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Operational Risk Officer At ARM Life

Date Posted: 08/Aug/2017
Deadline: 20/Aug/2017

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.

Operational Risk Officer

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 Duties and 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.

Method of Application

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