Operational risk explores operational risk and how it is effectively managed and measured in financial institutions. Operational risk explores operational risk and how it is effectively managed and measured in financial institutions. Measurement of capital for operational risk requires a blend of qualitative and quantitative skills and tools, and these will be explored in some depth. Operational risk requires a blend of qualitative and quantitative skills and tools, and these will be explored in some depth. Operational risk management (orm) is a continual cyclic process which includes risk assessment, risk decision making, and implementation of risk controls, which results in acceptance, mitigation, or avoidance of risk. Orm is the oversight of operational risk, including the risk of loss resulting from inadequate or failed internal processes and systems; human factors; or external events.
• Updating operational risk policy to ensure that the policy reflect best practice.
• Aggregating and analyzing risk events reported by the business units into the basel 2 categories.
• Performing a monthly reconciliation between the risk events reported to risk management, finance and forensic departments.
• Performing root cause analyses on identified risk events to recommend improvements to prevent these risk events from re-occurring in future.
• Assisting the principal risk owners and principal risk coordinators with the identification of key risk indicators in their business units.
• Monitoring the implementation of action plans to address medium and red key risk indicators reported monthly to risk management.
• Analyzing identified trends in the key risk indicators reported to risk management.
• Assisting the principal risk owners and principal risk coordinators with the identification of key risks and mitigating controls in their business units, as well as action plans to address any gaps in the mitigating measures identified.
• Monitoring the implementation of action plans to address medium and red key risks on the risk and control self-assessments/risk registers.
• Assisting the manager: operational risk in preparing reports to the operational risk forum, risk committee, executive management team and board audit, risk and compliance, committee.
• Considering and suggesting methods to improve risk analysis and reporting to the
Operational risk forum, risk committee, executive management team and board
Audit, risk and compliance committee
• Utilizing mathematical and statistical knowledge to assist with the building of risk models in support of operational risk management.
Skills required
Planning, designing and implementing an overall risk management process for the organization;
Risk assessment, which involves analyzing risks as well as identifying, describing and estimating the risks affecting the business;
Risk evaluation, which involves comparing estimated risks with criteria established by the organization such as costs, legal requirements and environmental factors, and evaluating the organization’s previous handling of risks;
Establishing and quantifying the organization’s 'risk appetite', i.e. The level of risk they are prepared to accept;
Risk reporting in an appropriate way for different audiences, for example, to the board of directors so they understand the most significant risks, to business heads to ensure they are aware of risks relevant to their parts of the business and to individuals to understand their accountability for individual risks;
Corporate governance involving external risk reporting to stakeholders;
Carrying out processes such as purchasing insurance, implementing health and safety measures and making business continuity plans to limit risks and prepare for if things go wrong;
Conducting audits of policy and compliance to standards, including liaison with internal and external auditors;
Providing support, education and training to staff to build risk awareness within the organization.
EMPLOYMENT OPPORTUNITIES
Risk analyst
Risk manager
Risk management consultant
Risk control supervisor
Director of corporate risk management
Chief risk officer
Earnings
• Range of typical starting salaries: £15,000-£20,000 per annum
• With experience typically earn £25,000-£35,000 per annum
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