Senior Risk Officer

Do you want to build a truly worthwhile career? The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty and promoting shared prosperity. With 189 member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges.  For more information, visit www.worldbank.org.

The Operational Risk Department (CROOR) is looking for an individual with 10 plus years’ of practical experience in operational risk related roles, experience in leading risk related initiatives and an excellent track record in helping clients improve operational risk management.

Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events.

While day-to-day operational risk management lies with the business functions, the Operational Risk Department (CROOR) which operates under the Group CRO has key responsibilities which include  (i) oversight of operational risks across the Bank including regular monitoring and reporting of risks, (ii) development and implementation of an operational risk methodology to support reporting of operational risks, (iii) coordination and communication with business units to ensure identification and prioritization of operational risks and events, (iv) assisting the Bank in managing key risks in collaboration with business partners, (v) maintaining a governance risk and compliance tool to facilitate data collection and reporting, (vi) acting as the secretariat for the Operational Risk Committee (“ORC”) which is the principal governance body under the authority of the CRO for operational risks, and (vi) evaluating operational risk issues and related issues for new products, and  (vii) providing training on operational risks to champions representing the business functions.  

Duties and Accountabilities

The Senior Risk Officer will focus on: (i) supporting first line of defense functions on all aspects of operational risk management; (ii) contributing to the operational risk team in the enhancement of the risk management framework and (ii) the coordination of risk management initiatives. Specifically, the senior risk officer is expected to work closely with Bank units to help:

• Interact with the selected functions on operational risk related matters. 
• Partnering and overseeing first line of defense functions on all aspects of operational risk management.
• Monitor internal and external risk profile, review risk assessment, challenge and provide feedback to ensure it adequately reflects reality, including refine and review indicators and thresholds used to report operational risks 
• Lead risk management initiatives that include assessing the risk and developing appropriate risk management strategies that is in line with the Bank’s risk appetite
• Design and implement training and awareness strategy to strengthen the organizations risk culture.
• Support secretariat of different risk governance bodies and collaborate with the teams to ensure that logistical aspects are taken into account.
• Design and implement business unit strategies to enhance risk management capabilities for business units
• Guide business units to identify, assess, prioritize, monitor, and report enterprise and operational risks in their functional areas
• Facilitate the quarterly operational risk reporting process, including identifying key issues for discussion with the first line, following up on key risk issues, monitoring KRIs and events and coordinating discussions with management
• Manage relationship with internal audit, to foster collaboration and gain better insight.
• Perform research on various thematic areas to understand operational risk landscape that includes trends, emerging risks, good practices, regulatory changes etc.
• Lead the development and delivery of the team’s internal communication strategy to increase stakeholder awareness.
• Support CRO leadership on advising senior management on technical operational risk issue.
• Write reports for management and the Board that summarize operational risk issues.