Vice President - Operational Risk

at  Bank Of China

Risk Management department is responsible for developing, maintaining and promoting the Bank’s Enterprise Risk Management Framework (ERMF) and activities, and for providing independent second line of defence (2LoD) oversight for Traded Market Risk, IRRBB & FX Risk, Operational Risk and Model Risk management activities as well as the project management activities (i.e. project risk) in the Bank. Market Risk. As a Vice President - Operational Risk, you will be responsible for ensuring that the Bank adopts and embeds industry best practice for the management of Operational Risk. You will support with the ongoing development and maintenance of Operational Risk management framework and policies and by providing independent advice and oversight on the first line of defence (1LoD) Operational Risk management activities. This is a full time permanent position.

Key responsibilities

• Develop and maintain the Operational Risk management document suite (framework and policies) to ensure they are effective, up-to-date and in line with common or leading industry practices or regulatory expectations
• Develop a balanced Operational Risk management scorecard to measure the effectiveness of Operational Risk management practices across the Bank at a department and individual level. This will include ensuring buy in from Bank-wide stakeholders and working with HR team to embed this in the performance appraisal process
• Drive enhancement to the Bank’s processes for capturing Operational Risk events to ensure that they are being completely reported in the Operational Risk management system
• Continuously enhance and execute the Operational Risk management training’s programme consisting of various modules on key Operational Risk management topics and induction training for new joiners
• Carry out the annual review of the Bank’s risk appetite statement (RAS) and risk limit(s) for Operational Risk
• Independently oversee the effectiveness of 1LoD execution of Operational Risk Management programme like RCSA, KI, Risk Event, External Events, Scenario Analysis, Control Management and provide independent advisory and challenges as appropriate, including a formal observation report to each department
• Drive or support the production of Operational Risk 2LoD reporting on the overall the Operational Risk profile and the internal control environment of the UK operations
• Act as or support the committee secretary for the Bank’s Operational Risk & Resilience Committee (ORRC), and ensure the meetings are effectively organised, operated and minuted, committee materials are well designed and prepared, communication and correspondence are adequately managed, committee actions are closely monitored and followed up, records and administrations are well maintained
• Provide ORM contribution to initiatives and into other Bank-wide process like ICAAP, Pillar 3 or other internal/external engagement as appropriate
• Maintain reasonably good understanding of business products and service offering as well as the associated key process and controls
• Maintain a good understanding of the sound industry practices and regulatory expectations such as Basel, PRA and keep Management abreast of emerging trends, arears of concerns, notable external events, material changes in regulatory environment
• Establish and maintain good relationship with business, infrastructure areas, Business Risk & Control (1B) as well as 2LoD control oversight functions to promote effective collaboration as well as sound understanding and effective embedding of ORMF Framework and its principle expectations across the Bank

REQUIREMENTS

• Degree educated in Business Administration, Finance, Economics, IT, Law or other equivalent
• Solid relevant experience in Financial Services, Audit or Consulting. Prior direct work experience in Business, Operations or other infrastructure groups is beneficial
• Solid understanding of Basel Operational Risk Capital Requirement, BCBS Principles for sound Operational Risk management, Common ORMF as well as industry best practices around ORMF components
• Excellent overall knowledge of Financial Services product, services, processes and Risk Management principles
• Proactive, flexible and adaptable with desire to learn and develop
• Excellent communication skills with solid writing skills mainly for key governance and normative documentation and the ability to deliver compelling, well-structured presentations
• Team player
  Having a presence in the UK for more than 90 years, Bank of China London Branch has been providing an excellent financial service to the market and maintain its competitive edge as an international bank operated in the UK. It has employees in over 33 countries, and it is one of the most internationalised overseas branch in the Bank of China Group. The Bank values the diversity of its employees and aims to create an inclusive environment where everyone can speak up and enjoy the equal opportunities to grow both personally and professionally

• Develop and maintain the Operational Risk management document suite (framework and policies) to ensure they are effective, up-to-date and in line with common or leading industry practices or regulatory expectations
• Develop a balanced Operational Risk management scorecard to measure the effectiveness of Operational Risk management practices across the Bank at a department and individual level. This will include ensuring buy in from Bank-wide stakeholders and working with HR team to embed this in the performance appraisal process
• Drive enhancement to the Bank’s processes for capturing Operational Risk events to ensure that they are being completely reported in the Operational Risk management system
• Continuously enhance and execute the Operational Risk management training’s programme consisting of various modules on key Operational Risk management topics and induction training for new joiners
• Carry out the annual review of the Bank’s risk appetite statement (RAS) and risk limit(s) for Operational Risk
• Independently oversee the effectiveness of 1LoD execution of Operational Risk Management programme like RCSA, KI, Risk Event, External Events, Scenario Analysis, Control Management and provide independent advisory and challenges as appropriate, including a formal observation report to each department
• Drive or support the production of Operational Risk 2LoD reporting on the overall the Operational Risk profile and the internal control environment of the UK operations
• Act as or support the committee secretary for the Bank’s Operational Risk & Resilience Committee (ORRC), and ensure the meetings are effectively organised, operated and minuted, committee materials are well designed and prepared, communication and correspondence are adequately managed, committee actions are closely monitored and followed up, records and administrations are well maintained
• Provide ORM contribution to initiatives and into other Bank-wide process like ICAAP, Pillar 3 or other internal/external engagement as appropriate
• Maintain reasonably good understanding of business products and service offering as well as the associated key process and controls
• Maintain a good understanding of the sound industry practices and regulatory expectations such as Basel, PRA and keep Management abreast of emerging trends, arears of concerns, notable external events, material changes in regulatory environment
• Establish and maintain good relationship with business, infrastructure areas, Business Risk & Control (1B) as well as 2LoD control oversight functions to promote effective collaboration as well as sound understanding and effective embedding of ORMF Framework and its principle expectations across the Ban