Principle Manager - Operational Risk

Job Description

Recruiting for a senior operational risk role within a large Investment bank based in the city. This will be managing the financial reporting control function.

Section 2 - Purpose of Job

1) The primary purpose is to set the standards and framework to establish, maintain, promote and improve the Bank's internal control framework over financial reporting to ensure compliance with COSO 2013, an internationally recognised control framework. It is used by SEC registered organisations to comply with Sarbanes Oxley Act in the US. Although the Bank is not SEC registered, it chose to comply voluntarily with the spirit of COSO 2013. The result is to ensure the Bank can assert in its financial statements that internal controls over financial reporting are designed and operating effectively. This is reviewed and attested to by the external auditors.

2) Key components of the role include governance of the process, day-to-day management practices such as the identification and analysis of key financial statement related risks, liaison with the business owners of those risks to ensure controls are identified and appropriately designed and tested. To review and challenge deficiencies such as control issues or financial statement control related incidents and issues, to provide oversight and advice on mitigation and remediation measures.

3) In addition, to participate in projects to help the team and business identify key internal controls that need to be included in this internal control framework.

• The management of the Bank's Internal Control Framework over Financial Reporting, and compliance with the COSO 2013 framework. To continuously engage with the business in reviewing, challenging, and identifying risks relating to financial reporting, with escalation of issues via Director ORM, to the ICF Oversight Committee.
• The development and management of the Bank's EUC Framework and compliance with the EUC policy (if capacity).
• Responsible for setting and maintaining the Bank's Internal Control Framework including definitions, deficiencies assessment framework, testing procedures, operational process and timetable to complete the ICF activity, and communicate to Directors and teams involved.
• Responsible for ongoing review of changes in regulation/best practice, documenting and suggesting appropriate changes, agreeing the scope of such changes with Director ORM, and leading/implementing an agreed project plan.
• Responsible for detailed risk assessment of the financial statements (including disaggregation of the financial statements to processes and controls), and fraud risk assessment to ensure significant areas of interest have been identified for review, and agreed with Controller and Director ORM.

Morgan McKinley is acting as an Employment Agency and references to pay rates are indicative.

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