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My client, a multinational Investment Bank based in the city, is seeking an experienced Senior Analyst to join their Ops control function to perform a risk and control role but with specific oversight responsibility for their commodities business which is a high-volume area for them.
This is a role with very specific requirements however. This person must come from a commodities ops background but specifically with knowledge of base and precious metals and also needs to have a knowledge of key processes within such as precious metals vaulting and clearing and physical commodities. This person needs to be risk and control aware and be able to ask the right questions of the business and have an understanding of where the risks will be for some of these niche processes, which is why they are looking for the relevant business knowledge and not someone who has only worked in risk and control.
In addition to specific commodities knowledge this person must be switched on, proactive and able to forge good relationships across the business and be comfortable asking the right questions. This could be a great opportunity for the right person to move into a risk and control role rather than stay in a BAU commodity ops role.
Department Summary The Operations department is responsible for ensuring the complete end-to-end processing of the Bank's transactions and services. They are responsible for ensuring that the appropriate control framework exists to ensure the accuracy of this processing as well as the recording of this in the Bank's books and records. The purpose of Operations Control is to define and maintain a framework for the Operations department which ensures that risks and control deficiencies are continuously identified, assessed, mitigated and remediated in a timely and transparent manner in line with the Bank's risk and control framework.
Risk management function: The team's purpose is to identify and manage risks within the Operations department including operational risks, regulatory risks, conduct risks, cyber security risks and financial crime risks (including, but not limited to, risks associated with money laundering, terrorist financing, bribery and corruption, sanctions breaches and fraud). They undertake regular reviews of controls to ensure that these are fit for purpose and work collaboratively with the Operations teams on risk management and control enhancements (but without doing the work for them).
The team also proactively and promptly manage any risk incidents that relate to or impact the Operations department, performing and acting on robust root cause analysis of incidents and take ownership for the timely remediation of findings raised by the Bank's second line of defence and third line of defence functions and working with Operations teams to ensure that issues are appropriately resolved to prevent reoccurrence.
They also work in partnership with enabling functions in the Bank to ensure that controls are adequately identified using the RCSA process and monitored appropriately via the KCI process and report promptly any significant performance, service or risk incidents
Other Key Responsibilities of the role: * defining and implementing processes to identify and manage risks within the Operations department including operational risks, regulatory risks, conduct risks, cyber security risks and financial crime risks (including, but not limited to, risks associated with money laundering, terrorist financing, bribery and corruption, sanctions breaches and fraud). * implementing processes which successfully detect control failures within or relating to the Operations department. * performing and acting on root cause analysis. * performing spot checks and reviews to ensure the Operations department's control framework is reliable and robust. * driving a forward-looking and proactive quality assurance programme. * providing meaningful risk and control reporting for the Co-Head of Operations. * providing oversight of any remedial work programmes in the Operations department, particularly those designed to remediate regulatory risks. * ensuring that the Operations department has adequate written policies and procedures/working instructions in place with appropriate governance over those documents. * taking ownership for the timely remediation of findings raised by the Bank's second line of defence and third line of defence functions, and working with Operations teams to ensure that issues are appropriately resolved to prevent reoccurrence. * working in partnership with enabling functions in the Bank to ensure that controls are adequately identified using the Risk and Control Self-Assessment ("RCSA") process and monitored appropriately via the Key Control Indicators ("KCI") process; * providing oversight of the Operations department's business continuity plans, as well as the testing approach and risk assessment outcomes from this process. * providing support and oversight of functional teams to ensure that change is effectively embedded in the Operations department; and * delivering risk and control training to Operations staff.