Operations Risk Team Member

3 weeks ago

Mumbai, India Stay Ahedge Pvt Ltd (For a Leading Co-operative Bank) Full time

Job Description for Operations Risk Team Member

Job Title: Operations Risk Team Member

Department: Risk Management

Location: Mumbai

Role Overview:
The Operations Risk Team Member will play a crucial role in supporting the identification, assessment, monitoring, and mitigation of operational risks across various business lines and functions within the bank. This individual will work collaboratively with other risk management professionals and business stakeholders to ensure the bank's operational processes are robust, compliant with regulations, and aligned with best practices.

Responsibilities:
Risk Identification and Assessment:
* Assist in identifying potential operational risks and control weaknesses through various methods, including process reviews, data analysis, and incident reporting.
* Participate in risk assessments and the development of risk maps.
* Contribute to the evaluation of the likelihood and impact of identified risks.
Control Evaluation and Monitoring:
* Support the assessment of the design and effectiveness of operational controls.
* Assist in the development and implementation of key risk indicators (KRIs) to monitor operational risk exposures.
* Track and report on KRI trends and escalate breaches or potential issues.
* Participate in testing the effectiveness of controls and compliance with policies and procedures.
Incident Management:
* Assist in the collection and analysis of operational risk incidents, including near misses and losses.
* Support the documentation of incident details, root causes, and remediation plans.
* Follow up on the implementation of corrective actions and track their effectiveness.
Reporting and Documentation:
* Contribute to the preparation of regular and ad-hoc operational risk reports for management.
* Maintain accurate and organized documentation related to risk assessments, controls, incidents, and other risk management activities.
Stakeholder Collaboration:
* Work collaboratively with business units and support functions to understand their operational
processes and risk profiles.
* Assist in promoting a strong risk awareness culture across the organization.
* Support the implementation of risk management policies and procedures.
Regulatory Compliance:
* Assist in ensuring adherence to relevant banking regulations and internal policies related to
operational risk.
* Stay updated on changes in regulatory requirements and industry best practices.
Continuous Improvement:
* Identify opportunities for improving operational risk management frameworks, processes, and tools.
* Participate in projects and initiatives aimed at enhancing the bank's operational resilience.

Qualifications and Experience:
* Bachelor's degree in Finance, Business Administration, Economics, or a related field.
* 5 years of experience in banking operations, risk management.
* Understanding of operational risk concepts, frameworks, and methodologies.
* Familiarity with banking products, services, and operational processes.
* Strong analytical and problem-solving skills.
* Excellent communication (both written and verbal) and interpersonal skills.
* Ability to work independently and as part of a team.
* Proficiency in Microsoft Office Suite (Word, Excel, PowerPoint)
.
Skills:
* Risk Assessment
* Control Evaluation
* Incident Management
* Data Analysis
* Report Writing
* Communication
* Collaboration
* Attention to Detail
* Problem-Solving
* Regulatory Awareness

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