The primary function of this role is to ensure that risk is an integral part of the Company processes, as well as to, develop a pro-active risk measurement and mitigation strategy to manage exposure. The role is also to ensure a robust process exists to identify, analyze and report on risk events that have or could have adversely impacted the operations of the Company. It is essential that risks that adversely impact the operations and objectives of the Company are identified, evaluated, escalated and efficiently managed.
Business / Function
Oversight on Risk & Control Self-Assessment program for business to ensure key risks within a process are duly assessed and controls are embedded into processes and periodically assessed and tested for effectiveness. The role will also be responsible for sample validation of RCSA refresh and control testing undertaken by the first line
Conduct thematic reviews for emerging risks or control enhancement opportunities identified for a function or sub-function
Responsible for putting together relevant agenda items for the internal and board level governance forums to ensure that operational risks and internal control issues get the requisite management attention
Conduct periodic workshops and training sessions to foster a culture of risk management that is embedded in processes across organization
Responsible for implementation of control standards emanating from the Company’s risk management related policies
Provide guidance to first line of defence to ensure that they are aware of their responsibilities pertaining to risk management and are able to discharge their responsibilities effectively
Build strong working relationships with Risk coordinators and function heads and ensure periodic meetings with Function heads and Risk coordinators on risk related matters
Work with Business heads to identify their risks and challenges and assist with risk mitigation strategies
Customers / Stakeholders
Integral part of internal management and governance forums like Project Management Group, Change Control Board, Product Management Committee, Internal Control Forum, Revenue Assurance Group etc.
Conduct Risk reviews for new projects and initiatives, products, channels etc.
Conduct post-implementation assessments of key projects and initiatives to assess that the procedures are being followed and controls are being applied as intended.
Ensure key strategic decisions like Outsourcing follow the approach formulated to mitigate the risk
Leadership & Teamwork
Advice and guide business and functional heads with respect to management of risk and efficacy of controls within the function
Monitor and suggest changes basis dynamic landscape to ensure an effective Risk Management framework is implemented across organization
Guidance to cross functional team on risk related matters and support on new initiatives / projects from a risk management perspective
Share a professional and open relationship with functional heads, other control functions like Legal & Compliance & Internal audit
Operational Effectiveness & Control
Update the TORs for the pertinent Risk committee meetings and Management Group meetings.
Convene ORIG and active participation and contribution in other Risk executive management groups
Strive to ensure effectiveness of operational risk frameworks and comprehensiveness of reviews and control assessments
Promote risk awareness throughout the organization through induction trainings, classroom discussions of particular subjects like Ops loss management, Incident Management
Timely updation of the risk policies and other associated procedures and ensure awareness in the organization on these
Loss and incident management framework to be continuously adhered to and timely reporting (encompassing impact assessment, root cause assessment and remediation plan) is undertaken for all events / incidents in order to prevent recurrence
Process / new initiative risk assessments be carried out within the prescribed timelines and risk & control logs are in place
Monitoring of Key Risk Indicators across organization and publish a monthly dashboard to management with key highlights and actions recommended
Undertake project, product and process risk readiness to ensure key risks are within Company’s appetite and mitigating controls are implemented
Observation of Internal Controls
Implementation and ongoing monitoring of Risk Control Assessment program for business to ensure controls are embedded into processes and periodically assessed and tested for effectiveness
Maintain and observe Company internal control standards, implement and Company’s risk management policies and procedures
Ensure ongoing monitoring for all key risk assessment tools and processes like KRIs, RCSA, Incident Management, Operational Loss reporting etc.
Foster a risk management and compliance culture across the organization
Tagged as: communication skills, interpersonal skills, Risk Management
