Introduction
Momentum Group enables business and people from all walks of life to achieve their financial goals and life aspirations. We help people grow their savings, protect what matters to them and invest for the future. We help companies and organisations care for and reward their employees and members. Through our own network of advisers or via independent brokers and utilising new platforms, Momentum Group provides practical financial solutions for people, communities and businesses.
Role Purpose
Momentum Insure Company Limited (MI) is looking for a highly motivated individual to ensure that operational risk within MI is well managed within the risk appetite of the business.
The role will be positioned within the Risk, Legal and Compliance Department of MI. The function's purpose is to ensure that industry best practice risk management frameworks, controls and risk treatment plans are in place and executed and that the required monitoring of and reporting on operational risk exposure to the Chief Risk Officer (CRO) and Executive Committee occurs.
The role is required to provide overall leadership, vision and direction to the operational risk management function by supporting the achievement of the business' strategic objectives. The incumbent will be considered as the thought leader of operational risk and is expected to ensure that operational risks are appropriately assessed, measured, prioritised and reported to the relevant stakeholders.
Requirements
A relevant degree in Internal Audit, Risk Management or equivalent at NQF level 8.
At least 5 years' experience in an operational risk role within the financial services industry.
2 – 4 years of management experience taking care of teams between 2– 4 people.
Duties & Responsibilities
Take overall accountability of the operational risk management function in MI, ensuring that the objectives of operational risk management meets the business' strategic objectives.
Further develop and implement policies and frameworks for operational risk management, including the consideration of the necessary risk appetite statements and key risk indicators, ensuring that operational risk management techniques and tools incorporate innovative technological solutions.
Perform and monitor operational risk assessments (e.g. using Risk and Control Self Assessments), which comprise identifying, assessing, measuring, prioritising and reporting risks that may impact the business, as well as the associated control adequacy reviews.
Develop remedial plans with operational risk owners to manage operational risks to desired levels on an ongoing basis.
Manage and provide guidance to the Risk Assurance team, ensuring that audit scope and procedures are fit for purpose.
Provide assurance on material operational risk exposures to the MI CRO and Executive Committee.
Responsible for maintaining and enhancing the MI Combined Assurance Framework.
Driving the embedment of the applicable operational risk regulatory standards.
Reporting on operational risk exposures, the operational risk profile and associated mitigating plans to the relevant governance structures at a MI and Momentum Group Limited level.
Submission of the necessary quarterly operational risk assessments to Momentum Group Limited.
Manage the internal and external audit issue validation and closure process.
Fulfill the role of the operational risk subject matter expert as part of the third-party risk assessment and onboarding process within MI.
Competencies
Skills and behavioural competencies
Written and verbal communication skills
Presentation skills
Influential and assertive, displaying self-confidence
Negotiation skills
Relationship management
Analytical skills and attentive to detail
Planning and organising skills
Upholding standards
Ability and willingness to collaborate and manage a team
Knowledge
Requires an in-depth knowledge of various operational risk issues, including techniques for the effective management of operational risks within the financial services industry.
Knowledge of the relevant regulatory, legislative, governance, risk and compliance landscapes would be beneficial to the role.
Understanding of Enterprise Risk Management (ERM) and Own Risk and Solvency Assessment (ORSA) practices and philosophies would also be beneficial to the role.
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