Head of Risk Management - Marks Sattin FS

Principal Purpose of the Job: Responsible for developing and enhancing the operational risk management framework, ensuring the Bank effectively identifies, assesses and mitigates operational risks.

Responsibilities & Accountabilities:

• Designing, enhancing and embedding comprehensive operational risk management frameworks, policies, and procedures across the Bank, and continuously assisting in process improvements and enhancements.
• Lead the Operational Risk Team ensuring that the Bank effectively identifies, assesses, monitors, mitigates and reports operational risks across the bank.
• This role requires a proactive, hands-on approach to embed operational risk management into daily business activities, maintain robust internal controls, and foster a strong risk culture in alignment with the Bank's Enterprise Risk Management (ERM) framework, risk appetite, and the regulatory requirements of the PRA, FCA and Head Office.
• Facilitating timely reporting to executive management and Risk and Compliance Committee/Risk Committee (RCC/RC).

Risk Identification and Assessment:

• Actively engage in the identification and assessment of operational risks across all business lines, integrating risk considerations into daily BAU activities.
• Conduct regular walkthroughs of processes, reviewing transaction flows, and collaborating with all departments to identify potential operational risk exposures.
• Lead and facilitate Risk and Control Self-Assessments (RCSAs) by working closely with process owners to evaluate existing controls, identify control gaps, and develop action plans to address identified weaknesses.
• Ensure that RCSAs are updated periodically and reflect current operational realities.
• Conduct scenario analyses and stress testing exercises to evaluate the potential impact of severe operational risk events, such as system failures, fraud incidents etc.
• Utilise these analyses to inform the development of mitigation strategies and contingency plans.
• Maintain and update the Bank's risk register and loss event database, ensuring that material operational risk events are accurately recorded, categorised, and analysed.
• Provide regular reports and insights to the Head of Risk Department, highlighting trends, emerging risks, and areas requiring management attention.
• Collaborate with each business line across the Bank and provide independent review to ensure timely reporting and escalation of operational risk incidents to Operational risk team, senior management, Exco, RC/RCC, and Head Office.
• Facilitate root cause analysis and the implementation of corrective actions to prevent recurrence.
• Develop and monitor Key Risk Indicators (KRIs) relevant to operational risk, establishing thresholds and triggers that prompt management action when exceeded.
• Use KRIs to proactively identify areas of increasing risk and to support decision-making processes.
• Ensure that operational risk identification and assessment processes are embedded within the Bank's governance framework, aligning with regulatory requirements and industry best practices to promote a robust risk culture.

Third-Party and Outsourcing Risk Management:

• Manage risks associated with third-party relationships and outsourcing arrangements, ensuring compliance with PRA SS2/21 and other relevant regulations.
• Develop and maintain a comprehensive third-party risk management framework, including risk assessments, due diligence, and ongoing monitoring.
• Lead initiatives to identify key risk indicators (KRIs) and develop risk heat maps for outsourced activities.

Internal Control Enhancement:

• Evaluate and enhance internal control systems to mitigate identified operational risks.
• Collaborate with business units to develop and implement effective control measures and action plans.
• Monitor the effectiveness of controls and recommend improvements as necessary.

Regulatory Compliance and Reporting:

• Ensure compliance with applicable regulatory requirements, including those set by the PRA, FCA, and Head Office.
• Prepare and present regular reports on operational risk metrics, issues, and trends to senior management, Risk and Compliance Committee and Head Office.
• Coordinate the preparation of the annual Operational Resilience Self-assessment report and present it to senior management, Risk and Compliance Committee and Head Office.
• Act as the primary point of contact for operational risk matters with senior management, regulators, Head Office and external stakeholders.

Skills Required:

• Proven experience (10+ years) in operational risk management within the banking sector, preferably in a UK wholesale banking environment.
• Strong knowledge of PRA and FCA regulations around operational risk management, operational resilience, outsourcing and third party risk management.
• Excellent report writing, problem-solving, communication and decision-making skills.
• Strong leadership, collaborative and interpersonal skills, with the ability to influence stakeholders at all levels.