Trade & Cash Business Risk Manager
Standard Chartered Bank - UAE
Job description / Role
The Country Trade & Cash Business Risk is entrusted to ensure the Trade & Cash teams (front to back) in the Country 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 & Cash 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 & Cash and Business Head to constantly assess the control environment and residual risk profile.
* Effectively manage the entire Risk Management agenda for Trade & Cash within the region, along with ensuring targeted Front to Back peer reviews, and the proactive rippling of peer review and audit findings
* 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 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 country is 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.
* The Risk Manager/ Senior Manager must at all times focus on the operation units' controls, governance and supervision and support the Cluster Head Trade & Cash Business Risk through:
* Ensuring that all material operational risks are identified, assessed, mitigated, monitored and reported to relevant governance forums
* Developing control enhancements to ensure that any known risks are controlled within acceptable boundaries and consistent standards.
* Becoming the go-to person for the unit for all operational risk related incidents / queries / events that arise/ policy & procedure guidance.
* Coordinating with stakeholders in the cluster and with other Operational Risk Managers to increase transparency and share key learnings and best practice.
* Proactively engaging and collaboratively working with the 2nd line OR team and BORMs to identify control weaknesses, improve processes and develop self-assessment checks.
* Ensuring compliance with policies applicable to operation units which impact operational risk; focus on Regulations, regulatory compliance and associated operational risks.
* Challenging processes, procedures and policies which are inefficient, ineffective, and can be improved upon
* Carrying regular dialogue with audit team to be informed of results of reviews and audit activity
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.