Job title: Operational Risk Analyst
Location: London, Milton Keynes or Wilmslow
Closing date:
The Operational Risk Analyst will effectively manage the Bank’s approach to Operational Risk by supporting the enhancement of the Bank’s control framework by carrying out assurance of control testing across all functions. They will test adherence to policies and risk appetite including escalation via appropriate channels and will assess the risks associated with first line of defence (1LOD) business line activities, assisting in compiling, and maintaining a complete control framework for risk management activities. Support the business lines and functions to identify risks from the First Line.
- Undertake quality reviews, taking a risk-based approach. This could include thematic reviews, regular testing of key controls, independent validation of Quality Controls and Assurance activities performed by the businesses or other methodologies as needs dictate.
- Monitor output from all 1LOD areas to identify potential operational risks and, where possible, ensure appropriate mitigating actions are in place, including recommendations for remediation, improvement of controls, staff training or coaching. Proactively identify process improvement/best practice and share as appropriate.
- Provide support with remediation of control failures and compliance breaches.
- Support the Operational Risk Manager to develop Key Risk Indicators (KRIs) and risk appetite metrics with divisions in accordance with the Bank’s Risk Appetite.
- Support business areas with Risk & Control Self Assessments to ensure all processes are captured and create Standard Operating Procedures (SOP) to support the RCSA output.
- Be responsible for building, developing, and maintaining effective relationships with stakeholders in the businesses and counterparts in other functions.
- Assist with production of high-quality reports/presentation packs for sharing with key stakeholders; Maintain a full audit trail with clear records to support review conclusions, stored in accordance with the bank’s records management conventions.
- Ensure all Risk Incidents are documented, and root cause is established. Oversight of remedial actions to ensure risks are mitigated. Full audit trail is established, and trend analysis is undertaken.
- Any other duties commensurate with the grade and level of responsibility of this role, for which the role holder has the necessary experience and/or training.