Head of Operational Risk
5 days ago
Job Overview
As the Head of Operational Risk for Deem Finance, you will play a crucial role in overseeing and managing both the Operational Risk and fraud management within our organization. You will be responsible for developing and implementing strategies to identify, assess, mitigate, and monitor operational risks and fraud risks associated with our retail banking operations. This position reports directly to Chief Risk Officer.
Job Responsibilities
Strategy and Planning:
- Develop and execute the overall strategy and vision for operational risk management and fraud prevention in alignment with the organization's goals and regulatory requirements.
- Drive initiatives to enhance the effectiveness of risk and fraud management frameworks, policies, and procedures.
Operational Risk Management:
- Lead the identification, assessment, and mitigation of operational risks across retail banking functions, including but not limited to credit risk, market risk, liquidity risk, and non-financial risks.
- Ensure robust risk reporting and analysis to senior management and relevant committees.
Fraud Prevention and Detection:
- Develop and implement strategies to prevent, detect, and respond to fraud risks across retail banking products and services.
- Oversee the investigation of suspected fraudulent activities and collaborate with law enforcement agencies and regulatory bodies as necessary.
Incident Management:
- Develop and maintain an incident response plan for operational and fraud-related incidents.
- Lead the response efforts during operational and fraud incidents, ensuring timely resolution and mitigation of potential financial and reputational risks.
Reporting and Analysis:
- Provide regular reports and updates to senior management and relevant committees on fraud investigation activities, trends, and outcomes.
- Conduct root cause analysis of operational and fraud incidents and recommend corrective actions to prevent recurrence.
Compliance and Governance:
- Ensure compliance with regulatory requirements, internal policies, and industry best practices related to operational risk and fraud management.
- Provide guidance and support to business units on risk and control assessments, incident management, and remediation activities.
Leadership and Team Management:
- Build and lead a high-performing team of risk and fraud management professionals.
- Foster a culture of risk awareness, ethical behavior, and continuous improvement within the department.
Stakeholder Engagement:
- Collaborate with senior management, business unit heads, and other stakeholders to foster a strong risk management culture and drive effective decision-making.
- Represent the organization in discussions with regulators, auditors, and industry forums related to operational risk and fraud management.
Required Qualification:
- Bachelor's degree in Finance, Business Administration, Risk Management, or a related field; advanced degree (e.g., MBA, Master's) preferred.
- Extensive experience (typically 10+ years) in operational risk management, fraud prevention, or related fields within the financial services industry, with a focus on retail banking.
- Proven track record of leadership and strategic management in a complex, regulated environment.
- Strong understanding of regulatory requirements and industry standards related to operational risk and fraud management.
- Excellent analytical skills with the ability to identify emerging risks and trends.
- Exceptional communication, negotiation, and interpersonal skills.
Preferred Qualifications:
- Professional certifications such as Certified Fraud Examiner (CFE), Certified Risk Manager (CRM), or equivalent.
- Experience in leading cross-functional teams and driving organizational change initiatives.
- Demonstrated success in implementing risk management frameworks and systems.
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