Senior Manager Operational Risk

About This Role

Senior Manager Operational Risk will be responsible to develop, implement and manage the overarching Operational Risk Management function and the Operational Resilience Framework. The job requires extensive operational risk and operational resilience experience. The incumbent must possess prior extensive operational risk management experience in banks, ideally in digitalized platforms and in line with UAECB requirements.

Key responsibilities

• Develop and update the Operational Risk Framework in line with regulatory requirements on Operational Risk and Operational Resilience for an Islamic digital bank which encompasses all digital processes.
• Ensure risks and controls on operational risks are commensurate and aligned with the risk appetite of the bank.
• Ensure policy, framework, and risk appetite reviews and updates are conducted on a periodic basis to comply with current UAECB and applicable regulations.
• Manage the product development risk assessment process and ensure accurate calibration of risk controls, probability, severity, and impact thresholds.
• Coordinate and conduct risk assessments (RCSA) in collaboration with business and oversight stakeholders under any new initiative, product, or service.
• Conduct annual risk control self-assessments (RCSA) with all departments and perform control testing.
• Establish Key Risk Indicators (KRIs) with departments and ensure they are monitored and reported on a regular basis, including across digitalized platforms.
• Review processes, controls, and risks; identify risks; and recommend and implement appropriate measures and controls.
• Ensure all processes fulfill Shariah and Islamic banking requirements from an Operational Risk standpoint.
• Ensure policy and framework updates and the monitoring of third-party risk management are conducted as per CBUAE regulations.
• Ensure third-party risk assessments are completed in light of new initiatives and are monitored effectively in line with the bank’s and regulatory requirements.
• Assist business units in conducting screening, risk assessments, and materiality assessments for outsourcing of banking activities or partnerships such as Banking-as-a-Service (BaaS) and other third-party relationships.
• Conduct periodic reviews of third-party relationships and update senior management on risks and controls, ensuring accurate updates in third-party registers.
• Manage the incident reporting function and ensure bank staff are appraised on reporting requirements.
• Ensure the bank has data protection and compliance covered through the respective domain owners.
• Ensure accurate and timely updates on operational risk incidents are reflected in incident and risk registers.
• Ensure adequate Operational Risk, Business Continuity Planning (BCP), and Fraud Risk trainings are conducted, promoting awareness across all departments and channels.
• Ensure the bank has prepared and tested BCP and Operational Resilience plans.
• Conduct Business Impact Analysis (BIA) across departments, identify vulnerabilities, assist business units in identifying risks, and develop robust response plans to mitigate potential impacts from various disruptive events.
• Ensure the bank complies with regulations related to Operational Risk and other non-financial risk domains.
• Conduct trainings and awareness sessions covering Operational Risk, Operational Resilience, Fraud Risk governance, and BCP, and ensure the bank has completed adequate trainings as per the annual training schedule.
• Submit periodic progress updates on the implementation of Operational Risk and BCP to senior management.
• Ensure the bank has implemented sufficient preventive, detective, and corrective controls to mitigate fraud risks.
• Ensure accurate and timely updates on fraud risks across the bank are provided to senior management.
• Provide accurate and timely regulatory and board updates on Operational Risk and Operational Resilience, ensuring escalations are aligned with defined risk escalation thresholds.
• Support the overarching Climate Risk Management Framework and ensure all risk assessments incorporate climate risk as part of Operational Risk assessments.

Job Requirements

• A strong communicator with the ability to work under pressure
• Present to the senior management representing Operational Risk and Operational Resilience
• Be a strong team player with the ability to deal with all departments across the bank
• Attend and respond to both internal and external audits
• Proficiency in English (Arabic is preferred)
• Background to Digital banking, fintech’s and Islamic banking a definite advantage
• Assisting Head of Risk in consolidating reports by submitting details on Operational Risk, Operational Resilience and BCP
• 8-10 years’ experience in the UAE
• Adept in concepts of digitalization and novel financial transactions
• Operational Risk or related Internal Control, Fraud Risk certifications