VP- Operational Risk – High Risk Functions Monitoring

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 high risk functions. 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 high risk functions
• To maintain independence of Risk Function in challenging the business on matters of divergent views.

Key Roles & Responsibilties

• Lead the development / implementation of the framework tailored to manage the operational risk of high risk functions
• Identify and prioritise the bank’s high risk functions based on historical data, industry trends, regulatory guidance and other relevant factors
• Monitor and oversee the implementation of operational risk initiatives within the relevant functions
• Participate in the identification, assessment and prioritisation of operational risks across the assigned portfolio
• Develop and implement operational risk mitigation solutions to reduce the likelihood and impact of operational losses
• Conduct operational risk assessments for the new/amended products, processes, system flows and projects
• Carry out periodic operational risk reviews to ascertain & strengthen the risk profiles of the business portfolio
• Identify functions / activities of High Risk, enhance their monitoring and report appropriate actions taken to implement controls & to avert potential flare up of risk events
• Enhance coverage & quality of risk & controls library across units within the portfolio
• Ensure prompt completion of the RCSA through active review, challenge and validation of control testing of the functions in the business group
• Enrich 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
• Provide risk advisory on operational risk initiatives and other relevant projects, to business stakeholders
• Review and analyze the root cause of reported incidents 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 and ensure risk management practices are integrated into daily operations. Train / coach as necessary.
• Assist business functions in day-to-day activities related to Operational Risk management
• Collaborate with the Portfolio 2LOD Risk teams, to carry out the GORM activities harmoniously
• Contribute to develop, maintain and implement the operational risk policies, procedures and framework
• Maintain a deep understanding of evolving UAE regulations impacting the business function and their operational risk implications. Stay abreast of 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 proven record in monitoring & mitigating risks in high risk functions like trading, investment banking, wealth management, core banking application, emerging risk areas etc.
• Proven 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
• 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