Tasks & Responsibilities

The main role and responsibilities of the Operational Risk Manager will be to assist the Compliance Manager to develop, enhance and implement Ascot Lloyd’s Operational Risk Management policy, framework, systems and processes across the organisation.

The Operational Risk Manager will play a pivotal role within the function by owning, managing and developing key operational risk processes, maintaining the system/databases relevant to these procedures and ensuring high quality management information relating to operational risk is available for the preparation of reports to the relevant forums/committees. 

The Operational Risk Manager will assist the Compliance Manager to create a strong operational risk management culture and awareness across the organisation. The Operational Risk Manager will take on responsibility for:-: 

• Provision of guidance and advice (subject matter expertise) to all areas of the business regarding Operational Risk policies and procedures; 
• Manage the use of the operational risk elements of the risk management system. Ensure that all individuals are aware of their responsibilities when using the system, particularly in respect of accuracy and quality when inputting data. 
• Act as gatekeeper for the risk system to review any data input by other users ahead of it being accepted as “live” within the system; 
• In conjunction with members of the compliance team undertake detailed analysis of the firm’s Compliance Monitoring Plan ensuring appropriate mitigating actions are taken by the relevant departments and appropriate priority is given to addressing the risk(s); 
• Overview the loss event data to ensure accurate capture and reporting of losses and that any trends are identified quickly and mitigating actions taken by the relevant area of the business quickly and effectively. 
• Regularly, in conjunction with other departments undertake a reconciliation of the firm’s operational system and controls to ensure that they are robust and report to the Compliance Manager. 
• Manage the approval process for any significant change, ensuring a full audit trail of all documents, questions, answers and sign offs is maintained. This will include liaising with key individuals in other departments. 
• Develop and implemented Risk & Control Assessments to conduct oversight on the business and act as a subject matter expert for any queries from the business relating to completion of the assessments 
• In conjunction with the Compliance Manager, act as gatekeepers for the Risk & Control Assessments process by reviewing any proposed changes from the business ahead of them being accepted. 
• Develop and produce high quality Operational Risk Management Information for reporting to governance forums/committees and senior management on a regular basis; 
• Assist with the development and roll out of appropriate Operational Risk training materials across all areas of the business; 
• Maintain personal/professional development to meet the changing demands of the role, including all relevant regulatory and legislative training;