Operational Risk Role - BFSI

Roles and Responsibilities:

- This role provides critical inputs on all new products/processes and any amendments to products/processes to highlight Operational Risks.

- This role documents and tracks Operational risks arising from other bank activities such as material outsourcing, Training content review etc.

- The incumbent participates in development and deployment of various risk related activities such as RCM enhancements, IFC testing, Risk & control self-assessment, RBI tranche data control template, etc.

- The incumbent also monitors and gathers inputs from key functions of the bank on KRIs.

- Facilitate enhancement of RCM's and liase with regional Ops Risk team across branches and regions to carry out IFC testing, maintain tracker for the same.

- Participates in product and process review for availability of controls and also in reviews related to Business Requirements Document (BRD), Functional Specific Development (FSD) and perform User Acceptance Testing (UAT) to ensure effectiveness of controls before move to Production

- Perform Annual risk assessment for material outsourcing vendors with regards to compliance

- Facilitate regional Ops Risk team across branches and regions to carry out BCP simulation as per approved schedule.

- Ensure compliance to all regulatory norms/guidelines in the regions by providing guidance, checks & evaluation of the branches and review of implementation of the compliance obligations of the regulatory guidelines.

- Participates in product and process review for availability of controls. and also, in reviews related to Business Requirements Document (BRD), Functional Solution Document (FSD) and perform User Acceptance Testing (UAT) to ensure effectiveness of controls before move to Production.

- Collect loss data and KRI data for regional ORM team and consolidate it for reporting to the corporate ORM function.

- Coordinate collection, recording and data capture of loss events and near miss together with verification within the businesses and regular reporting of these events, the details, and amounts as per the provisions laid down in the Loss Data Management Manual.

- Maintain an MIS of all the branches with findings on compliance issues; provide consolidated compliance review findings to the Manager / Corporate Operational risk manager.

- Appraise the regional business & functional heads the level of compliance and failures, if any, so that prompt/corrective action is taken

- Assist the regional business & functional heads in submission of monthly Compliance Certificate in the prescribed format

- Conduct monthly surprise visits at the Branch for checking implementation of the required changes in internal procedures as communicated by Functional Departments

- Submit the report on breaches/non-compliances immediately to the Manager Opsrisk / Corporate Opsrisk Manager

- Conduct timely follow-up, documentation and status of action plans, open issues identified during OR assessments at respective branches.

- Maintain a database of branch wise deviations in terms of non-adherence to standard processes, perform root cause analysis of major deviations from and recommend changes in process design to address the same.

- Escalate to Managers on the level of operational compliance and failures, if any, so that prompt/corrective action is taken.