Operational Risk Specialist

2 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**

Identification, assessment and evaluation of operational risks in the business. Provide appropriate mitigation plans to the business and support the business with the implementation of such plans in order to prevent or limit financial exposure and operational risks.

**Requirements**:

- BCom Risk Management / Accounting / Financial Management or related degree
- Knowledge of applicable legislation landscape
- 5+ years’ experience in risk management or related
- Business acumen
- Stakeholder commitment
- 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 Operational Risk Specialist is a senior member of the risk management team and is accountable to drive the management of the risk program, implement the risk strategy and execute the risk management plan within the business and enable the business by providing overall risk guidance and insights to ensure that risks and opportunities are identified, measured and managed within acceptable tolerance levels or leveraged for optimal results.
- The Operational Risk Specialist is responsible for performing on-going monitoring and assessments of risks captured in the risk register to enable the identification of top risks, potential new risks or emerging risks.
- Supports the business in development and implementation of appropriate risk controls to mitigate such risks and associated incidents.
- Collaborates with internal partners to ensure adequate and effective key controls are designed and are operating effectively to mitigate identified risks in the risk register.
- Performs root cause analysis and identify risk exposures.
- Contributes to the development of and deliver risk training and awareness initiatives on behalf of the Risk team.
- Embedding an appropriate risk culture.

**INTERNAL PROCESSES**:

- Develop and implement operational risk system including monitoring and reporting tools
- Implement relevant operational risk policies and procedures
- Perform regular operational risk evaluation of key processes and systems
- In case of a suspected operational incident perform and prepare a detailed incident review
- Guide / coordinate mitigation plan development and implementation
- Challenge and test existing and new proposed processes for operational risk exposure
- Drive development of remedial plans with risk owners to manage risks to desired levels on an ongoing basis, ensure ongoing monitoring of remedial plans

**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 where necessary develop mitigating controls, process improvements and management plans to mitigate deemed weaknesses
- Feedback to business the outcomes of operational risk assessments and agree appropriate management actions
- Consult on setting risk appetite and thresholds
- Facilitate scenario analysis

**PEOPLE**:

- Develop and maintain a productive and collaborative working relationship with peers and stakeholders
- Manage the productivity of the supporting teams, 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 and team
- Contribute to continuous innovation and enhancement of operational risk process, tools and system
- Engage and participate in industry bodies and with regulators

**FINANCE**:

- Identify and mitigate fraud trends to ultimately limit the total exposure due to operational losses
- Manage financial and other company resources under your control with due respect

**Competencies**
- Examining Information
- Meeting Timescales
- Producing Output
- Interpreting Data
- Checking Things
- Taking Action
- Providing Insights
- Upholding Standards

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