Description of the Business Line or Department
The SGIL Chief Business Controls Office (CBCO) is coordinating the LoD1 teams to run the first line of defence (LoD1) framework for SGIL with regards to the non-financial controls and the upcoming changes for the entity.
The team is part of the MARK/NCG organisation which is the Operational Risk Department covering Market activities within the Wholesale division of SG Group
Coordinating the actions of MARK/NCG and ROCS and working closely with local and global LoD1 and LoD2 partners, the CBCO will:
Lead and coordinate the control agenda covering operational and other non-financial risks in the first line of defence across SGIL,
Ensure that the LoD1 design, set-up and monitoring of non-financial risks is fit for purpose for SGIL activities,
Drive and support mitigation of the control issues and remediation efforts,
Support SGIL senior management and governance committees in the fulfilment of their regulatory obligations.
ensures – as concerns non-financial risk matters – the management and the global consistency of Norms (policies, rules, procedures), Controls (1st line of defence, including FBK/Watch, permanent supervision and anti-fraud), Governance (definition of rules, design of controls, analysis of control results) and Processes and tools.
Provides the necessary support to MARK to manage and mitigate their operational and conduct risks.
Gives a comprehensive yet readable view of operational and conduct risks in MARK activities.
MARK/NCG is part of a wider 3-line of defence model:
1st line of defence is composed of all MARK staff and especially MARK managers, who own and manage operational and conduct risks and are supported in this mission by dedicated teams in NCG.
And is completed by ROCS department who is dedicated to 1st line of defence for GBS support functions (such as OPER, MACC, ITEC) as well as on some transversal topics such as IT and cyber-security
Both under the coverage of the CBCO team.
2nd line of defence is composed of Risk, Compliance and Finance, who oversee the overall operational risk management framework from different angles
3rd line of defence is ensured by Internal Audit and Inspection, who perform independent and periodic reviews
Focus on the CBCO role
The Chief Business Controls Officer is part of the organisational structure supporting SGIL CAO.
The Chief Business Controls Officer is responsible for leading and coordinating the control agenda in the first line of defence across SGIL, covering operational and other non-financial risks. The Chief Controls Officer supports the maintenance of an effective control framework across every function with a transversal focus to complement the organisational structure.
The SGIL CBCO is the main entry point for all SGIL LoD1 on all operational and conduct risk topics (key operational risk processes such as RCSA or incidents management, anti-Fraud, information security, business continuity issues, essential services):
First line of defence control framework:
o Design and improve the control framework. Monitor (through engagement with peers and in industry working groups) developments and trends related to control frameworks, assess their implications for the company and propose refinements and improvements to the existing control frameworks
o Be responsible for the execution within SGIL of the applicable control framework for operational and other non-financial risks, in close cooperation with ROCS and the operational risk managers in each Business/Service Unit
Control issues and remediation
o Ensure the environment of controls is appropriate, identify gaps and address the weak areas
o Assisted by business partners and ROCS, identify, assess, record, mitigate and/or remediate operational or other non-financial risk and control issues
o Drive and/or support mitigation and remediation efforts and monitor progress to ensure issues are addressed on a timely basis
Management Information and Reporting
o Provide SGIL senior management, governance committees, auditors and regulators with meaningful reporting on matters relating to the effectiveness of the first line of defence control framework and oversight mechanisms, supported by appropriate quantitative and qualitative data and metrics. This includes but is not limited to presentation of a monthly report to the SGIL Risk and Control Committee.
o Ensure and evidence that controls are operated in accordance with the control framework, internal policies and standards and regulatory requirements
o Participate in all required governance and management meetings (including SGIL RCC, SGIL Operating Committee)
o Build and maintain effective relationships with senior management, COOs and the operational risk managers supporting each BU/SU in SGIL
o Demonstrate and embody the SG Group Leadership Model in all professional and personal activities
o Promote accountability, responsibility and ongoing embedding of the control framework so that it is understood and followed in all first line of defence roles
Summary of the key purposes of the role
Ø to assist the SGIL CBCO in on-going transformation and externalising projects to improve Operational Risk framework over the SGIL perimeter, focusing on
streamlining of existing key processes within MARK/NCG and CCO/RCG teams in relation with the supervised LoD1,
ensuring procedures are well defined and documented,
tasks are externalised and running successfully.
Ø to assist the SGIL CBCO in acting as a contact point for all LoD1 team’s and their related Control teams’ queries relating to support and control, and helping to control and supervise activity, in particular:
Risk culture for SGIL operational staff,
Continuous assessment of risks,
Deployment of appropriate controls,
Timely and complete escalation, reporting, and follow up of incidents and resulting actions,
The maintenance and reporting of effective Key Risk Indicators and other qualitative measures,
Preparation of conduct and operational risk dashboards for committees.
Summary of responsibilities
To conduct the above, the main areas of focus will be:
Assist SGIL CBCO with daily BAU/ Ad Hoc topics
Monitor performance of permanent supervision controls in RACE, GPS and MORSE
Assist in control transformation, documentation in the framework of externalising control performance (PCT and FCAO
Operational Event review in T2eorem and ORE
Participate in incident discussion meetings
Participate in governance discussion meetings
Participate in control framework discussion meetings
Monitor action plans in Committees
Assist in the aggregation of the SGIL Risk and Control Self Assessments (RCSA’s)
Assist with business facilitation tasks
Perform some permanent supervision controls
Level of Autonomy and Authority
Low to Medium degree of autonomy
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