Purpose of the Role -
- Responsible for advisory and assurance to ensure the Division/Department maintains an adequate and effective first line of defense based on the compliance and operational risk management programs;
- Promote and support the Division/Department to ensure adherence with applicable banking laws, rules, regulations and internal policies, procedures and processes. Ensure action plans are developed by the Division/Department to address the risk and control issues;
- Enable the effective execution of the operational risk and compliance risk framework throughout the Division/Department, with respect to identifying, quantifying, reviewing, evaluating, and mitigating risk to ensure that all compliance and risk categories are identified and managed in accordance with regulatory, internal policies and procedures requirements.
- Be the first point of contact for the Management of the Division/Department in providing independent advice, support, and assurance for risk & compliance matters within the division/ department, integrating business, risk & compliance knowledge. In the event of operational risk and compliance matters beyond Line 1.5 (RCU Heads) purview, to escalate the Line 1’s issues to to the Line jointly with Line 1.;
Scope of the Role -
- Responsible for management of operational risk and regulatory risk for the Division/Department across the legal entities or across the geography as stated in the appointment letter
- For external regulatory examination: the Risk and Control Unit Head is responsible to act as a liaison and address all concerns and requirements of regulators with respect to risks within their functional area of responsibility
- In the event of operational risk and compliance matters beyond Line 1.5 purview, Line 1’s escalation to Line 2 should happen jointly with Line 1.5
- Consulted on the standard setting by Line 2, including providing division/department-specific inputs for frameworks, policies, procedures and risk appetite; Line 1.5 should not be expected to take a cross-divisional view, its mandate should only be within its own division/department