Support in the definition and scoping of the Traded Credit Risk Assurance function, promoting and implementing synergies and efficiencies while securing an optimal and best in class control environment.
Challenge the first line control and risk owners to ensure that risk management activities are working effectively. This includes the following activities for Traded Credit Risk
Provide subject matter expertise, advice, guidance, and effective challenge to the Risk and Control Owners;
Monitor compliance of the minimum requirements applicable to the management of Traded Credit Risk, as set out in relevant policies.
Report on the risk and control profile, including impacts of external environment changes, emerging risks and changes to the business strategy;
Work with the business to understand the impact of emerging risks that require changes to controls, resources and business operations to ensure they remain within appetite;
Support definition of the Risk and Control Library, including minimum control standards, with input from Risk Owners, and Control Owners, specifying key risks and key controls and providing guidance on continuous monitoring expectations.
Recommend Risk and Control Assessment (“RCA”) scoping, and challenge where this is not appropriately applied in the RCA; and challenge Risk and Control Owners on risk and control management, including inherent risk, residual risk, control effectiveness ratings, issues, actions and events.
Work closely with Internal Audit (INA) to understand the outcomes of their reviews and how this affects the control environment.
