Description of the Business Line or Department
The Risk Management (RISQ) Division in the UK. Independent from the Business Lines, RISQ Division's mission is to contribute to the development of the SG Group's activity by facilitating the objectives of the Business Lines while maintaining independent oversight through risk evaluation and monitoring.
The mission of the Operational Risk Second Line of Defence department (RISQ OPE) is to provide independent, objective and leading operational risk management challenge and oversight services to assist the firm in maintaining an effective system of operational risk management.
RISQ OPE conducts the oversight of the governance, risk and control frameworks and tolerances of Operational Risk.
RISQ OPE provides proactive advice to help management identify and measure key risks, and to evaluate controls in existing and expanding businesses. An objective is to accompany the employees and raise awareness on the importance of operational risk management, which is based on the principle that “everyone is an operational risk manager”.
Summary of the key purposes of the role
In this role, the Operational Risk Analyst needs to assess the First Line of Defence (1 LOD) framework in the identification and management of its operational risks, defining and implementing the right remediation plan and challenge, if required, the risk acceptance taken by the business line (through the governance such as (operational risk committees) or normal day to day interaction on incidents…). This role applies to existing business as well as key projects or by conducting analysis and providing an opinion in new product committees.
The Operational Risk Analyst needs to ensure that the processes and governance around operational risk (Incident Collection/Reporting, RCSA, KRIs, etc…) respect the group policies and norms. The incumbent will challenge and may conduct investigations/post mortems and follow-up on red flags and corrective action items.
In case of major risk identification or a risk that is not appropriately managed by the department in charge (or lacking of department in charge) the Operational Risk Analyst has the duty to escalate the information through the appropriate channel starting with his/her management.
Summary of responsibilities
Primary Responsibilities as a member of RISQ/OPE
- Participate in LOD1 committees, understand their operational risk for the SGIL products, services and processes.
- Provide independent opinion, analysis and expert judgement to RISQ/OPE management with an assessment of the effectiveness.
- Produce and animate the necessary operational reporting and governance for committees in line with the local risk teams.
- Participate or coordinate with other second line teams and third line exercises as well as regulator requests on operational risk
Level of Autonomy and Authority
The role holder will work closely with experienced Operational Risk Supervisor in assessing risks and recommending appropriate mitigating actions or ensuring escalation is taking place.