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Description of the Business Line or Department -
The Basel II Committee defines operational risk as: "The risk of loss resulting from inadequate or failed internal processes, people and systems or from external events."
The SG Kleinwort Hambros First Line Operational Risk team report into the COO function but works with all the departments. It is responsible for promoting a controlled operational risk environment, offering support to departments on practices and processes to mitigate operational risks and ensuring all operational risk management information produced is accurate and meaningful.
The first line Operational Risk department covers the whole of the SG Kleinwort Hambros group (KH) and is based in two locations: London and Guernsey. As a relatively small department, although staff will have lead roles in some areas of the department's responsibilities, staff are expected to be able to cover all of them when necessary.
The Operational Risk department's main responsibilities are to:
support the business units and support functions within KH in the identification and management operational risks and operational risk events;promote and reinforce a risk management culture across the business;challenge the effectiveness of controls and frameworks;create, manage and maintain managerial supervision governance, policies and standards;coordinate key operational risk management processes such as:the collection of risk event datamajor risk eventsthe performance of Risk Control Self Assessments (RCSA); co-ordinate responses to frauds propose and monitor operational risk key risk indicators; investigate and report on, with recommendations, key operational risk issues identified within KH; co-ordinate the support work for the New Product Committee; support the follow-up of internal audit recommendations; provide operational risk reporting to management; deliver training on operational risk management and processes within KH; provide input to economic and regulatory capital calculations. Summary of the key purposes of the role
Lead the Operational Risk function within KH (team of 3-4 members) in the fulfilment of its responsibilities as listed in the previous section
The Operational Risk department requires all team members to be flexible within their role and be able to cover for all areas of the department's responsibility where necessary. Thus, although the role will require the holder to be a lead in some of the department's responsibilities, the holder is expected to be able to support and cover other members of the Operational Risk team in all the areas of the department's responsibilities. Summary of responsabilities
Develop and maintain an effective operational risk management framework to enable articulation of a meaningful risk appetite and management of risks in accordance therewith for the first line of defence. Providing input and expertise to enforce the first line of defence.Provide clear, effective and timely reporting to the Group Executive Risk and Compliance Committee and Operating Committee as required to ensure key risk issues are escalated for management and action.Own the Risk and Control Self-Assessment process within the three lines of defence model. Assisting the first line to complete their assessments and ensuring key risks are identified. Support the business in the completion of risk assessments on significant new products and change initiatives to ensure all key risks have been considered and managed before the product or change is delivered.Provide all training in relation to operational risk and deliver on an ongoing basis as required.Provide input to the ICAAP process on scenarios etc.Review the management of all major risk events to ensure they are properly resolved and actions taken to prevent the same or similar issue re-occurring. Provide Operational Risk input to all major risk event meetings.Provide Operational Risk input into rolling product reviews and new product approval, supporting the first line of defence.Member of the Policy Committee.Performance manage and coach direct reports in terms of personal development and achievement of both individual and team objectives.
Broad understanding of financial services, including asset and investment managementBroad understanding of the FCA, PRA, GFSC and JFSC operational risk related regulations Broad knowledge of Wealth Management and products it offersExperience of embedding risk management with a good understanding of concepts, tools and frameworks * Desire to further develop the control environment (bringing new ideas) and promote operational risk awareness, thus ensuring the operational risk framework continues to be firmly embedded in the business management skills * Excellent interpersonal communication skills to build and sustain relationship with the business and key stakeholders * Effective influencing skills with an ability to challenge with confidence * Excellent written communication skills, including the ability to write clear and well-structured reports on issue * Solid analytical background and attention to detail * Proven experience in building strong business relationshipsInitiative and self-motivation