Head of Operational Risk Management

2 weeks ago

Sandton, South Africa Discovery Ltd. Full time

**Business Unit**:Discovery Bank**Function**:Risk Management**Date**:6 Feb 2024**About Discovery**

Discovery’s core purpose is to make people healthier and to enhance and protect their lives. We seek out and invest in exceptional individuals who understand and support our core purpose, and whose own values align with those of Discovery. Our fast-paced and dynamic environment enables smart, self-driven people to be their best. As global thought leaders, Discovery is passionate about innovating in order to not only achieve financial success, but to ignite positive and meaningful change within our society.

**About Discovery Bank**

Discovery Bank is a bank like no other - a shared-value bank, designed with our clients in mind. We’re all about sharing the value that clients create when they manage their money well, back with them through exceptional interest rates and rewards. Our Vitality Money programme measures how well clients manage their finances, informs them of what it means to be financially healthy, and empowers them with the knowledge to get enhanced rewards for managing their money well. If you’re adaptable, a problem-solver, always questioning the way things are done, passionate about doing what is right, and obsessed with providing a quality service experience, we have a job for you where you can be your best in an environment that’s safe and nurturing.

**Job Purpose**
- The Head of Operational Risk Management is responsible for identifying, assessing, and managing potential risks that could impact Discovery Bank’s operations, financial stability and reputation. This includes analysing the various types of risks, such as financial, operational, strategic and compliance risks and developing strategies to mitigate or transfer these risks.- **Areas of responsibility may include but are not limited to**
- Develop and implement operational risk management frameworks and policies.
- Conduct risk assessments and identify potential areas of operational risk within the Bank’s processes and systems.
- Implement risk mitigation strategies and controls to minimize the impact of operational risks on the Bank’s operations.
- Provide regular reports to senior management and stakeholders on risk exposure, mitigation measures, and emerging risks. Monitor the effectiveness of risk management strategies and adjusting them as needed.
- Promote a risk-aware culture within the Bank by providing guidance and training to Bank employees on operational risk management best practices.
- Collaborate with internal stakeholders, such as compliance, internal audit and business units, to address operational risk issues.
- Monitor industry trends and regulatory developments to ensure the Bank’s operational risk management practices are in line with industry best practices and regulatory requirements.
- Report on operational risk management activities and issues to senior management and board of directors.
- Facilitate the flow of risk information from business into various governance bodies.
- Monitor and track findings associated with risk and self-control assessment process.
- Prepare and present risk reports to various committees (Operational Risk Committees, Enterprise Risk Committees, Combined Assurance forum etc.)
- Oversee the process of maintaining and updating the risk and control matrix in connection with the risk and control self
- assessment process.

**Personal Attributes and Skills**
- A sound knowledge of the financial / retail banking industry, the mechanics of its operation and its trends. Familiarity with banking specific and other relevant legislation and regulations (e.g. Banks Act, Basel, TCF, POPI, PCI) is useful
- Solid understanding of risk management methodologies
- Identify, analyse and address risks appropriately in order to move the business forward
- Strong communication, presentation and facilitation skills
- Working knowledge of GRC (Governance, Risk and Compliance) systems is an advantage
- Project risk experience is advantageous
- Effective negotiation and influencing skills

**Education and Experience**
- Bachelor degree in Commerce, Finance, Risk, Mathematical Science or Accounting (Essential)
- Post-graduate risk qualification is advantageous
- Minimum 5 years in risk management or internal audit experience
- Experience working with executive management
- Must have a strong knowledge of financial, strategic, market, credit, financial crime, business, liquidity, regulatory and operational risks
- Experience in financial services and banking in particular

**Competencies**
- Manages complexity.
- Action oriented
- Business Insight
- Communicates effectively.
- Global perspective
- Resourcefulness
- EMPLOYMENT EQUITY
The Company’s approved Employment Equity Plan and Targets will be considered as part of the recruitment process. As an Equal Opportunities employer, we actively encourage and welcome people with various disabilities to apply.

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