Risk and Control Specialist

Responsibilities:

Risk and Compliance Governance

• Enable effective implementation of framework and policies related to non-financial risk and compliance matters to strengthen the operational resiliency and enable sustainable business growth of the Department and CIMB Singapore.
• Promote and support the Head of RCU in strengthening operational resiliency with proactive identification, management, monitoring and control of operational and compliance risks using relevant operational and compliance risk tools to reduce likelihood and impact of occurrence in line with risk appetite. This includes identifying areas with ineffective controls or potential risk associated with new business initiatives, process changes, and new product, system/applications or services for the department.
• Perform the identification, assessment and monitoring of key drivers for all types of non-financial and compliance risks that could impact the Department, including Operational Risk, Conduct Risk, Fraud Risk, Third-Party Risk, Business Continuity, Data Risk, AML/CTF, regulatory compliance and other non-financial risks that are unique and applicable to the Department.
• Support and provide risk and control advisory to HOD / Head of Unit (HOU) / Process Owners with proactive risk prevention strategy by identifying and managing risk at source / emerging risks during departmental strategy planning, product design, system implementation / changes or process changes and embedding effective risk controls in the business processes.
• Monitor and report risk indicators / measures, and ensure timely escalation of the department's operational risk events with mitigating actions to stakeholders and risk committees
• Collaborate with HOU / Process Owners to ensure departmental policies, procedures and SOPs are effective, updated and aligned with the Bank's risk framework and policies with documentation of appropriate key controls.
• Perform regulatory gap analysis for new or revised regulatory guidelines or P & P impacting the department, ensuring adequate risk and control are put in place for regulatory compliance. Manage and address regulatory expectations, including audit examinations and queries
• Facilitate consistent approach in the assessment and management of risks within the department in alignment with applicable banking laws, regulations, internal policies and procedures.

Incident Response, Root Cause Analysis and Recovery

• Ensure timely assessment, escalation and resolution of operational risk event to minimize potential losses
• Conduct deep-dive into operational risk events through understanding the sequence of events to identify the root cause / control weaknesses for establishing and implementing mitigating controls/preventive action plans.
• Perform independent thematic and/or periodic reviews of incident, project, process/control, systems, etc, to identify cause and controls breakdown/deviation at a department and/or cross departments level.

Champion the Risk and Compliance Culture

• Support Head of RCU/HOD to champion Risk and Compliance culture, and provide relevant risk and compliance updates / training within the department
• Work in collaboration with 2nd LOD in developing relevant risk and compliance updates / training materials / risk culture initiatives for the department .
• Ensure continuous upskilling of own capabilities on risk and compliance knowledge to enable effective risk identification, assessment and control across the functions of the department

Regulatory Compliance

• Support Head RCU/HOD in addressing requirements and audit request of local regulators with respect to non-financial risks and regulatory compliance, ensuring departmental non-financial risk controls and practices are in compliance with the applicable banking laws, regulations, internal policies and procedures.
• Stay abreast of industry trends, regulatory developments and best practices in non-financial risk and compliance risk to continuously enhance departmental risk management capabilities and operational resilience.

Projects

Participate in specific projects/ initiatives providing guidance relating to operational and compliance risk within the Department, ensuring operational readiness.

Projects

Participate in specific projects/ initiatives providing guidance relating to operational and compliance risk within the Department, ensuring operational readiness.

Requirement

• Min. Degree in Economics, Finance, Accounting or equivalent
• Posses professional or post graduate qualifications e.g. Chartered Accountant, CFA, FRM, Operational Risk Management Certification, etc
• At least 7 years of banking experience in operations, operational risk management, audit/quality assurance or other risk control-related function experience
• Strong critical thinking and problem-solving skills with the ability to deliver pragmatic solutions to risk issues independently.
• Excellent communication and interpersonal skills for effective collaboration and strong stakeholder management.
• Ability to work independently and a team player.
• Self-motivated and adaptable with strong initiative, integrity and desire to learn and develop.
• Agile mindset with the ability to embrace change and drive innovation in risk management practices.
• Proficient in Presentation slides, Excel and Word.