Standard Chartered is a leading international bank operating in some of the most dynamic markets in the world, in Asia, Africa and the Middle East. Our successful and sustainable business is built on doing tangible, long term good for our people, our customers and the communities we serve.
The management and monitoring of all of the operational risks at Standard Chartered Group and its subsidiaries are exposed to as a result of the business activities and processes that exist within Financial Markets (FM) and Private Banking business (PvB) in Hong Kong. This includes oversight of the operational risk profiles of the SCB organisation and working with the business to identify material risks requiring management's attention.
To ensure that operational risks are properly assessed; that processes, roles and responsibilities are clearly understood; that all risk / return and control cost / benefit decisions are made transparently on the basis of a complete and proper assessment, and all controls are implemented in accordance with the Group standards and in line with the Risk Appetite.
To ensure Operational Risk Framework and all associated policies and procedures and the Risk Management Framework are effectively embedded and communicated in country to FM and PvB.
To be the central point of contact for operational risks within Hong Kong arising within FM and PvB, including being responsible for the evaluation of the design and operational effectiveness of all controls. To ensure risks of processing failures are being actively managed and monitored on an end-to-end basis; including providing regular control assessments on required controls.
Key Roles and Responsibilities
1. Risk Governance
Align the in country operational risk management approach to the Operational Risk Framework and the Risk Management Framework and oversee its effective application.
Ensure that the Business Heads of FM and PvB, as well as relevant staff understand and accept their operational risk management responsibilities.
Represent Operational Risk in the FM and PvB Risk Forum.
Support training initiatives from Group OR, wherever required, and when time permits.
Ensure FM and PvB BORM and FORM are effective in identifying, monitoring, managing, remediating and escalating risks and issues
Maintain an open and cooperative relationship in dealing with Regulators.
2. Risk Appetite
Periodically assess the Country operational risk profile to maintain alignment with the Country risk appetite.
Review and challenge Country strategy where this is not aligned with the Country risk appetite.
Maintain operational risk capability and a control environment which is in line with the operational risk.
Assess periodically the operational risk profile for each function and maintain alignment with risk appetite by rebalancing controls that may be required in response to internal and external factors.
3. Risk Control Ownership of Operational Risk
Ensure FM and PvB business heads, 1st line process owners and all operational risk control owners understand and accept their risk management responsibilities.
Provide a central contact point and oversight over all controls required to effectively manage operational risks within the Country that arises from the end-to-end processes.
Challenge the completeness of risk identification, monitoring and assessment of the corresponding control activities required within the end-to-end processes to identify and follow through the remediation by the 1st line of any significant deficiencies.
Ensure compliance with operational risk policies & procedures.
Where the country 1st line redesigns controls in response to internal and external factors validate such redesign and ensure global sign off on the redesign prior to implementation in country.
a. Risk identification and Assessment
Validate and challenge the 1st line risk identification and assessment of gross and residual risks arising within the end-to-end processes.
Assess the control environment including, but not limited to, control design, control execution, control testing and control history.
Recommend changes to the control environment or to business practice where necessary to reduce the level of operational risk exposure to within the agreed appetite. Ensure such changes are agreed with global process owners and global OR Officer for that function prior to in country implementation.
Review the design of effective process controls by the 1st line to manage all material risks linked to the process control failure.
Identify local process & control gaps and deviations from Group standard processes - regularly assess all key controls against the Country risk profile to monitor exceptions and identify gaps
Ensure we have identified, implemented, continuously monitor and optimise the portfolio of local process & controls - regularly assess existing local key control standards (LKCS), key risk indicators (KRI) and key control indicators (KCI) to ensure cost effectiveness, efficiency and relevance
Provide a balanced and informed assessment of all operational risks arising from acquisitions or major change initiatives or projects within the Country.
b. Risk Acceptance
Review risk record templates for acceptance of medium, high and very high country level risks.
Accept the classification and accurate reporting of operational risk events and the appropriateness of mitigation actions.
Challenge relevant functions' activities where risks are not aligned with control requirements or risk appetite.
Sign off on new products on behalf of Operational Risk through the Country Addenda process.
c. Risk Monitoring
Ensure residual risk assessments are performed at appropriate frequency by 1st line and reviewed and approved by 2nd line Risk Owner. This includes ensuring completeness, accuracy and timeliness
Ascertain and confirm that Country risk registers, KRIs, KCIs, and control sample testing are effectively implemented.
Periodically review operational risk assessments to ensure these appropriately reflect changes environment, mitigating controls and the progress of treatment plans.
Systematically monitor process control effectiveness where there are material risks of process control failure.
Conduct periodic assurance over process, control and risk metrics for completeness, accuracy and timeliness, of KRIs and KCIs. Ensure any issues identified are remediated in a timely manner
Review and update annual key control testing plans.
d. Risk Management
Identify root cause of control defects highlighted during control testing and ensure there are appropriate plans in place owned by the 1st line to remediate.
Ensure that effective management response plans are in place to respond to extreme but plausible scenarios.
4. Risk & Loss Reporting
Ensure that risks requiring acceptance as escalated as per the policy for operational risk assessment and acceptance.
Approve the classification and accurate reporting of operational risk losses.
Report and escalate Significant Operational Risk Events (SORE).
Ensure 1st line provides Root Cause Analysis (RCA) reports for relevant risk events.
Provide risk information / updates to the Country Operational Risk Committee (CORC).
5. Stress testing
Conduct, at least annually and with guidance from Group specialists, a stress test and scenario programme for operational risk, review the results and assess their implications.
Ensure that operational losses, near misses and audit fails are escalated to Group Functions in a timely fashion within the 1st line and Group OR.
Contribute relevant scenarios to perform stress testing relevant to the business/function, review the results and assess their implications.
Support the preparation and ensure the delivery of RCA for unsatisfactory operational risk even as per procedure.
6. Strategy & Planning
Inform the development of country business plans, exercising appropriate focus on the implementation of robust operating environments, within risk appetite, to support business aspirations.
7. Regulatory & Business conduct
Display exemplary conduct and live by the Group's Values and Code of Conduct.
Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
Contribute to the Hong Kong Operational Risk function to achieve the outcomes set out in the Bank's Conduct Principles: Fair Outcomes for Clients; Effective Operation of Markets; Financial Crime Prevention; The Right Environment.
Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
Qualifications and Skills
Applicants will need to have at least 5 years' risk management experience in an Operational Risk Management, Control or Audit role gained in an FM and/or PvB environment, ideally having gained knowledge and understanding of various financial product operations.
A clear understanding of the Bank's approach to the management of operational risk, or equivalent experience gained in other organisations.
Ability to leverage resources across the organisation to complete deliverables.
Sound judgement and courage necessary to perform a control role and maintain effective working relationships.
How To Apply
You can search and view current opportunities across our organisation and apply immediately by visiting www.standardchartered.com and selecting Careers. To help speed up your application, please note the following:
- You will need to log in (or register if you are visiting our careers site for the first time) before you can apply for a specific role
- Some roles may require you to undertake an online talent assessment in addition to completing the application form (to facilitate this process it is preferable that you provide us with an email address as part of your contact information) - We will ask you about your education, career history and skills and experience, it may be helpful to have this information at hand when completing your application
It usually takes 15 - 20 minutes to complete the application form; you can save your application at any time and return to complete it at your convenience.
The closing date for applications is 26/07/2017. Please note all closing dates are given in Hong Kong time (GMT + 8 hours). We aim to respond to successful applicants within four weeks and will keep a record or your application in our database so that we can contact you when suitable vacancies arise in future.
Third Party Applications
Please note: Applications from third parties are not accepted unless by invitation.
Diversity and Inclusion
Standard Chartered is committed to diversity and inclusion. We believe that a work environment which embraces diversity will enable us to get the best out of the broadest spectrum of people to sustain strong business performance and competitive advantage. By building an inclusive culture, each employee can develop a sense of belonging, and have the opportunity to maximise their personal potential.
Equal Opportunity Employer
Standard Chartered is an equal opportunity employer. We have a meritocratic culture where each individual employee is valued and respected for who they are as a person and for what they bring to the organisation.