25 Tips to Become Operational Risk Manager

Operational Risk Manager : Those in the banking industry know that financial risk is a constant danger.

In creating systems that guard against this threat, banks categorize different types of risk — like market risk and credit risk.

Operational risk is another category and, according to the Federal Reserve Bank of San Francisco.

It includes the loss of financial assets caused by inadequate or even failed internal processes, systems, people or external circumstances.

Operational risk analysis is a banking discipline that aims to improve internal systems.

Thereby minimizing or tightly controlling risk.

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Operational Risk Manager
Operational Risk Manager: https://www.careersinafrica.com


Operational Risk Manager

The role of a Risk Manager is to communicate risk policies and processes for an organization.

They provide hands-on development of risk models involving market, credit and operational risk.

Assure controls are operating effectively, and provide research and analytical support. 

Risk Managers must have excellent quantitative and analytical skills.

Along with the ability to apply those skills across a variety of business processes.

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Risk Management job qualifications and requirements

A degree in the following subjects is not vital but can be included in a job description:

  • Risk Management
  • Management or Business Studies
  • Finance or Economics
  • Science
  • Statistics
  • Engineering
  • Law

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Operational Risk Manager

Postgraduate degrees are not mandatory, but may also be beneficial.

If a candidate does not have a degree, a career in risk management is certainly still possible.

But would mean working up the career path, likely starting at an administrative level.

When compiling a Risk Management job description.

ts important to also display the following skills:

  • Analytical skills and an eye for detail
  • Commercial awareness
  • Numerical skills
  • Planning and organizational skills
  • Ability to understand broader business issues
  • Communication and presentation skills

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Risk Management duties and responsibilities of the job

The duties under a Risk Management job description include the following:

  1. Designing and implementing an overall risk management process for the organization, which includes an analysis of the financial impact on the company when risks occur
  2. Performing a risk assessment: Analyzing current risks and identifying potential risks that are affecting the company

    Operational Risk Manager

  3. Performing a risk evaluation: Evaluating the companys previous handling of risks, and comparing potential risks with criteria set out by the company such as costs and legal requirements
  4. Establishing the level of risk the company are willing to take
  5. Preparing risk management and insurance budgets

    Operational Risk Manager

  6. Risk reporting tailored to the relevant audience. (Educating the board of directors about the most significant risks to the business; ensuring business heads understand the risks that might affect their departments; ensuring individuals understand their own accountability for individual risks)

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    Operational Risk Manager

  7. Explaining the external risk posed by corporate governance to stakeholders
  8. Creating business continuity plans to limit risks
  9. Implementing health and safety measures, and purchasing insurance
  10. Conducting policy and compliance audits, which will include liaising with internal and external auditors
  11. Maintaining records of insurance policies and claims

    Operational Risk Manager

  12. Reviewing any new major contracts or internal business proposals
  13. Building risk awareness amongst staff by providing support and training within the company;
  14. Develop operational risk policies and standards for risk management.
  15. Perform operational risk identification and assessment in business units.
  16. Implement strategic plan to prevent, eliminate and mitigate operational risks.

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    Operational Risk Manager

  17. Assist Operational Risk Analysts in development of key risk and control indicators.
  18. Coordinate with senior management in performing operational risk reviews.
  19. Track and monitor operating risk issues for business units.
  20. Report operational risk issues and decisions to senior management on regular basis.
  21. Assist in identifying and evaluating risk areas across the operational activities.
  22. Investigate root causes of operational risks and provide support to mitigate risk.

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    23. Develop strong relationship with key stakeholders and business partners by addressing issues/concerns in timely manner.

  23. Maintain documentation for risk management and risk policies and procedures.
  24. Keep abreast of latest operational risk management techniques and industry best practices.

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