ARM Life Recruitment for Operational Risk Officer

ARM Life is the insurance subsidiary of Asset & Resource Management Company Ltd (ARM). Its parent company, ARM is one of the largest non-bank financial services firms in Nigeria with a focus on asset management. Established in 1994, ARM started operations as a traditional asset management company specialising in the management of quoted equities and fixed income securities.

We are recruiting to fill the position below:

Job Position: Operational Risk Officer

Job Location: Nigeria
Job Type: Full-Time

Job Summary

• Responsible for the management and consistent review of operational risk activities within the ARM Group
• Facilitate and manage the operational risk loss reporting process across the ARM Group.
• Facilitate and manage the Risk and Control Self Assessment process across the ARM Group
• Compile operational risk reports for senior stakeholders and committees across the ARM Group (both internal management reports and reports for external stakeholders)
• Facilitation of operational risk training and awareness sessions for ARM staff members across the Group.

Principal Responsibilities
Internal Loss Data Collection:

• Assign reported loss events to the correct Event Owner in line with the event escalation matrix
• Validate operational risk classifications as completed by the Event Owner
• Track all open events and ensure that timely progress reports are received from all relevant parties
• Maintain the operational risk loss database and system, and ensure quality of the internal loss data collected across the ARM Group
• Track the management of all operational risk loss events by the relevant Event Owners.
• Approve the closure of all operational risk loss events
• Generate necessary awareness to encourage continuous and increased collection of loss events

External Loss Data Collection:

• Monitor external loss events and maintain a database of such loss events.
• Identify lessons learnt from external loss events and adopt necessary mitigating factors within the firm, working with relevant business manager/unit head.

Risk & Control Self Assessment (RCSA):

• Draft and maintain an “annual plan of work” for the scheduling and completion of RCSA’s for all departments.
• Ensure that sufficient time is allocated for each RCSA workshop held per department.
• Facilitate RCSA workshops and guide business unit level staff throughout the assessment process.
• Facilitate effective and constructive communication between the various stakeholders within RCSA workshops.
• Ensure timely completion of all departmental RCSA’s
• Ensure continuous update of the control matrix
• Development of a risk awareness culture both during RCSA workshops and across the broader Firm.

Key Risk Indicators (KRI):

• Create a KRI definition and monitoring framework
• Update and maintain KRIs identified for each unit and across the Firm
• Monitor indicators and distribute reports to relevant stakeholders

Issue Management & Whistleblowing:

• Create awareness in order to increase identification and collection of risk issues and whistleblowing incidents.
• Carry out necessary investigation and assessment when an issue or incident is identified or reported.
• Maintain accuracy and completeness of data on the issues log and whistleblowing log.
• Assign risk issues and whistleblowing incidents to relevant Units and individuals for resolution.
• Follow-up with relevant stakeholders to achieve prompt resolution.

Business Continuity Management(BCM):

• Consistently executing the Firm’s Business Continuity Plan (BCP)
• Work to achieve lower occurrence of business disruptions

Reporting & Communication:

• Collate and disseminate operational risk reports and other relevant reports to Stakeholders from time to time.

Competency and Skills:

• A thorough understanding of ARM’s business, operations and products, including the industry and the markets within which it operates
• Basic understanding of risk management principles, and ability to carry out independent research regarding global best practice
• Very good working knowledge of Microsoft excel and visio
• Good communication (verbal and written), interpersonal, presentation and facilitation skills
• Strong on reporting and presentation of data for ease of use by end users
• Problem solving and strong analytical abilities
• Versatile and creative
• Proactive and sound decision making ability
• Innovative and resilient
• Exceptional attention to detail
• Commitment to quality
• Self motivated and driven
• Commitment to achieving agreed objectives
• Keen on acquiring new knowledge
• Self organised, logical and systematic
• Ability to work well with diverse groups and individuals
• Ability to remain independent and objective on the job
• Ability to lead and obtain people’s buy-in, while executing such to completion
• Ability to work independently, while also working within a team
• Possesses strong work ethic

Minimum Qualifications

• First degree in business, accounting or other finance related discipline.
• A relevant professional qualification or a Masters degree.
• Relevant experience within a professional services firm, financial services institution or regulatory body is desirable.