Head of Operational Risk (Banking)

SUMMARY:
Head of Operational Risk : Banking 

POSITION INFO:
Our Banking Client is currently looking for an experienced Head of Operational Risk based in Somerset West, South Africa. Please note this is an EE position This is a permanent, full-time position within the Enterprise Risk division, reporting to the Chief Risk Officer (CRO) . The successful candidate will be the second line-of-defence owner of the bank's operational risk management function. There are currently no direct reports. The successful candidate will be responsible for building the team as required. Role Purpose The successful candidate will own the design, implementation and ongoing effectiveness of the bank's Operational Risk and Resilience Management Framework (ORRMF) . The framework covers risks arising from processes, products, people, fraud, legal matters, financial reporting and tax, physical security, third parties, data, IT-including cyber-and models. Fraud sits with the Head of FRAML, while legal risk sits with the Head of Legal, requiring coordination with these specialist functions. As a new entrant to the retail banking market, the bank requires a proportionate, scalable operational risk framework built from inception. This will cover risk and control self-assessment, loss event management, business continuity and resilience, and third-party and outsourcing risk, providing the Board and Executive Committee (Exco) with confidence in the bank's operational stability as it scales. Minimum Requirements Qualifications Bachelor's degree in Risk Management, Finance, Actuarial Science, Commerce or a related field. - A postgraduate qualification will be advantageous. - Risk certification such as FRM, PRM or a recognised operational risk management qualification is strongly preferred. Experience A minimum of 10-12 years' experience in operational risk management, including at least 5 years in a senior leadership role within a bank or other regulated financial institution. - Demonstrated experience designing or materially uplifting an operational risk and resilience management framework . - Experience within a greenfield, scale-up or newly licensed institution will be advantageous. - Practical experience with RCSA methodology. - Practical experience in loss event and incident management. - Practical experience in business continuity management. - Experience engaging with the Prudential Authority on operational risk and resilience matters . Skills and Knowledge Deep technical knowledge of operational risk management frameworks, RCSA methodology and Basel operational risk capital requirements. - Strong understanding of business continuity management and operational resilience practices relevant to South African retail banking. - Ability to build pragmatic, proportionate frameworks suited to a new entrant, avoiding unnecessary legacy-bank complexity. - Confident Board- and Exco-level reporting and stakeholder engagement. - Strong people leadership skills, with the ability to build a function from a small base. Key Responsibilities Framework Design and Risk Appetite Design, implement and maintain the bank's Operational Risk and Resilience Management Framework (ORRMF). - Set and recommend operational risk appetite for Board approval, together with supporting metrics. - Monitor performance against the approved risk appetite and metrics. Risk Assessment, Loss Events and Control Monitoring Lead the bank's risk and control self-assessment (RCSA) process across business units. - Identify key risks and test the design and operation of associated controls. - Own the operational loss event and near-miss management process. - Conduct root-cause analysis, produce thematic reporting and track remediation actions through to closure. - Independently test and challenge first-line operational controls across channels, payments and product teams. Resilience, Business Continuity and Third-Party Risk Own the bank's business continuity management (BCM) and operational resilience management. - Oversee business impact analyses, recovery planning and periodic testing. - Design and oversee third-party and outsourcing risk management. - Work with Procurement and Legal on risk assessments, contractual risk clauses and ongoing vendor risk monitoring. - Coordinate with Technology and Cyber Risk functions to ensure operational risk oversight appropriately covers IT and cyber-related operational risk without duplicating specialist technology risk coverage. Governance, Reporting and Regulatory Engagement Prepare operational risk dashboards, RCSA outcomes and loss event reporting for Exco, the Board Risk Committee and relevant Board sub-committees. - Escalate material risk events and control breaches. - Support the bank's readiness for Prudential Authority inspections and thematic reviews relating to operational risk and resilience. - Coordinate with the Head of FRAML, Head of FCC, Head of Regulatory Compliance, Head of Conduct and POPIA, and Internal Audit to ensure coherent, non-duplicative coverage of the bank's overall risk and compliance universe. Culture, Capability and Stakeholder Management Champion a proactive operational risk culture across the bank. - Embed risk ownership within the first line, ensuring operational risk is understood as a shared responsibility. - Design and roll out operational risk training and awareness programmes in partnership with Compliance and HR. - Build and lead a capable operational risk team as the bank scales. - Oversee recruitment, coaching and succession planning within the function. Regulatory and Governance Knowledge The successful candidate must maintain current working knowledge of: Banks Act 94 of 1990 and Regulations relating to Banks, including operational risk capital requirements under the Basel-aligned standardised approach. - Prudential Authority directives and guidance notes relating to operational risk management and operational resilience. - King IV Report on Corporate Governance, particularly the principles relating to risk governance and combined assurance. - Protection of Personal Information Act (POPIA), insofar as operational risk incidents may involve personal information, coordinated with the Head of Conduct and POPIA. - National Payment System Act 78 of 1998, insofar as it relates to operational risk in payment processes. Please take note: if you have not been contacted within 14 days, please consider your application unsuccessful.