VP- Operational Risk – Digital Risk Management

FAB, the UAE's largest bank and one of the world's most secure financial institutions, is dedicated to creating value for its employees, customers, shareholders, and communities. Through innovation, agility, and differentiation, FAB is committed to fostering growth. We are looking for top talent and your success is our success. Accelerate your growth as you help us reach our goals and advance your career. Be ready to make your mark a top company, in an exciting and dynamic industry

JOB PURPOSE:

• The purpose of the role is to exercise oversight of identification, assessment, mitigation and monitoring of operational risks associated with the bank’s digital transformation initiatives and operations. The role spans across FAB Group HO entities & Subsidiaries in UAE.
• To individually & in partnership with the relevant portfolios, manage the operational risk of the digital transformation initiatives.
• To maintain independence of Risk Function in challenging the business on matters of divergent views.

Key Roles & Responsibilities

• Lead the development / implementation of the framework tailored to manage the operational risk of digital transformation initiatives and operations
• Identify and prioritise the key digital risks from operational risk standpoint
• Develop and implement risk assessment methodology for evaluating new digital products and processes
• Participate in the identification, assessment and prioritisation of operational risks across the assigned portfolio for digital initiatives
• Develop and implement operational risk mitigation solutions to reduce the likelihood and impact of operational losses associated with digital initiatives
• Partner with business unit leaders and technology teams to promote a strong risk management culture within the digital domain and ensure operational risk management practices are integrated into the digital development life cycle
• Conduct operational risk assessments for the new/amended products, processes, system flows and projects involving digital initiatives/ journeys.
• Carry out periodic operational risk reviews to ascertain & strengthen the digital risk profiles of the business portfolio
• Participate in design effectiveness review in digital journeys and emerging risk functions. Enhance coverage & quality of risk & controls library across units  
• Ensure prompt completion of the RCSA through active review, challenge and validation of control testing of the digital initiatives in the business group
• Enrich relevant KRI quality, threshold levels, reporting and validations and review breaches to fix the rootcause
• Articulate the residual risks vis-à-vis the overall risk appetite & risk mitigation strategy of the group and offer risk advisory to the front-end business units, for their digital offering
• Provide risk advisory on operational risk initiatives and other relevant projects, to business stakeholders
• Review and analyze the root cause of reported incidents (related to digital activities) in the ORM system & escalate to business heads as necessary
• Review and monitor action plans agreed within the business group for operational risk initiatives
• Review loss data trend analysis and monitor loss approvals as per DOA within the business group
• Prepare & assist in periodic dashboards & other relevant reports as necessary & mandated
• Conduct monthly portfolio reviews with business groups and highlight operational risk issues for timely actions
• Partner with business teams to raise awareness of operational risks in the digital initiatives. Train / coach as necessary.
• Assist business functions in day-to-day activities related to Operational Risk management
• Collaborate with the GORM Portfolio Risk teams, to carry out the GORM activities harmoniously
• Work with other 2LOD Risk functions like GSO, Technology Risk to ensure a holistic approach to digital risk mitigation
• Contribute to develop, maintain and implement the operational risk policies, procedures and framework
• Maintain a deep understanding of evolving UAE & international regulations on digital offerings impacting the business function and their operational risk implications. Stay abreast of evolving digital technologies, emerging cyber threats, regulatory requirements and industry best practices for operational risk management.
• Ensure all queries from audit are satsifactorily responded and recommendations from regulator / internal audit are promptly implemented
• Maintain a collaborative and engaging work environment and enrich the skillsets of the team members through coaching / training programs
• Undertake & engage in adhoc assignments from the Management

#LI-SD1

• Graduate / Post-graduate / Management diploma in Business management
• Minimum 12 years of hands-on banking experience in Risk management with strong understanding of how technology impacts risk profiles and risk management practices.
• Solid understanding of cybersecurity threats, data privacy regulations, emerging digital risk trends
• Proven track record in monitoring & mitigating operational risk elements of digital initiatives: eg.,technology disruptions, third party vendor failures, process design breaks in digital offering , emerging risk areas etc.
• Strong experience in project handling and management with impeccable track record
• Deep understanding of banking products and risks involved
• Experience in developing and implementing Operational Risk Management framework and Internal Controls
• Relevant industry body certifications in Operational Risk, Anti-Fraud, InfoSec or BCM preferred
• Sound relationship management and influencing skills
• Proficient in data analysis tools and familiarity with digital risk management software
• Strong analytical capabilities, problem solving  and communication skills
• Ability to build strong relationships with business unit leaders and to interact with senior management
• Proactive self starter &  pragmatic solution driven expertise

Team player & attention to detail /accuracy