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Risk and Control Officer – 12 Month FTC
About the Role
A leading international bank in the City is seeking a Risk and Control Officer with a weektly 4-day London-based role under a 12-month Fixed-Term Contract (FTC).
Responsibilities
Operational Risk Management (ORM)
TPRM Framework
- Development and support of the TPRM Framework, including policies and procedures.
- Support Material Third Party (MTP) reporting aligned with PRA SS2/21 regulatory standards.
- Review and challenge third-party risk assessments conducted by 1st Line of Defense (1LoD) teams.
ORM Policy and Standards
- Develop and maintain effective operational risk management policies and standards.
- Oversee operational incident management, including:
- Root cause investigations
- Risk identification and assessments
- Countermeasures and risk acceptance processes
Risk Reporting
- Enhance and update key operational risk indicators (KRIs) and controls in line with business growth:
- Product risk assessments for new product developments.
- Risk acceptance process facilitation, including escalation to Senior Management as required.
RCSA Enhancement
- Support the evolution of RCSA methodology, transitioning from static to dynamic, data-driven risk profiling.
- Establish and maintain a centralised Control Library for consistent control descriptions and testing standards.
- Develop detailed process maps to identify single points of failure and critical control points, aligned with RCSA assessments.
- Plan and facilitate RCSA workshops with 1LoD departments, ensuring:
- Development of comprehensive risk profiles
- Assessment of controls (design and operational effectiveness)
- Agreement on action plans where required.
- Oversee periodic control attestations through 1LoD certification of design and operational effectiveness.
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Incident Management
- Offer end-to-end oversight of operational risk loss and near-miss data collection, ensuring:
- Proper capture, categorisation, and analysis of incidents.
- Root cause investigations and remediation planning to prevent recurrence.
- Conduct thematic analysis of loss data to inform 2nd Line of Defense (2LoD) thematic reviews.
Risk Profiling & Independent Challenge
- Assist in developing Robust 1LoD risk profiles integrating:
- RCSA results
- OR loss data
- Audit findings
- Conduct independent challenge of RCSA results, ensuring all control gaps are addressed via formal action tracking.
- Partner with the business on early-warning KRI development.
Governance, Reporting & Taxonomy
- Support the Operational Risk Management (ORM) Key Risk Reporting for senior management.
- Enhance risk governance by:
- Supporting the Risk and Compliance Committee (RCC), including high-quality paper production.
- Maintain the Bank’s ORM Taxonomy, ensuring clarity in risk event classifications for both lines of defense.
- Monitor and report on performance against the Risk Appetite Statement (RAS) for operational risks.
- Enhance non-financial risk appetite statements.
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Experience Required
- Must be available for a 4-day work week in London.
- Proven knowledge and working experience in:
- Third Party Risk Management (TPRM)
- Operational Risk Management
- Enterprise Risk Management (ERM)
- Ability to demonstrate and articulate risk skills and methodologies.
- Strong awareness of industry best practices and regulatory standards, particularly:
- TPRM & Operational Risk Management
- Operational Resilience & Third Party Risk (PRA SS2/21)
- Experience working with the three lines of defense model.
- Strong written and verbal communication skills, suitable for executive-level reporting (RCC/Board).
- Tact, discretion, and sound judgment in managing sensitive or confidential situations.
- Familiarity with relevant PRA/FCA regulatory requirements.
Contact: Marcus Courtney
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Skills
Operational Risk Management
Third Party Risk Management
Enterprise Risk Management
Risk Reporting
Incident Management
Control Libraries
Process Mapping
Risk Profiling
Key Risk Indicators
Governance
Regulatory Requirements
Communication Skills
Data Analysis
Risk Appetite
RCSA Methodology
Root Cause Investigation
Location