Vice President - Operational Risk, BCM & Fraud Prevention

Job Purpose:

The position of Vice President, Operational Risk, BCM and Fraud Prevention is responsible for ensuring the Bank maintains adequate controls for operational risk and BCM, thus ensuring the Bank is in full compliance with all relevant banking laws, regulations, and internal policies and procedures. Job holder shall manage implementation of Basel accords related to Operational Risk as required and ensure Business Continuity Management across the Bank.

Duties and Responsibilities:

1. Identify and assess risks, controls, risk mitigation and exposures to existing and new processes, products / services.
2. Strong control mindset with an aptitude to identify & assess operational risk issues.
3. Advise and consult with businesses heads on all product and service offerings.
4. Recommend and deploy sound risk management practices; keep abreast of the industry risk control models.
5. Ability to publish annual RCSA plans for all LOBs and Support Units.
6. Review, assess and approve RCSAs.
7. Review, assess and monitor Control testing results.
8. Provide risk summary reports to CRO, Board Risk Committee, Executive Management and the Board indicating status of Operational Risk Management in the Bank, critical risk gaps & operational risk losses.
9. Maintain active KRI list with both leading and lagging Indicators.
10. Work to improve control environment.
11. Review of Product and Process notes from identification of Operational risks.
12. Track Open Issues from operational risk registers, audit reports/ regulatory reviews, internal control testing reports for closure and validation.
13. Capture & Analyze Operational losses/ Error data to bring improvement to processes.
14. Conduct Compliance reviews, raise early warnings to the management.
15. Continually assess and update the Bank’s Basel III Operational Risk framework, contribute to the assessment & implementation of Credit, Market & Pillar II Risk assessment Models.
16. Manage operational risk role in ICAAP and Prudential reporting to CBUAE.
17. Review and independently challenge Operational risk assessments submissions by Business/Operations/Support functions.
18. Monitor, interpret and implement latest developments in Risk Regulations & practices from Basel Committee and CBUAE.
19. Responsible for managing and maintaining the Op Risk governance for the bank.
20. Develop operational risk policies and standards for the Bank.
21. Contribute to the strategic direction of the Bank through the development and implementation of Risk Management strategies, policies and procedures in support of the Bank’s business goals while complying with national and international laws, regulations and accreditation standards related to safety and risk management.
22. Assist Operational Risk Analysts in development of key risk indicators (KRIs).
23. Coordinate with senior management in performing operational risk reviews.
24. Track and monitor operating risk issues for business units.
25. Assist in identifying and evaluating risk areas across the operational activities.
26. Investigate and perform root cause analysis of operational risks and provide support to mitigate risk.
27. Design the Quality Assurance Review Program after collecting feedback on key risks to business objectives from Segment Heads and finalized themes for Quality Assurance reviews. Lead key reviews end to end including checklist preparation, sampling, action plan documentation and tracking, thus drawing maximum value for the business segments.
28. Implement and monitor Operational Risk framework across the bank (including Branches) covering Incident Management, Business Continuity Management, Risk and Control Self-Assessment, Key Risk Indicators etc.
29. Develop strong relationship with key stakeholders and business partners by addressing issues/concerns in timely manner.
30. Maintain documentation for risk management and risk policies and procedures.
31. Keep abreast of latest operational risk management techniques and industry best practices.
32. Be able to Challenge the KRIs and RSCAs reported by FLOD.
33. Set objectives for measuring, monitoring, evaluating and optimizing the risk exposure of the bank and ensure that they are reported in a timely manner to regulatory entities and the management of the Bank.
34. Deploy a robust internal Control framework for compliance with sound and prudent practices; clearly defined accountabilities; structured processes with detailed manuals; streamlined documentation, SLA’s and enhanced MIS.
35. Provide a framework for mitigating operational risk within the organization that enables future activity to take place in a consistent and controlled manner in compliance with internal policies, regulatory and legal guidelines.
36. Establish comprehensive processes to cover all accounting, compliance, operational, custodial and control activities including Risk Assessment and Risk Scoring matrices, Departmental Control Checklists, Departmental Policies etc.
37. Quantify Operational Risk/s, Residual Risks and calculate / administer required capital charge as mandated by CB UAE.
38. Participate in assessing the methodology implemented in any new, contemplated system for any kind of business.
39. Member of the Risk Management Group, Operational Risk and Business Continuity steering committee.

Independence of Operation:

Exercises substantial discretion in performing duties. Carries out work in accordance with general directives, Bank policies and procedures, local and applicable international laws. Work accomplishments are subject to general review by the Chief Risk Officer basis pre-agreed KPIs.

Accountability / Decision Making:

The incumbent's advice or recommendations can impact decisions made by the Senior Management and reflect on the Bank’s image. Although incumbent actions are subject to general review, in many instances he/she has to take full responsibility for handling unforeseen situations effectively in the best interest of CBI and has to use his/her extensive experience and talent to achieve this end. During discussions and negotiations, the incumbent may have to make quick, independent decisions.