Operational Risk (VP) – Financial Reporting & Treasury recruitment

My client is a global Tier 1 investment bank and this position has arisen as a result of a reorganisation within their operational risk function. Operational Risk Control is an independent function responsible for the implementation of the Operational Risk Framework across the bank and is responsible for:

• Providing an independent and objective assessment of operational risk arising in the bank.

• Assessing the integrity of each function to identify operational risk and the adequacy of the operational risk management techniques employed.

• Assessing whether functions have set clear standards and responsibilities where business processes cover multiple functions.

• Escalating all high and critical operational risks.

• Providing independent review on both internal and external events.

• Raising awareness within the Bank of the importance of our approach to operational risk, as part of the on-going initiative to embed it into the culture.

ORC has a team of Controllers for each Business Division covering front-to-back risks. To complement this Business Division aligned structure, ORC is establishing specialist teams looking at the significant risks facing the organisation on a cross-divisional basis. This role is within one of those specialist teams, the Financial Reporting and Treasury team. The candidate will provide oversight for Corporate Centre/ Group related functions, the key areas being Regional Controlling and Accounting, Group Controlling and Accounting, Finance Shared Services, Tax, HR, Legal and Compliance, Group Technology and end-user applications. The role will also include support for the banks’ activities to meet Sarbanes-Oxley 404(a) requirements.

Key Responsibilities:

The successful candidate will be responsible for reviewing ORF compliance with a special focus on financial reporting risk. The successful candidate will be required to:

• Carry out risk assessments and investigations, independently and as part of the team, with the objective of ensuring that the Bank’s operational risks are transparent to the organisation.

• Independently assess the function’s ORF implementation and the operational risk assessment process being used by management to determine whether all risks have been identified, the rating is appropriate and the risk issue is fully described, with an appropriate action owner and acceptable timelines for mitigation.

• Ensure that the risk inventory represents an accurate view of the risks and assessing the SOX impact and consequences of identified control deficiencies in the front to back environment.

• Supporting the annual SOX 404 assessment for delivery to the SOX 404 Committee and the Group CFO.

• Establish themselves as a trusted partner of the relevant stakeholders.

• Management of one direct report.

Candidate requirements:

• Qualified accountant - ACA, ACCA or CIMA qualified.

• Significant post qualified experience in Financial Services.

• Significant experience of controls evaluation from audit, SOX, financial control or operational risk jobs.

• Experience assessing risk and controls surrounding financial reporting.

• Team player who keeps colleagues informed of developments and works collaboratively.

• Highly motivated and able to work with minimal supervision.

• Mature personality with sound judgement.

• Flexible, willing and capable of assisting colleagues achieve deadlines and goals.

• Enquiring mind with analytical problem solving capability.

Ability to identify inherent control risks and assess the adequacy of internal control environments.