Lead Principal, Operational Risk Management
3 weeks ago
ICD - Islamic Corporation for Development
Division: Financial & Operational Risk Management (ICD)
Job Grade: E4
Closing Date: 18-Apr-2024
Role PurposeAssist in the implementation of the ORM framework including preparing related policies and procedures, engaging business units in identification and assessment of risks in the business processes, assessment of controls instituted to mitigate those risks, working with business units to strengthen controls, monitoring operational risks, analyzing incidents, and identifying Key Risk Indicators (KRIs) for inclusion in the risk dashboard.
Assist in the implementation of the COSO Integrated Internal Control framework by mapping out financial statement processes, identifying inherent risks, and ensuring that adequate controls are put in place to mitigate those risks, and that controls are tested periodically to ensure that they are operating effectively.
Key Functional Accountabilities and Activities- Assist in planning, managing, and providing ongoing support for the implementation of the Bank's operational risk management framework.
- Provide guidance and support to business and support units to ensure the successful management, identification, measurement, and monitoring of the bank's operational risk.
- Facilitate Risk and Control Self-Assessment (RCSAs) workshops for business units within the Bank, working with them to identify and monitor relevant Key Risk Indicators.
- Assist business units in developing Key Risk Indicators (KRI) for all key risks in the business and creation and reporting of KRI including thresholds in the risk dashboard.
- Follow up with business units to design and implement controls and action plans that mitigate operational risks.
- Analyze operational risk incidents.
- Prepare operational risk reports to management.
- Assist in designing and preparing the Bank's annual internal control work program using the COSO internal control framework and the Control Self-Assessment (CSA) process.
- Assist in periodic risk assessment exercises which identify key financial statement processes, key risks embedded in those processes, and key controls mitigating those risks.
- Champion the update of internal control documentation, perform walkthroughs of controls, and test key controls as part of the annual internal control attestation process.
- Design risk and control matrix for key business processes.
- Use designed test scripts to test key controls identified during the risk assessment exercise and compile results of periodic tests of controls.
- Report on the periodic review of control effectiveness by business units throughout the Bank.
- Liaise with external auditors in certifying the effectiveness of the Bank's internal controls over financial reporting as part of the annual audit of the Bank's financial statements.
At least 8 years of hands-on experience in operational risk management functions in banking environment / financial institutions/multilateral development banks.
Bachelor's degree in Business Administration, Finance, Mathematics / Statistics, Accounting, Physics, Computer Science, or any related field is a must.
Master's degree in Business Administration, Finance, Accounting or any other relevant discipline or a relevant Professional Certification such as membership of an internationally recognized professional accounting body e.g. CA, CPA, ACCA, CIA, CISA.
Professional risk management certifications or any relevant professional certification would be considered an additional qualification in addition to practical experience.
Strong demonstrated experience in handling operational risk management as well as technical accounting and financial reporting issues.
Ability to work with little or no supervision in a multi-cultural environment and build effective working relations with clients and colleagues.
Core Behavioral Skills- Innovation and Initiatives
- Change Management
- Developing People Capability
- Partnership Management
- Strategic Thinking
- Quantitative Analysis
- IT and Data Management
- Incident Investigation & Root Cause Analysis
- Regulatory Knowledge
Capable of communicating in any of the working languages (Arabic, English, and French) of which English is a must, whereas Arabic and/or French is a plus.
About Application ProcessIf you meet the criteria and you are enthusiastic about the role, we would welcome your application. To complete the application, you would need the following document(s):
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