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Head of Operational Risk

Badenoch + Clark
Closing date
30 Jun 2021

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Job Details

Head of Operational Risk

Based in: Edinburgh or Glasgow

About the Bank

The Scottish National Investment Bank is a new development investment bank for Scotland with a vision to catalyse change by investing in a fairer, sustainable and ambitious Scotland. The Bank is a mission-led patient capital investor, with long-term missions set for it by the Scottish Parliament. Its missions have been set by the Scottish Parliament and include:

Net Zero Mission: achieving a just transition to net zero by 2045.

Investing in rebalancing our economy towards leadership in sustainable technology, services and industry.

Place Mission: extending equality of opportunity through improving places by 2040.

Investing in places and regeneration to improve opportunities and outcomes for people and communities.

People Mission: harnessing innovation to enable our people to flourish by 2040.

Investing in innovation and technology and industries of the future for a healthier, more resilient and productive population.

The Bank will invest in businesses and projects connected to Scotland that support the delivery of its missions in Scotland. The Bank will be underpinned by £2bn of capital from the Scottish Government, over 10 years.

As a development investment bank, the Bank will seek to enhance and expand the financial investment options available to business and projects across Scotland. In addition to the capital the Bank has committed from the Scottish Government, the Bank will be seeking to crowd-in investment from other lenders and institutional investors into the Scottish economy.

The Bank's team will work flexibly from home and our hub offices that we will establish in Glasgow and Edinburgh. Currently the Bank has one hub office in central Edinburgh.

We will consider applicants with any proposed working pattern. Requested work patterns should be noted on applications.

Role Purpose

Reporting to the General Counsel, the Head of Operational Risk has responsibility for leading the Operational Risk function. The function provides advice, oversight and reporting in respect of Bank's key risks (other than investment risks).

The Operational Risk function is a critical element of the Bank's risk infrastructure and therefore the continued achievement of the Bank's strategic goals and missions.

In particular, the Head of Operational Risk will be responsible for the design, implementation and maintenance of the Bank's risk management framework and ensuring that the Executive Committee and Board Risk and Conflicts Committee are in receipt of the information necessary to exercise their associated governance responsibilities.

Key responsibilities

  • Establish an effective Operational Risk function with the necessary knowledge, skills and infrastructure to support the Governance, Legal, Risk and Compliance ('GLRC') agenda and the Bank's strategic plan.

  • Co-Lead the development and embedding of a risk-aware culture at the Bank with the Executive Director, Head of Investment Risk. Supporting management in ensuring a profound and consistent understanding and application of the principles underpinning this element of the Bank's culture.

  • As part of the GLRC management team and in close collaboration with the Executive Director, Head of Investment Risk develop a strong second-line-of-defence risk function and support the General Counsel in liaison with internal audit as third-line-of-defence.

  • Act as main point of liaison to the Board Risk and Conflicts Committee on Operational risk matters, including preparation and presentation of management information.

  • Develop, implement and maintain the Bank's risk management framework, ensuring periodic review and approval from the Board Risk and Conflicts Committee, working in partnership with the Executive Director, Investment Risk.

  • Ownership of the Bank's framework of policies, procedures and processes relating to Operational Risk. Note that ownership of specific operational risks (e.g. cyber, outsourcing, health & safety) will sit with management in the first-line-of-defence.

  • Support the CFO and the Executive Director, investment Risk in their management of the Bank's main financial risks, running periodic scenario analysis exercises as well as risk-based stress testing and reverse stress-testing processes.

  • Facilitate the identification and recording of operational risks and ensure the risk register is kept up-to-date and relevant to the operations of the business.

  • Oversee the firm's internal control framework and provide advice to management on control design, execution and monitoring.

  • Lead the design and implementation of the Bank's anti-fraud framework.

  • Ensure that material risk events (and 'near misses') are identified, recorded, managed to completion and that lessons are learned to prevent repeated failures.

  • Working in close collaboration with the Executive Director, Investment Risk, provide advice and support to business unit leaders on risk management within their sphere of responsibility, including individual investment transactions.

  • Design and deliver training for Bank staff and Directors on Operational risk-related matters, including induction and periodic refresher training.

  • Participate in the governance structures of the Bank, including membership of the Extended Leadership Forum and attendance at Executive Committee and Board Committees as required, providing challenge and input to risk-based decision-making in collaboration with the Executive Director, Investment Risk.

Key skills and experience

  • Demonstrable experience in relevant governance, assurance or risk management roles, coupled with a proven background in a supervisory capacity.

  • Experience in establishing and running an Operational or Operational Risk function.

  • Experience in investment banking and / or investment management.

  • University degree and appropriate professional qualifications (e.g. law, audit, accounting).

  • Experience in managing and developing more junior team members

  • Experience of working to embed a risk culture in an organisation.

  • A collaborative work style.

  • Experience of working in complex and challenging environments, able to cope with pace of change and adapt.

  • Strong communication skills, both written and verbal, and the ability to articulate difficult messages to senior people.

We are committed to equality for all and being a fully inclusive employer, and are proud of the fact that our Board and Executive is gender diverse. We are actively seeking to build on this to grow a diverse team made up of complementary skills and experiences.
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