The primary function of the role is to provide second line of defence oversight to business first line of defence through the effective management of operational risk, Risk Profile, Control Environment, Risk and Control Self-Assessment, Key Indicators, Risk Appetites, Risk Events, Incidents, and Issue Management.

The job holder will participate in AVAF governance forums and business areas key risk management engagements.

Provide independent and objective end-to-end Operational Risk oversight for defined AGL business units / products / functions in line with the Enterprise Risk Management Framework and Operational Risk Framework.

Accountability:  Operational Risk Framework and Policy Oversight

• Providing business with appropriate direction and guidance on the implementation and embedment of the Operational Risk Framework. Ensure that through rigorous and effective facilitation of the Risk and Control Assessment process, that the risk profile and control environment including business inherent and residual risk are effectively managed
• Provide relevant guidance, and training to the businesses on the implementation and maintenance of the Operational Risk framework components (including RCSAs, KRIs, Events, Strategic Risk Assessments, and Key Risk Scenarios etc.) and capital drivers
• Assess the level of compliance of business for the relevant risk frameworks and policies
• Keep up to date and remain relevant with the Operational Risk framework, policies, standards, procedures, and relevant legislation/regulations
• The above will be achieved through:

Planning

• Participate in an advisory capacity to support the scoping and definition of related Operational Risk deliverables and plans, ensuring that these are aligned to the central Operational Risk calendar
• Assess, challenge, and monitor the current and forward looking exposure (financial and non-financial) to Operational Risk i.e., considering all framework elements, strategic planning, business expansions and other major change programmes including NPA.

Assist business in the identification of risk

• identify and assess the relevance and performance of KRIs and thresholds
• Rigorous analysis and management of Risk Control Self-Assess process
• Check and challenge the end-to-end Operational Risk Profile and Control Environment of the business unit/product/function, including emerging risks, strategic changes to be proactive in risk management processes.
• Collaborate with the first line of defence to provide guidance on issue/action documentation, tracking, escalation, and remediation
• Provide oversight on deep dives, root cause analysis, lessons learnt exercises for material risks, including the review, challenge, and tracking/escalation of findings.
• Review major remediation plans for adequacy, completeness, and progress
• Oversee monthly loss event reconciliations and related attestations to ensure that all (above threshold) risk events and losses have been captured on the Operational Risk Management System
• Liaise with Group Operational Risk teams to ensure support an alignment with policies and standards

Monitoring of Control Environment

• Annual review of Risk Control Self-Assessment and Critical Process Assessment or as and when there is material change to the control environment
• Review the risk and controls prescribed by the Key Risk Owners into RCAs
• Assess the relevance and performance of KRIs and thresholds
• Monitoring of Key Risk Indicators and impact to the risk profile and control environment

Governance to manage the operational risk control framework

• Actively participate in risk governance forums established in line with Group Operational Risk governance
• Oversee the effective oversight and management of key risks in line with the ERM framework and Operational Risk framework elements.
• Facilitation of the effective management by the Business area of observations and findings raised different assurance providers
• Monitor, review and challenge Business Unit risk profile against approved risk appetite
• Review and challenge 1st LoD on design and implementation of Business Unit level controls
• Ensure Business Unit capabilities are met (in consultation with SRTOs)
• Facilitation of the effective remedial management of issues, overdue items, and ineffective controls
• The management of the operational risk orientation in business in order to establish appropriate business ownership
• Operational Risk Management Systems reporting:
  • Provide oversight to ensure that all the operational risk data is captured on ORMS including the MCA, RCSA, CPA, Issues, Risk Events, DWBs, Indicators, Root Cause Analysis and Lessons Learnt, Risk Acceptances, and Issues on SNOW.
  • Apply appropriate data quality checks on the above and facilitate addressing data quality issues for Operational Risk reporting
  • Validate data and information in relevant reports provided by 1LoD, as appropriate.
  • Compile reports as and when required. Provide independent view, challenge, insights, interpretation, and analytics view on reports.
  • Prepare appropriate current and forecast Operational Risk profile reporting for the business unit/product under review, as agreed

Business Area / Product / Function Support

• Display a high degree of familiarity with the business and its current best practices, issues, and objectives
• Liaise across Business operations, leveraging internal central engagement channels/resources as appropriate, to provide Business functional areas Operational Risk oversight

Education and experience required

• NQF 7 or relevant Degree in risk/banking/accounting/finance
• Minimum of 5 years – experience in the Financial Services sector, preferably in risk related role
• Extensive Microsoft office skills (Word, Excel, PowerPoint etc.)
• Open Pages experience would be an advantage
• Reasonable understanding of the principles, practices, and techniques related to Risk Management.
• Knowledge of wider aspects of control, operations, and processes.
• Detailed understanding of the Risk assessment processes.

Knowledge and skills: (Maximum of 6)

• Proven planning, organisational and time management skills
• Knowledge of the risk environment and Operational Risk management
• Good relationship management skills
• Networking and stakeholder management
• Presenting and Communicating information
• Quality orientation and attention to detail
• Familiar with business process management principles and application thereof to enable process based risk management

Competencies: (Maximum of 8 competencies)

• Adhering to principles and values
• Deciding and initiating action
• Relating and networking
• Deciding and initiating action
• Adapting and responding to change
• Persuading and influencing
• Achieving personal work goals and objectives

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required), Bachelor’s Degree: Risk Management and Financial Risk Management