Operational Risk Specialist
An Operational Risk Specialist identifies and analyzes potential risks that may threaten the reputation, safety, security, and financial prosperity of an organization. They develop risk management processes and strategies.
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Sample Job Descriptions for Operational Risk Specialist
Below are the some sample job descriptions for the different experience levels, where you can find the summary of the role, required skills, qualifications, and responsibilities.
Junior (0-2 years of experience)
Summary of the Role
We are seeking a highly motivated Operational Risk Specialist who will assist in the development and implementation of risk management policies and procedures to ensure the company's operations are conducted within the defined risk appetite. The ideal candidate should be detail-oriented, possess a keen interest in risk management, and have the ability to analyze and interpret data to identify potential risk scenarios.
Required Skills
- Proficiency with Microsoft Office Suite, especially Excel.
- Strong communication and interpersonal skills.
- Attention to detail and precision.
- Ability to multitask and prioritize workload.
- Capable of working independently as well as part of a team.
- Eagerness to learn and adapt in a fast-paced environment.
Qualifications
- Bachelor's degree in finance, economics, business administration, or related field.
- Some experience with risk management processes or an equivalent combination of education and experience.
- Understanding of risk management principles and relevant regulatory requirements.
- Ability to work comfortably with numbers and financial data.
- Strong analytical and problem-solving skills.
Responsibilities
- Assist in the identification and evaluation of operational risks within the company.
- Support the Risk Management team in the development of risk mitigation strategies.
- Conduct research and analysis to stay abreast of industry trends and regulatory changes affecting operational risk.
- Assist with the preparation of risk management reports for senior management.
- Collaborate with different departments to gather data and insights to inform risk assessment.
- Participate in risk management trainings and workshops.
- Help in documenting and updating operational risk policies and procedures.
Intermediate (2-5 years of experience)
Summary of the Role
As an operational risk specialist, you are responsible for identifying, assessing, and mitigating risks that may jeopardize the safety, security, and financial prosperity of our organization. You will work to ensure that all operational aspects of the company adhere to risk management policies and regulations.
Required Skills
- Excellent analytical and problem-solving abilities.
- Effective communication and reporting skills.
- Strong organizational and planning skills.
- Proficient in Microsoft Office Suite and risk assessment software.
- Ability to work collaboratively and influence across different levels of an organization.
Qualifications
- Bachelor's degree in finance, business administration, or a related field.
- 2-5 years of experience in risk management or a related discipline.
- Certification in risk management such as CRISC or similar is preferred.
- Strong understanding of industry standards and regulations related to risk management.
- Experience with risk assessment tools and software.
Responsibilities
- Conduct risk assessments and evaluate the effectiveness of control measures.
- Develop and implement risk management policies and procedures.
- Analyze data to identify trends and potential areas of operational risk.
- Coordinate with various departments to ensure compliance with internal and external regulatory requirements.
- Provide training and guidance to staff on risk management practices.
- Prepare reports and present findings to senior management.
- Recommend improvements to reduce risk and enhance business processes.
Senior (5+ years of experience)
Summary of the Role
As a Senior Operational Risk Specialist, you will be tasked with the critical role of identifying, evaluating, and mitigating risks that could impact our organization's operations. You will be responsible for maintaining and enhancing the operational risk management framework, and ensuring compliance with regulations and internal policies. Your expertise will contribute to the protection of our company's assets, reputation, and sustainability.
Required Skills
- Advanced analytical and quantitative skills.
- Strong leadership and organizational abilities.
- Excellent communication and presentation skills.
- Proficient in risk management software and Microsoft Office Suite.
- High attention to detail and accuracy in work.
- Ability to influence and engage with senior-level stakeholders.
- Strong project management skills, able to manage multiple initiatives simultaneously.
Qualifications
- Bachelor's degree in Risk Management, Business, Finance, or a related field; Master's degree preferred.
- Minimum of 5 years' experience in operational risk management or a similar role.
- Professional certifications such as CRM, FRM, or similar are highly regarded.
- Proven experience in developing risk assessment models and mitigation strategies.
- Exceptional knowledge of industry practices and regulatory requirements related to operational risk.
- Strong analytical and problem-solving skills with the ability to handle complex information.
- Experience with operational risk management software and tools.
Responsibilities
- Develop and implement risk assessment models and methodologies to identify potential risks.
- Coordinate with various departments to gather risk-related data and insights.
- Analyze and interpret data to uncover any operational risks that may threaten the organization.
- Create and maintain documentation of existing risks and controls within the organization.
- Lead the development and execution of risk mitigation strategies and plans.
- Prepare detailed reports for senior management highlighting risk exposure and mitigation efforts.
- Conduct operational risk training sessions for employees across the organization.
- Stay abreast of industry trends and regulatory changes that may impact the organization's risk profile.
- Manage and oversee the response to operational incidents, including root cause analysis and implementation of corrective actions.
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