Head of Operational Risk

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The European Bank for Reconstruction and Development was founded in 1991 when communism was crumbling in Europe and ex-Soviet countries needed support to nurture a new private sector and democracy. Today we invest to help build market economies from central Europe to central Asia and the southern and eastern Mediterranean. We are now the largest single investor in our region. Owned by 69 countries and two intergovernmental institutions, we provide project financing for banks, industries and businesses. We also work with publicly owned companies to support privatisation, restructure state-owned firms and improve municipal services. Wherever we are active, we promote policies that bolster the business climate.

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Job description

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Purpose of Job

The purpose of this role is two-fold. Firstly, to lead a team of Operational Risk ('OpRisk') professionals to enhance and continually develop the Operational Risk vision and strategy for the Bank to ensure it is sustainable and remains fit for purpose.

Secondly, to develop, drive, maintain and provide oversight of an institutional wide Operational Risk Framework for the Bank, that is both efficient and effective. This consists of a network of policies, processes, procedures, reports and responsibilities that are used to monitor and manage the operational risks of the Bank.

The Head of Operational Risk role will be the primary person responsible for ensuring the Bank has an active and robust operational risk management approach. Operational Risk is a business-critical component for the Bank's three lines of defence model and is regarded as being a core & essential competence by stakeholders, rating agencies, clients, counterparties and other interested parties and impacts all aspects of the Bank's critical operations. The Head of Operational risk is tasked with ensuring the Bank's approach to Operational Risk is in accordance with good practice and aligns with the needs of the Bank.

The role is based in the second line of defence, providing independent oversight of the risks identified and managed by the business. It involves embedding the OpRisk framework and practices into the Bank's operations and developing plans and strategies to ensure OpRisk culture is continually improved, through the innovative use of technology and aligning with external good practice.

Background

The strategy and vision for Operational Risk needs to be enhanced and developed to keep alignment with key internal and external developments, prioritising and delivering recommendations to enhance the Bank's operational risk culture and capabilities.

The Bank's Operational Risk Management Framework is the main mechanism through which key risks are identified and assessed and continue to be actively monitored. This is achieved through the use of risk appetite, risk indicators and key controls, and managed at levels acceptable to the Bank's Risk Committee.

The objective of this role is to enhance and operate a robust Operational Risk Management framework across the Bank that is:

• Organised in a way to allow risks to be assessed robustly and logically
• Utilised by the business to ensure that the framework is appropriate to the risks we face
• Integrated into business process and procedures.
• Dynamic, allowing issues to be addressed on a timely basis in changing circumstances.

This role works closely with other teams across the Bank to ensure the effective day-to-day management of operational risks across the enterprise.

The role also works with senior stakeholders internally (VPs, Managing Directors, Directors, Team leaders) and externally to deliver on its mandate.

Accountabilities & Responsibilities

The Head of Operational Risk is responsible for the strategic development and oversight of effective operational risk management activities across the Bank, where OR frameworks are deployed in order to improve the risk and control environment and reduce the impact of operational risk incidents.

They will continuously engage with the business and teams across the bank in both strategic developments as well in the review and challenge of risk information, with escalation of issues, via Director, Operational Risk Management, to the Risk Committee. Key responsibilities include:

• Develop OpRisk management tools & methodologies in line with best practice approaches, the "OR Framework".

• Ensure the OR Framework, policy, guidelines and standards are maintained to meet changing EBRD needs and best practice alignment.

• Design and deliver OpRisk awareness training and support bankwide. Develop and maintain an operational risk network across the bank to support execution.

• Ensure Senior Management review and assess their key operational risks and the effectiveness of key controls on a regular basis, with actions identified to address any deficiencies.

• Provide best practice mitigation advice to ensure effective plans are in place to manage operational risks.

• Partner and challenge business areas to ensure analysis of incidents is conducted to identify root causes and trends, with effective management of action plans.

• For core risk issues that arise, ensure these are appropriately managed according to the OR Framework and in accordance with policy.

• Lead reviews of Risks and Risk Appetite, making recommendations or escalations, including reviews of business indicators / metrics to ensure within established risk appetite.

• Develop and maintain management information reporting to support Risk governance and assist senior business leaders to make informed decisions.

• Manage the OpRisk Management System and vendor relationships to ensure the system meets the OpRisk Framework requirements.

• Develop external relationships to keep aligned with good practice (regulated and non-regulated).

• Represent the department at various Risk and Control committees, also working groups related to new products, strategic systems and project activities.

• Contribute to OpRisk Strategic direction including an integrated Enterprise-wide Risk Framework and Governance, Risk and Compliance (GRC) strategy and systems.

• Conduct other risk and control activity as required by the Director ORM.

• Directly accountable for the effective overall management and development of the team, including recruitment, compensation (as agreed with the Head of Department), performance management, coaching.

• Champion and role model the Bank's Competencies and Workplace Behaviours, ensuring adherence within the team(s) to ensure the highest standards of integrity and ethical conduct

Knowledge, Skills, Experience & Qualifications

• Bachelor's degree level or equivalent.

• Qualification in a risk related discipline (including Accountancy, Risk Management).

• Knowledge and applicable understanding of regulatory best practice (BASEL) & other risk management standards (ISO 31000).

• Previous experience of working within operational risk or a control focused role within a financial services organisation.

• Banking product knowledge.

• Strong analytical skills.

• Strong relationship management skills.

• Good use of Microsoft Office applications – Word, Excel and PowerPoint.

• Strong presentation skills & oral and written communication skills.

• Ability to develop well thought out and creative solutions to issues.

• Strong Project management skills

• Strong team leadership skills, with experience of developing effective and high-performing teams

What is it like to work at the EBRD? / About EBRD

Our agile and innovative approach is what makes life at the EBRD a unique experience! You will be part of a pioneering and diverse international organisation, and use your talents to make a real difference to people's lives and help shape the future of the regions we invest in.

At EBRD, our Values – Inclusiveness, Innovation, Trust, and Responsibility – are at the heart of how we work. We bring these to life through our Workplace Behaviours: listening well and speaking up, collaborating smartly, acting decisively with full commitment, and simplifying to amplify our impact. These principles shape our culture and define our success. We seek individuals who not only share these values but are also committed to embedding them in their daily work, fostering a positive and high-performing environment.

The EBRD environment provides you with:

• Varied, stimulating and engaging work that gives you an opportunity to interact with a wide range of experts in the financial, political, public and private sectors across the regions we invest in.
• A working culture that embraces inclusion and celebrates diversity. Our workforce reflects a broad range of backgrounds, perspectives, and experiences, bringing fresh ideas, energy, and innovation and enhancing our ability to serve our clients, shareholders, and counterparties effectively.
• A hybrid workplace that offers flexibility to teams and individuals; that is based on trust, flexibility and connectedness.
• An environment that places sustainability, equality and digital transformation at the heart of what we do.
• A workplace that prioritises employee wellbeing and provides a comprehensive suite of competitive benefits.

Diversity is one of the Bank's core values which are at the heart of everything it does. As such, the EBRD seeks to ensure that everyone is treated with respect and given equal opportunities and works in an inclusive environment. The EBRD encourages all qualified candidates who are nationals of the EBRD member countries to apply regardless of their racial, ethnic, religious and cultural background, gender, gender identity, sexual orientation, age, socio-economic background or disability.

Please note, that due to the high volume of applications received, we regret to inform you that we are unable to provide detailed feedback to candidates who have not been shortlisted (for further consideration).

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View details

Working hours (%): 80-100% / 100%

Type of contract: Staff (Permanent and Fixed Term)

Macro-area: Multiple

Level of experience: Senior Professional, more than 5 years

Area of work : Banking and Finance

Type of organisation: Multilateral Organisations