The management and monitoring of all the operational risk arising as a result of Stress testing (EWST) in Standard Chartered Group and its subsidiaries. This includes setting and agreeing with the project team the refreshed controls and standards and embedding these within the Operational Risk assessments within the Functions to identify material risks requiring management attention
Key Roles and Responsibilities
Risk Governance * Align the EWST operational risk management approach to the Operational Risk Framework specially for all the Functions and oversee its effective application * Support training initiatives from Group OR, wherever required, and when time permits, to Functions and Business UORMs Risk Control Ownership of operational risk * Provide a central contact point and oversight over all controls required to effectively manage operational risk within the Group and Country around EWST that arises from the end to end processes Risk identification and Assessment for DQ * Validate and challenge the first line risk identification and assessment of gross and residual risks arising within the end to end processes with specific reference to the EWST framework * 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 implementation * Review the design of effective process controls by the 1st line to manage all material risks linked to the process control failure o Identify workstream Control Gaps - Regularly assess all key controls against the workstream risk profile to monitor exceptions and identify gaps o Optimise portfolio of enterprisewide led controls - Regularly assess existing workstreams Key Control Standards, key risk indicators (KRIs) and key control indicators (KCIs) to ensure cost effectiveness, efficiency and relevance Risk Acceptance for EWST * Accept the classification and accurate reporting of operational risk events and the appropriateness of mitigation actions arising out of stress testing results * Challenge relevant Business / Functions' activities where risks are not aligned with control requirements or risk appetite around stress testing Risk Monitoring for enterprise wide stress testing * Periodically review operational risk assessments to ensure these appropriately reflect changes in environment, mitigating controls and the progress of treatment plans * Systematically monitor process control effectiveness where there are material risks of process control failure * Work with local Business and Functions representatives to receive control and risk metrics in order to monitor KRIs and KCIs * Review and update annual key control testing plans Root Cause Report * Ensure that operational losses, near misses and audit fails for enterprise wide testing are escalated to Group Functions in a timely fashion within the 1st line & Group OR * Support the preparation and ensure the delivery of RCA for Unsatisfactory Operational Risk event as per procedure wherever enterprise wide testing is impacted
Qualifications and Skills
* Operational risk management experience * Business/function experience * 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.
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.