Risk & Control Assurance Specialist

3 weeks ago

Cape Town, South Africa Metropolitan Life Full time

**Introduction**

Metropolitan is one of the oldest financial services brands in South Africa. With a 125-year legacy of serving the communities in which it operates, Metropolitan represents true empowerment in serving Africa's people through affordable financial solutions that create financial growth and security.

Metropolitan operates in South Africa, but the brand is also present in 12 African countries including, Namibia, Botswana, Kenya, Ghana, Nigeria, Lesotho, and Swaziland. Metropolitan provides financial wellness solutions that meet the needs of low income clients, including funeral insurance, health, savings, hospital cash-back cover, retirement solutions and life insurance.

**Role Purpose**

Provide a comprehensive integrated view of operational risk exposure across Metropolitan life through identifying and monitoring controls weakness. Recommend appropriate mitigation plans to the business, track implementation of management action in order to prevent or limit financial exposure and operational risks.

**Requirements**:

- BCom Risk Management / Accounting / Auditing or related degree
- Certification in Risk Management Assurance (CRMA)
- Knowledge of applicable legislation landscape
- Monitoring methodology or Internal audit methodology
- 5 to 7 years’ experience in risk management or internal audit experience or related
- Banking or insurance environment risk experience (preferred)
- Business acumen
- Stakeholder Management
- Drive for results
- Leads change and innovation
- Critical thinking and inquisitive nature
- Reporting skills
- Problem-solving skills
- Methodical and systematic approach
- Planning skills
- Analytical thinking
- Attention to detail

**Duties & Responsibilities**

The Risk & Control Assurance Specialist is a senior member of the risk management team and is accountable for the following:

- To develop the Risk Monitoring Methodology and the Control Library. Formulate and execute Annual Risk Based Monitoring Plan in line with the risk strategy.
- Develop scope and objectives of the monitoring reviews to ensure the key processes are covered as part of the reviews.
- Conduct walkthroughs to gain a background understanding of the business functions, identify gaps and key controls.
- Develop test procedure and conduct monitoring reviews to confirm adequacy and effectiveness of controls.
- Identify controls that can be tested through data and collaborate with data scientist to conduct monitoring.
- Perform root cause analysis on the issues identified in order to determine underlying causes.
- Recommend risk mitigation solutions to enhance efficiencies in the business.
- Draft and issue concise risk monitoring reports within agreed timelines.
- Track monitoring findings and follow up to ensure management actions are implemented within agreed timelines.
- Prepare risk monitoring report to be submitted to relevant committees or forums.
- Work closely with regulatory monitoring team to avoid duplication of efforts.
- Collaborate with other combined assurance providers e.g. internal audit, group forensic services, legal and compliance.
- Perform Internal Financial Controls assessments, Risk Maturing Self-Assessment & Surveys, Counterparty risk assessment / Critical Third Party Risk Asessesments, reliance testing and adhoc monitoring.
- Provide support to internal audit and external auditors.

**INTERNAL PROCESSES**
- Develop and implement risk monitoring system and reporting tools
- Implement relevant operational risk policies and procedures
- Perform ongoing risk monitoring reviews on key processes and systems
- In case of suspected operational incident perform and prepare a detailed incident review
- Track and report on risk mitigation plan development and implementation
- Challenge and test existing and new proposed processes for operational risk exposure

**CLIENT**
- Engage with business and process owners on an ongoing basis
- Advise management on emerging trends and potential operational risk threats to the business
- Review these processes and recommend mitigating controls, process improvements and management plans to mitigate deemed weaknesses
- Feedback to business the outcomes of operational risk assessments, risk monitoring reviews and agree appropriate management actions
- Communicate and share best practices or interdependencies with the relevant stakeholders to increase awareness and mitigate the risks

**PEOPLE**
- Develop and maintain a productive and collaborative working relationship with peers and stakeholders
- Manage own productivity, balancing limited resources relative to significant volumes of operational processes and potential exposures
- Continuously develop business and emerging operational risk skills and knowledge of own
- Contribute to continuous innovation and enhancement of operational risk process, tools and system
- Engage with and participate in industry bodies and regulators

**FINANCE**
- Identify and mitigate risk trends to ultimately limit

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