Group Internal Audit, Country Audit, regulators and external auditors (and any others from time to time).
* Review findings/key themes; assist business to achieve resolution in line with business risk appetite.
* Conduct periodic reviews on Operational Risk controls, submit review reports and follow-up with the business for timely closure of any identified risks/issues.
* Act as coordinator for various internal/external audits/reviews and liaise with various stakeholders to ensure timely and accurate information is provided
AML /Sanctions Champion * To raise awareness of AML compliance procedures in the business unit through receiving, distributing and championing AML awareness raising messages from WB and Country FCR.
* To ensure that all staff in the unit are aware of their core responsibility to report suspicion of money laundering in compliance with Group and Country Suspicious Activity Reporting and Transaction Monitoring procedures.
* To ensure completion in a timely manner of all relevant AML training defined under Group, WB and Country AML Training procedures.
* Work with FCR advisor, lead and coordinate changes to operating procedures and controls, hold AML WG meetings.
* Implement procedures in consultation with FCR, monitor compliance and escalate breaches and issues arising.
* Monitor the proper functioning of controls and collate KPI and KRI data for reporting purposes
* Advise on general AML/Sanctions matters
* Assist in the formulation of internal suspicious transaction reports to FCR.
* Monitor completion of follow up actions related to sanctions hits from cash and trade transaction processing, and escalate breaches and exceptions.
External Focus * Ensure timely communication of new/revised external regulations and internal policies.
* To be the source of reference within the Business Unit in facilitating/promoting the understanding of compliance/regulatory requirements.
* In collaboration with the SORO and Country Compliance, review new/revised regulations and implement new control measures and/or develop relevant and risk-based self-assessment checks for implementation in the business.
Qualifications & Skills
* Operational risk accreditation preferred
* Relevant business/function experience, including experience within business/function operations is highly desirable
* A clear understanding of the Bank's approach to the management of operational risk, or equivalent experience gained in other organizations
* The sound judgement and courage necessary to perform a control role and maintain effective working relationships
Closing Dates
The closing date for applications is 21/12/2014. Please note all closing dates are given in Hong Kong time (GMT + 8 hours). We aim to respond to successful applicants within four weeks and will keep a record or your application in our database so that we can contact you when suitable vacancies arise in future.
Diversity & Inclusion
Standard Chartered is committed to diversity and inclusion. We believe that a work environment which embraces diversity will enable us to get the best out of the broadest spectrum of people to sustain strong business performance and competitive advantage. By building an inclusive culture, each employee can develop a sense of belonging, and have the opportunity to maximise their personal potential. Standard Chartered Bank started in 1958 in UAE with its first branch in Sharjah. The Group's business gradually increased in Dubai with the opening of several branches and today, Dubai is the administrative hub of the Middle East and South Asia Region. In its 43rd year, the Bank enjoys the position of having the most extensive branch network among foreign international banks in UAE with 10 branches emirate-wide.
Standard Chartered is an international bank, focused on the established and emerging markets of Asia, Africa, the Middle East and Latin America with an extensive global network of more than 600 offices in over 50 countries. The three principal business groups are Global Markets, Personal Banking and Corporate and Institutional Banking.
In UAE, we are one of the leading banks, offering an extensive range of products and services for personal customers, local companies, multinational corporate and financial institutions. |