Group Risk Officer Enterprise Risk
2 weeks ago
Empowering Africa’s tomorrow, together one story at a time.
- With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.Job Summary
The Group Risk Officer Enterprise Risk reports directly to the Absa Group CRO. This role purpose is to guide the group on strategic and emerging risks including overseeing risk appetite and stress testing. In addition, the role will cover model development and management of the infrastructure and frameworks for economic capital and earnings at risk. In addition, the role will cover second line oversight over capital, liquidity, insurance risks and any other risks not specifically covered by any of the other Group Risk Officers as they are formative in nature.
The Enterprise Risk function is responsible for horizon scanning and identification of emerging risks, assessing impact from these emerging risks and guiding business towards pro-active actions to deal with these risks. It is also responsible for aggregating risks across risk types and assessing the interplay between risk types, including reporting of these risks to the relevant executive and board sub-committees.
Coverage of the role includes: Strategic Risk, Top Risk, Recovery Planning, Enterprise Risk, Enterprise Risk Reporting, Enterprise Risk Management Framework, Enterprise wide stress testing, Group Risk appetite, Capital Risk, Liquidity Risk, Insurance Risk and Model Risk for Enterprise models.
**Job Description**:
Accountability: Enterprise Risk
The Group Risk Officer Enterprise Risk is accountable for the following activities:
- Influences and provides risk advice to the Strategy Office in developing and monitoring strategic risk.
- Provides end to end oversight of enterprise risk management including related infrastructure, frameworks and policies, etc.
Accountability: Group-wide Stress Testing
- Develops risk profile stress testing requirements, standard and methodologies based on management’s internal risk management requirements and regulatory requirements.
- Defines roles, responsibilities and process for performing stress tests.
- Leads group - wide stress testing exercises.
- Execution of summary group level stress tests.
- Aggregation of bottom-up country, line of business and risk type stress tests.
- Ensures alignment between stress testing and financial forecasting.
- Coordinating key actions emanating from stress testing
- Leads the risk functions medium term planning process.
Accountability: Group Risk oversight
- Second line oversight over the following Risk Types:
- Liquidity Risk - The risk that the firm is unable to meet its contractual or contingent obligations or that it does not have the appropriate amount, tenor and composition of funding and liquidity to support its assets.
- Capital Risk - Risk that the Group has inadequate capital to meet demand, regulatory obligations, risk and therefore becomes insolvent or requires resolution.
- Insurance Risk - The risk of underwriting to the firms PnL due to claims that are insufficiently capitalized.
- Pension Risk - The risk of capital or income volatility because the Group’s defined benefit obligations (DBO’s) increasing or the value of the assets backing these DB obligations decreasing due to changes in both the level and the volatility of prices.
- Any other risks that are formative in nature that does not have coverage in any other Group Risk areas. E.g. Credit Risk/Sovereign Risk in the Treasury Portfolio - the risk of suffering financial loss due to a borrower, counterparty to a derivative transaction, or an issuer of debt securities defaulting on its contractual obligations; upcoming regulatory changes and impact on business.
Accountability: Internal Control
- Designs and implements effective internal control systems including a clear organization structure, formal system of delegations of authority and accountability and a framework of supervision:
- All Key Risk as defined in the Enterprise Risk Management Framework are proactively identified, assessed, controlled, reported managed and challenged on a normal and stressed scenario basis and contingency plans are developed as appropriate.
- Absa Group policies are implemented and consistently applied across the portfolio with appropriate inclusion of local laws and regulations.
- Enterprise Risk Function’s processes and controls are designed to comply with Absa Group policies with appropriate inclusion of local laws and regulations. The design or operation of these processes and control can be performed by or in conjunction with Business Units and or other function, however the Group Risk Officer remains accountable for the effectiveness oversight and outcomes with the Business/ Functional Head being responsible for the supervision, design and day to day
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