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Operational Risk Management Lead
2 months ago
The Islamic Development Bank is seeking a highly skilled Operational Risk Management Lead to join its team. As a key member of the bank's risk management function, you will play a critical role in identifying, assessing, and mitigating operational risks that could impact the bank's operations and reputation.
Key Responsibilities:- Assist in the implementation of the bank's operational risk management framework, including preparing policies and procedures, engaging business units in risk identification and assessment, and monitoring operational risks.
- Assist in the implementation of the COSO Integrated Internal Control framework, including mapping out financial statement processes, identifying inherent risks, and ensuring that adequate controls are in place to mitigate those risks.
- Facilitate Risk and Control Self-Assessment (RCSA) workshops for business units, 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 in the risk dashboard.
- Follow up with business units to design and implement controls and action plans that mitigate operational risks, ensuring the effective running of the bank's business.
- Analyze operational risk incidents and 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, identifying 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 matrices for key business processes, conduct risk assessments, and identify key controls to be periodically tested.
- Use designed test scripts to test key controls identified during the risk assessment exercise and compile results of periodic tests of controls, working with business units to remediate ineffective controls.
- Report on the periodic review of control effectiveness by business units throughout the bank and monitor the completion of internal control enhancement plans by organizational 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.
To be successful in this role, you will need:
- At least 8 years of hands-on experience in operational risk management functions in a banking environment or financial institution.
- Bachelor's degree in Business Administration, Finance, Mathematics/Statistics, Accounting, Physics, Computer Science, or any related field.
- 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.
- 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.
- Teamwork and interpersonal relations, responsiveness and timeliness, communication, client orientation, and problem-solving.
- Ability to work with little or no supervision in a multi-cultural environment and build effective working relations with clients and colleagues.
- Ability to operate effectively in a demanding environment with tight deadlines, both with clients as with team members, requiring significant influence skills.
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.
Core Behavioral Competencies:Innovation and Initiatives, Change Management, Developing People Capability, Partnership Management, Strategic Thinking, Quantitative Analysis, IT and Data Management, Incident Investigation & Root Cause Analysis, and Regulatory Knowledge.
Working Languages:Arabic, English, and French.
Job Type:Full-time.
Salary:Competitive salary and benefits package.
Location:Jeddah, Saudi Arabia.
Job Category:Operational Risk Management.
Job Reference:#J-18808-Ljbffr.
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