Manager - Trade Business Risk
Standard Chartered Bank - UAE
Job description / Role
The Role Responsibilities
The Country Trade Business Risk is entrusted to ensure the Trade teams (front to back) in the Cluster operate in full compliance with all Country and Group policies as well as local regulatory requirements, through
• Ensuring Operation Units' standards and roadmap abide by Group operating principles, policies and procedures as well as Country Addendums and Enterprise Risk Management Framework ("ERMF")
• Ensuring that the execution of Operations' functions is fully compliant with statutory regulations, laws, guidelines.
• Support Cluster, Business Risk in the overall effective and proactive management of Operation units' risks and control gaps.
• Act as the voice, eyes and ears of the Cluster Head, Trade Business Risk for all matters related to Risk for the Country.
• Oversee the effective execution of controls within the Country (front to back), including identification of gaps and remediation of issues, elevating residual risk where appropriate.
• Create and maintain complete, accurate and targeted metrics to allow the COO, the Cluster Head Business Risk Management for Trade and Business Head to constantly assess the control environment and residual risk profile.
• Effectively manage the entire Risk Management agenda for Trade within the region, along with ensuring targeted Front to Back peer reviews, and the proactive rippling of peer review and audit findings.
• Work with key stakeholders centrally, regionally and in countries to drive a strong risk management culture across business and operations. Actively manage stakeholders from first, second and third lines of defence. Provide structured guidance towards improving MCA ratings in the country and drive first line ownership of risk.
• Work with Country teams and Group to drive hubbing of control checks where feasible, ensuring continued country oversight and ownership of hubbed checks and processes.
Pro-active Risk Management
• Perform risk reviews and end-to-end process reviews in collaboration with the units and the GBS teams.
• Analyse process and explore the possibilities of automation and process reengineering / enhancement on the ground where possible.
• Conduct Cluster governance reviews to ensure effectiveness and robustness of the country's governance activities and control environment.
• Assist in the identification and escalation of thematic and horizon risks and the implementation of appropriate controls to mitigate those risks within the Country. Be the 'go-to' person for the business with regards to the escalation of all operational and other risk-related incidents/queries/events that arise within the Country.
• Ensure the countries under you cluster are always ready to handle any reviews and user understand the risk very well.
Risk Identification and Control Effectiveness
• Responsible for supporting the unit in the timely identification, assessment, mitigation, reporting and escalation of all identified Operational Risks.
• Assist in identification of operational risk for new / amended products, projects, regulation, etc. and implementation of appropriate controls to mitigate those risks.
• Liaise with unit as required to ensure that Residual Risk Acceptance Requests (RRARs) are completed for material risks or control failures identified and passed to Senior Operational Risk Officer (SORO) for review before submission to the relevant approving authorities and tabled at appropriate forums / committees.
• Assist the unit in the management and implementation of the ORF and other relevant OR-related initiatives, including ensuring proper functioning of embedded and periodic controls.
• Monitor the implementation, execution, and outcome of the Control Sample Testing (CST) process, results of any Key Risk Indicators (KRIs), and Key Control Indictors (KCIs) to ensure compliance with agreed control standards.
• Oversee risks in the risk tracking system (EORP) and responsible for ensuring the quality of information being recorded as well as ensuring data accuracy, completeness and timely resolution.
• Determine effectiveness / ineffectiveness of defined prevalent controls and control testing through independent validation.
• Review the ORF results and arrived on the action plan for reducing residual risk rating and mitigating repetitive failure / exceptions.
Loss Reporting and Investigation
• Support the unit in minimizing operational losses and issues, and ensure operational losses are investigated to prevent recurrence.
• Drive the root cause analysis discipline, validate the content before submission and track the treatment plans until closure. Ensure that significant operational losses are escalated with appropriate root cause review completed.
• Oversee the recording of operational errors that occur within the unit that result in financial losses, gains, near misses, or non-financial damage.
• Oversee and have a 2nd line view on the unit reconciliation on a monthly basis of all operational losses records in the risk management system versus GL entries to ensure that all losses / recoveries are correct and / or accounted for on both sources.
• Ensure units have obtained the relevant approvals for losses in line with delegated authorities granted.
Our Ideal Candidate
• University Degree from an accredited institution
• Operational Risk / Risk Management / Compliance certification preferred
About the Company
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.