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.
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