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  • 1st Line Risk Specialist - Johannesburg - FNZ

    FNZ
    FNZ Johannesburg

    3 weeks ago

    Default job background
    Description

    Job Overview:

    The 1st Line Risk Specialist will play a critical role in identifying, assessing, managing, and monitoring risks and controls within their assigned business area. This role will ensure alignment with the organisation's risk framework and supports the proactive management of risks in line with the company's strategic objectives and regulatory requirements.

    Key Responsibilities:

    1. Risk and Control Self-Assessments (RCSAs):
      • Ensure RCSAs comprehensively include all key risks to provide a complete understanding of the risk and control profile.
      • Identify day-to-day key risks and controls within the respective business area, assess risk exposures, and establish action plans where required.
      • Take ownership of the bi-annual RCSA process for their team/department, ensuring timely and accurate completion.
      • Review, challenge, and sign off on RCSA results for the assigned area of business.
      • Monitor the implementation of action plans on an ongoing basis, ensuring timely completion.
      • Update risk and/or controls outside the formal update cycle as required.
    2. Standard Risk Assessment:
      • Lead and coordinate the Standard Risk Assessment process within 1st Line.
      • Collaborate with Business Management to:
        • Define risks and identify risk factors.
        • Conduct the Inherent Risk Assessment (IRA).
        • Document measures or actions taken to mitigate risks exceeding FNZ Risk Appetite.
        • Conduct the Residual Risk Assessment (RRA).
      • Finalize and present risk assessment reports to relevant governance forums.
    3. Risk Event Management:
      • Maintain accurate and complete Risk Event records as per internal standards.
      • Categorize Risk Events using FNZ's risk taxonomy (cause, event, impact).
      • Ensure timely reporting of Risk Events within their area to all relevant stakeholders.
      • Identify root causes and implement actions to reduce the likelihood or severity of recurrence.
      • Ensure closure of actions with appropriate evidence and regular reporting.
    4. Escalated Root Cause Analysis (ERCA):
      • Identify and log Risk Events triggering the ERCA process.
      • Ensure the appropriate root cause analysis process is followed by the business/team, adhering to the established procedure.
      • Identify the causes of events and ensure actions are taken to prevent recurrence.
      • Consider the impact of major events on other business areas, applying lessons learned and taking preventative actions as needed.
    5. Risk Acceptance Process:
      • Manage the authority to accept risks within agreed exposure levels.
      • Ensure risks accepted outside the tolerance levels follow the prescribed risk acceptance process.
      • Review and ensure the Risk Acceptance form includes appropriate justification and sign-offs.
      • Submit completed Risk Acceptance forms for approval.
      • Monitor risks accepted for a defined period, ensuring adherence to timelines and follow-up actions.
    6. Monitoring and Reporting:
      • Review the business' strategy and establish risk appetite and financial and non-financial tolerances.
      • Establish indicators to alert management to increasing levels of risk and ensure regular reporting to Senior Management and the Board for awareness and action.
      • Complete and submit the bottom-up Risk Appetite Annual Review for areas within the Risk Appetite Statement Owner remit.
      • Monitor the status of risks relative to the identified Risk Appetite, including associated Key Risk Measures and progress of remediation within 1st Line Forums.
      • Prepare regular reports and visual presentations for governance forums, highlighting:
        • Trends in risk events.
        • Root cause analysis results.
        • Key risk exposures and areas of concern.

    Qualifications:

    • Bachelor's degree in business, Finance, Risk Management, or a related field.
    • Minimum of 3-5 years of experience in risk management or a related role within a financial services or corporate environment.
    • Strong understanding of risk management frameworks, principles, and practices.
    • Excellent analytical and problem-solving skills, with a keen attention to detail.
    • Strong communication and interpersonal skills, with the ability to engage effectively with stakeholders at all levels.

    Personal Attributes:

    • High ethical standards and integrity.
    • Strong organizational skills and the ability to manage multiple priorities.
    • Proactive and self-motivated with a strong sense of ownership and accountability.
    • Ability to work independently and as part of a team in a fast-paced environment.

    About FNZ:

    FNZ is committed to opening up wealth so that everyone, everywhere can invest in their future on their terms. We know the foundation to do that already exists in the wealth management industry, but complexity holds firms back.

    We created wealth's growth platform to help. We provide a global, end-to-end wealth management platform that integrates modern technology with business and investment operations. All in a regulated financial institution.

    We partner with over 650 financial institutions and 12,000 wealth managers, with US$1.5 trillion in assets under administration (AUA).

    Together with our customers, we help over 20 million people from all wealth segments to invest in their future.


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