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Operation Office for EMEA has several functions including a) processing centre for users including EMEA offices and London users, b) regional head quarter of operations, c) support function. First Line Risk & Control department is one of support function and to maintain proper governance from first line risk & control perspective.
First Line Risk & Control Team
First Line Risk & Control Team is part of the Operations Risk & Control pillar within the EMEA Operations division.
First Line Operations Risk & Control’s purpose is to equip the Product Service pillars in Operations with a dedicated, pre-emptive first line control function which will enable Operations to meet internal and external (including regulatory) obligations.
First Line Risk & Control Team’s role is to provide dedicated risk & control oversight to product service pillars and execute the central control assurance function by driving the control agenda, sponsoring control themes across pillars, delivering control MI / risk reporting, owning control framework.
MAIN PURPOSE OF THE ROLE
Risk & Control Specialist
In this role, you will be supporting the Product channel ensuring effective control oversight of Operations processing activities through pre-emptive monitoring, reconciliation and continuous risk assessment. Proactively identify potential risks by monitoring and analyzing indicators, trends, and emerging issues. Develop appropriate response plans. Work with cross-functional teams to establish best practices in risk management and integrate them into business operations.
Focus of this role will be to have good BAU knowledge and oversight to be able to provide Operational Control Oversight for key KRI’s and KPI’s for Regional Operations Product Services processing areas – have a strong understanding of reconciliation first principles to facilitate effective identification of key risk and thematic issues. Leverage reconciliation expertise to play an active role in R & C risk analysis and mitigation.
Have a good understanding of Securities and Derivative trades life cycle events, collateral funding for Derivative and Securities products, and understanding of operational requirement to support Settlement pre-matching for Fixed Income and equity products.
Processing areas coverage:
- Derivatives Trade Support
- Confirmations
- Securities Trade Support
- Collateral Management
- Asset Servicing & Network Management
- Settlements / Tri party.
KEY RESPONSIBILITIES
Establishment and maintenance of the 1st line control framework (Level 1 controls and key controls) which are required to mitigate against operational failure within the product channel.
- Current vs Required Control reconciliation to determine accuracy of level 1 controls
- Mapping of level 1 controls to key controls
- Determination of business risks and mapping of key controls required to mitigate those risks
- Assessment of control (design and operating) effectiveness and remediation of controls that are ‘in-effective
- Appropriate calibration, measurement and reporting of control status
- Periodic (mostly daily) execution of controls
Supporting the product channel to demonstrate / evidence that it is “in control” through:
- Ensure completeness of the SII population using comparative reconciliation (known vs potential issues)
- Preparing the RAF (Risk Assessment Framework) for the Product Channel and discussing / agreeing content with the department head.
- Attesting to key controls on a periodic basis
- Establishment, measurement, monitoring and reporting of key risk and performance indicators for the product channel (e.g. ORMI)
- Maintenance of the department’s RCSA (Risk Control Self-Assessment)
- PDCA meetings within the unit
- Management and resolution of queries relating to control gaps / failures within the unit
Control Assurance Testing and Reconciliation
- Reduce risk through detailed reconciliation in the following areas:
- Execution of self-inspections (inspection and countermeasure)
- Execution of SOx testing (testing and countermeasure)
- Execution of the RCSA controls testing.
Incident Management
- Trend analysis using reconciliation principles to complete root cause analysis, identification and remediation of core trends / themes.
- Operational incident management (timeline, flash report, CORE report, incident log, verification of well-established countermeasures, reporting, IFA and VWEC)
- Management of Information leakages (Flash report, Core report, incident log and countermeasure)
- Recording and tracking analysis near-misses
Management of Audit Profile
- Review of open audit issues and MAP (Management Action Plans) from internal and external audit reports
- Progress and track closure of open points by supporting product channel in completion of actions
- Reporting and escalation of outstanding issues
Procedure and Policy Management
- Support unit procedure reconciliation to ensure completeness and regular review
- Unit procedure update / review
- Exception handling request application
- Unit procedure list EPD bi-annual review
Execution of BAU and Internal control activities
- Support colleagues within the function to embed risk management policies and reconciliation processes into BAU operations.
- Promote “think risk” culture within the function through risk discussions and enhancements to risk management practices.
- Participate in risk related changes (operational or technology related) at the functional level for both transformation and BAU changes.
- Collaborate with other Risk Champions on cross functional risks and the transfer of risks from one register to another.
WORK EXPERIENCE
- Strong Product knowledge and F2B Process understanding of Investment Banking flows
- Extensive reconiliations experience and understanding of reconciliation first principles
- Demonstrable stakeholder management skills
- Demonstrable time management skills
SKILLS AND EXPERIENCE
Functional / Technical Competencies:
Essential:
- Good analytical skills from an operational perspective
- Understanding of the general Operational process flow
- Intermediate MS Excel and Word skills
- Excellent communication skills (written and oral)
- Good stakeholder management skills
PERSONAL REQUIREMENTS
- Excellent communication skills
- Strong Reconciliation mindset
- Results driven, with a strong sense of accountability
- A proactive, motivated approach.
- The ability to operate with urgency and prioritise work accordingly
- Strong decision making skills, the ability to demonstrate sound judgement
- A structured and logical approach to work
- Strong problem solving skills
- A creative and innovative approach to work
- Excellent interpersonal skills
- The ability to manage large workloads and tight deadlines
- Excellent attention to detail and accuracy
- A calm approach, with the ability to perform well in a pressurised environment
- Excellent Microsoft Office skills
We are open to considering flexible working requests in line with organisational requirements.
MUFG is committed to embracing diversity and building an inclusive culture where all employees are valued, respected and their opinions count. We support the principles of equality, diversity and inclusion in recruitment and employment, and oppose all forms of discrimination on the grounds of age, sex, gender, sexual orientation, disability, pregnancy and maternity, race, gender reassignment, religion or belief and marriage or civil partnership.
We make our recruitment decisions in a non-discriminatory manner in accordance with our commitment to identifying the right skills for the right role and our obligations under the law.
