Overview

Operational Risk Officer Job Description: Key Responsibilities for Success

Job Title: Operational Risk Officer
Location: Bank AlJazira, Riyadh, Saudi Arabia
Job Type: Full-time, On-site

Introduction

The role of an Operational Risk Officer is critical in safeguarding a bank’s operations by ensuring that risks are properly managed. This position at Bank AlJazira, based in Riyadh, Saudi Arabia, offers a dynamic environment for professionals looking to grow in the risk management sector. As an Operational Risk Officer, you will collaborate with various departments to identify, assess, and mitigate potential risks that could impact the bank’s functions and financial health. Below is a comprehensive guide to the responsibilities, requirements, career path, and benefits associated with this role.

Core Responsibilities Operational Risk Officer

  1. Support Operational Risk Management
    You will assist the Operational Risk Manager in ensuring that the bank’s operational costs and expenditures stay within the allocated budgets. This includes monitoring spending and advising on ways to optimize operational costs without compromising the quality of risk management processes.
  2. Risk Identification and Assessment
    The job involves identifying, assessing, and controlling risks associated with both existing and new products and services. You will need to conduct risk assessments, ensure proper risk mitigation, and oversee any exposures that could arise from the bank’s day-to-day operations.
  3. Operational Risk Framework
    An important aspect of this role is providing support in the development and monitoring of the Operational Risk Framework. This framework helps in defining the bank’s approach to identifying, measuring, managing, and reporting operational risks.
  4. Cross-Departmental Support
    You will collaborate with various departments in identifying and evaluating risks. Your role is to ensure that these departments are aware of potential operational risks and are adequately prepared to address them.
  5. Key Risk Indicators (KRIs)
    Collating and analyzing Key Risk Indicators (KRIs) from various business units and support functions is another critical duty. These indicators help in monitoring the operational risks the bank faces in real time, offering insights for proactive management.
  6. Risk Control Self-Assessment (RCSA)
    You will provide support in developing and implementing the Risk Control Self-Assessment (RCSA) exercise. This self-assessment helps the bank gauge the effectiveness of existing controls and identify any weaknesses that could lead to operational risk.
  7. Business Continuity Planning
    Assisting in the development of the bank’s Business Continuity Policy is part of your responsibility. This policy ensures that the bank can continue to operate smoothly in case of disruptions such as natural disasters or technological failures.
  8. Industry and Sector Analysis
    You will help prepare monthly reports with Industry/Sector-wise analysis. These reports will provide insights into trends and potential risks associated with various sectors, helping the bank stay informed and prepared for changes in the financial landscape.

Key Requirements

  1. Educational Qualifications
    A Bachelor’s degree in finance or accounting is required for this role. Your educational background should provide a solid understanding of financial systems, accounting principles, and risk management fundamentals.
  2. Experience
    Ideally, candidates should have 1 to 2 years of experience in a similar role, preferably in financial services. Prior experience in risk management will give you an edge in understanding the operational challenges faced by the bank and how to mitigate them effectively.
  3. Skills Required
  • Analytical thinking: Ability to analyze data, assess risks, and develop strategic solutions.
  • Attention to detail: Precision is key in identifying and mitigating risks that could disrupt operations.
  • Communication skills: Strong verbal and written communication skills to collaborate across departments and present findings to senior management.
  • Problem-solving abilities: You should be able to think on your feet and provide solutions to complex operational problems.

Benefits of Working at Bank AlJazira

  1. Competitive Salary
    Employees at Bank AlJazira are compensated competitively, and the bank ensures that compensation packages are regularly reviewed to match industry standards.
  2. Professional Development Opportunities
    Bank AlJazira is known for investing in its employees through ongoing training and professional development programs. As an Operational Risk Officer, you’ll have the chance to further your expertise in risk management, making you a valuable asset to the financial sector.
  3. Health and Wellness Benefits
    The bank offers comprehensive health insurance packages for its employees and their families, ensuring peace of mind in case of medical emergencies.
  4. Work-Life Balance
    With on-site full-time employment, the bank promotes a healthy work-life balance. Employees are provided with generous vacation days and flexible working hours, allowing them to manage both personal and professional commitments effectively.
  5. Career Growth
    Working as an Operational Risk Officer is an excellent stepping stone toward senior positions in risk management, such as Operational Risk Manager or Chief Risk Officer (CRO). Employees who show initiative and expertise in their roles are often considered for promotions within the bank.

How to Apply

  1. Online Application
    Interested candidates can apply for the position through the Bank AlJazira careers portal. Ensure that you submit your updated resume and a cover letter detailing your qualifications and experience.
  2. Interview Process
    After submitting your application, shortlisted candidates will go through a multi-step interview process. This typically includes an initial phone screening, followed by face-to-face interviews with the hiring team. The focus will be on your understanding of risk management, your experience in the banking sector, and how well you align with the bank’s values and goals.
  3. Document Submission
    You will be required to submit various documents, including academic certificates, professional references, and identification, as part of the final hiring process.

Career Path and Progression

Starting as an Operational Risk Officer, you can expect to move up in your career by gaining experience and demonstrating expertise in risk management. Typical career progression might look like this:

  • Operational Risk Manager
  • Head of Operational Risk
  • Chief Risk Officer (CRO)

With the growing importance of risk management in the banking sector, pursuing additional certifications like the Financial Risk Manager (FRM) certification can significantly boost your career prospects.

Conclusion

The role of an Operational Risk Officer at Bank AlJazira offers a promising career path for individuals passionate about risk management. The responsibilities are diverse, with ample opportunities for learning and growth. If you have the qualifications and the drive to manage risks effectively, this role could be your gateway to a thriving career in the banking industry.