Allica Bank
Operational Risk Assurance Analyst
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Operational Risk Assurance Specialist | Allica Bank
About Allica Bank
Allica is the UK’s fastest-growing company – and the fastest-growing financial technology (Fintech) firm ever. Our purpose is to help established SMEs (small and medium-sized enterprises), one of the last major underserved opportunities in Fintech.
Established SMEs are the backbone of local communities – representing over a third of our economy – yet have been largely neglected by both traditional high street banks and modern fintech providers.
Department Overview
You will be an integral part of the Operational Risk team, reporting directly to the Head of Operational Risk. As part of this team, you will contribute to successfully delivering the Second Line of Defence (SLD) capability within the bank.
Role Description
You will be responsible for delivering high-quality operational risk assurance reviews, including:
- Scoping & planning of reviews
- Control testing & evidence assessment
- Reporting on findings
- Tracking management action closure
Additionally, you will provide ongoing assurance over RiskSmart items, ensuring:
- Remediation activity is owned, evidenced, completed and sustainably embedded
Principal Accountabilities
Risk Assurance Reviews
- Deliver operational risk assurance reviews from planning to final reporting, ensuring:
- Work is risk-based, proportionate, and supported by clear evidence
- Define review scope, objectives, testing approaches, and evidence requirements in consultation with the Head of Operational Risk
- Perform control testing & assurance activities to assess:
- Design effectiveness
- Operating effectiveness of operational risk primary controls
RiskSmart Assurance
- Provide ongoing assurance over RiskSmart items, including:
- Alignment with standards
- Validation of action closure
- Review of supporting evidence
- Assessment of whether remediation addresses root causes
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Stakeholder Engagement & Reporting
- Engage with first-line stakeholders to:
- Obtain evidence
- Discuss observations
- Test sustainability of completed actions
- Draft clear assurance findings, including:
- Ratings
- Conclusions
- Agreed management actions (must be specific, evidence-led, and commercially practical)
Progress Monitoring & Action Tracking
- Monitor and report progress against assurance review actions and RiskSmart items
- Escalate delays, weak evidence, or ineffective remediation where appropriate
Thematic Analysis & Reporting
- Support thematic analysis of assurance outcomes to identify:
- Recurring control weaknesses
- Emerging operational risk themes
- Areas requiring further review
Workpaper Maintenance & Compliance
- Plan and deliver assigned operational risk assurance reviews in line with:
- Agreed scope
- Quality standards
- Timelines
- Maintain complete and accurate assurance working papers, including:
- Review plans
- Testing records
- Evidence logs
- Stakeholder discussions & conclusions
Control Effectiveness Assessment
- Assess whether controls are:
- Suitably designed
- Operating effectively
- Aligned to the operational risk profile being reviewed
Personal Attributes & Experience
Required Experience
- Operational risk assurance, control testing, or audit experience (preferably within financial services or a regulated environment)
- Strong understanding of:
- Operational risk
- Controls
- Assurance testing
- Evidence standards
- Issue management
- Action validation
- Experience using:
- GRC (Governance, Risk & Compliance) systems
- Issue/action tracking tools
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Key Skills
- Ability to critically review evidence and reach balanced conclusions
- Clear written communication skills to produce:
- Concise assurance reports
- Effective management actions
- Strong organisation skills and ability to manage:
- Multiple reviews
- Testing activities
- Action validations at pace
- Excellent stakeholder management, capable of:
- Working effectively with first-line teams
- Maintaining second-line independence
- Results-driven mindset and ability to:
- Focus on meeting deadlines
- Provide constructive challenge
- Strong team player
Benefits & Perks
At Allica Bank, we focus on providing you with the right tools and environment to succeed in your role and support our customers.
Our benefits include:
Development & Support
- Full onboarding support
- Continued professional development opportunities
Flexibility
- Options for flexible working
- Regular social activities
Financial Security
- Pension contributions
- Discretionary bonus scheme
Well-being
- Private health cover
- Life assurance
Family-Friendly Policies
- Enhanced Maternity & Paternity leave
Why You Should Apply – Even If You Don’t Tick Every Box
Don’t worry if you don’t meet all the criteria! If you believe you’ll be a good fit, we’d still love to hear from you.
Flexible Working Options
We recognise that the traditional ‘9-to-5’ schedule doesn’t suit everyone. Allica Bank is fully committed to flexible and hybrid working. Please share your preferred arrangements, and we will do our best to accommodate them.
Diversity & Inclusion
We’re a diverse organisation with a range of experiences, backgrounds, and lifestyles. Our openness strengthens us, and we encourage everyone to bring their authentic self to work.
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