Operational Risk Officer, Crypto Asset Risk

About Standard Chartered
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To us, good performance is about much more than turning a profit. It's about showing how you embody our valued behaviours - do the right thing, better together and never settle - as well as our brand promise, Here for good.

We're committed to promoting equality in the workplace and creating an inclusive and flexible culture - one where everyone can realise their full potential and make a positive contribution to our organisation. This in turn helps us to provide better support to our broad client base.

The Role Responsibilities

The purpose of this role is to act as the single point of contact ('SPOC') within the second line for the Business in respect of all Operational Risk matters, collaborating as appropriate with CROs of OR Functions and Centres of Expertise ('COEs').

This role includes responsibility for monitoring and challenging that the Business meets their obligations under the various Principle Risk Type frameworks, in the context of the Operational Risk Type Framework ('ORTF'), and that breaches / weaknesses are appropriately identified and escalated. This is discharged in part through collaboration with other second-line risk teams (including Operational Risk and COEs) as well as enterprise-wide SMEs. SPOC team will also be supported by a pool of shared resources covering Crypto Asset Risk Management portfolio.

SPOC's coverage includes all Second Line responsibilities within the Group's Enterprise Risk Management Framework ('ERMF'). This includes oversight, review and challenge of all risk decision making by business functions within the bank that partake in the business of Crypto Assets (e.g. crypto currencies, NFT, collectibles, etc).
The role holder has a responsibility for ensuring full adherence by Crypto Asset Risk Management with the ORTF, as this brings together Second-Line responsibilities across several PRTs, alongside other sub-Risk Types (as defined therein). An understanding of the interplay between the ORTF and all Risk Type Frameworks is a requirement for this role.

Operational Risk spans an array of potential for financial loss and negative impact on our clients and providers of capital. A developed understanding of this potential and the business case for minimising loss and impact is a requirement for this role.

From a regulatory perspective, both Section 320 of the European Union Capital Requirements Regulation (CRR) and the Bank for International Settlements, Principles for the Sound Management of Operational Risk outline the need for banks to demonstrate the ability to identify their exposures to Operational Risk and have in place an appropriate system of monitoring and control, Understanding this and other relevant regulatory requirements and guidance in respect of Operational Risk is a requirement for this role.

As crypto assets are a new domain in the world of finance and the bank, the role holder will form part of a team that will help influence and establish common practice, policies and frameworks for the management of Crypto assets within bank. The incumbent will be required to keep up to date with risk management related regulations around crypto currencies issued by regulators and industry working groups.

Majority of the Group's Operational Risk management is performed and owned in the First-Line, including SC Ventures and relevant business units within the bank where crypto initiatives are being implemented. The Group's Operational Risk team (whether embedded in Country functions, or housed at a Group-level, collectively 'GORT') is responsible for monitoring and ensuring that Operational Risk is appropriately identified, assessed, understood/calibrated, controlled and managed within the approved Operational Risk Appetite. GORT is also responsible for ensuring appropriate escalation, follow-up and learning from Operational Risk Events / Incidents. GORT, working in partnership with the first line, is responsible for ensuring the adherence to the ORTF. The role-holder is expected to take the lead in delivering on these GORT responsibilities for the Business.

The role-holder is required to understand the role and responsibilities of the GORT as a whole and how these are discharged by the team, actively contributing to development and improvement in the same, as well as to remain informed of pertinent industry and organisational developments.

Strategy

• Provide inputs to the Business on risk implications of strategies and plans. This includes recommendations on strategies and plans to align with the Group's approved Operational Risk Appetite.
• Engage the Business to provide inputs on and support implementation/embedding of risk frameworks, policies, standards, process and initiatives. This is to be done in collaboration with ERM, and other second line where appropriate.

Business

• Demonstrate deep understanding of the Crypto Asset Business strategic priorities to effectively advise and challenge decisions across all relevant Risk Types
• Review and recommend resolutions to risk-related escalations from SC Ventures, keeping in mind Operational Risk Appetite thresholds, policies and procedures
• Work with GOR Policy team to clarify / interpret any policy-related matters or queries from SC Ventures
• Identify internal / external insights and emerging risks that can impact the Business
• Attend relevant Business Risk committees representing Risk in advising, challenging and providing Risk insights to business stakeholders

The role-holder is also responsible for taking a lead in ensuring that SC Ventures adheres to agreed Operational Risk Appetite, including supporting Crypto technology adopting businesses within the bank in defining its Operational Risk strategy in conjunction with Group Internal Audit. This includes the challenging of the Business strategy and Corporate Plan and seeking to embed awareness and engagement with all Operational Risk sub-types across the Business.

This will be achieved through partnership, challenge and control as follows:

• Partnership: Offering general advice on all PRTs and Operational Risk sub-types to key stakeholders.
Challenge: Reviewing and challenging the Business's articulation and calibration of Operational Risk - identification of risks and potential points of failure, control design and implementation and continual review of both gross and residual risk assessments.Control: Drive and foster adoption of - and monitor adherence to - the Operational Risk Type Framework - and related Policy and Standards - by the Business, including adherence to clearly defined roles for each of the three lines of defence, supported by appropriately designed training and other awareness/engagement-focused routines.

Processes

• Take ownership for all Second-Line accountabilities within the Operational Risk Type Framework and the Enterprise Risk Management Framework ("ERMF"), as they pertain to Crypto Asset Risk Management, seeking to deliver the same effectively and efficiently. This includes the authority for approvals delegated to the Crypto Asset Risk Management SPOC, by the Global Head, Risk Functions and Operational Risk (via JD of Global Head of CCIB) for all pertinent risk assessment, root cause review, treatment plan pertaining to Crypto Asset Risk Management as defined by the Operational Risk Type Framework through this document. This also includes oversight and challenge of risk management actions from the first line for:
  • Acting as the Risk Framework Owner ("RFO") for Operational Risk for the Group and SC Bank and discharge the RFO responsibilities set out in the ERMF for Operational Risk and the associated NPRT.
  • Acting as the Subject Matter Expert for the NPRT: Transaction Processing, Product Management, Change Management (including Delivery Risk), and Prudential Standards for Operational Risk.
• The delegated authority for risk assessment can be further delegated by the SPOC to relevant risk officers covering Crypto Asset Risk Management, including the pooled resources.
• Fully adhere to - and actively contribute to - all agreed governance (e.g. committees) and other routines (regular meetings, attendance at other forums) for the GORT teams or, where applicable and requested for by SC Ventures.
• Act as an advocate for the GORT teams, its objectives and best practice in Operational Risk management more broadly where opportunity arises.
• Adhere to such other process and governance requirements as requested by line management, from time to time.

People and Talent

• Talent Management: Help the GORT teams to identify, attract, employ, engage and retain high performing and high potential individuals as needed for the team, including having a high-quality succession pipeline.
• Leadership: Lead through example and tone and help to build the appropriate culture and values within the team and across the wider organisation, communicating vision and building commitment and energy to focus on key priorities

Risk Management

• Ensure all activity adheres to the Risk Management Framework, with a specific focus on ensuring an effective framework for the management of Operational Risks within the team as they pertain to the role.

Governance

• Demonstrate an awareness and understanding of the regulatory framework in which the Group operates, and the regulatory requirements and expectations relevant to the role.
• Deliver 'effective governance'; capability to challenge colleagues effectively; and willingness to work in an open and collaborative mindset.

Regulatory & Business Conduct

• Display exemplary conduct and live by the Group's Values and Code of Conduct.
• Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
• Lead the Operational Risk Crypto Asset Risk Management function to achieve the outcomes set out in the Bank's Conduct Principles.
• Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
• PRA/FCA prescribed responsibilities are set out above.

Key Stakeholders

Internal:

• Global Head, Digital Assets
• Chief Risk Officer, SC Ventures
• Digital Asset Centre of Excellence Stakeholders.
• Business Heads of the Group
• Chief Operating Officers - Relevant Crypto adopting business
• Internal Audit
• Risk Framework Owners
• Subject Matter Experts (as defined by the Operational Risk Type Framework)
• Members of the Group Operational Risk Leadership Team and Country OR teams

Other Responsibilities

• Embed Here for good and Group's brand and values in Group Operational Risk Team.
• Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures.

Our Ideal Candidate
The role holder will have significant experience in Operational Risk management, Data Analytics within the Banking industry, including relevant regulation and industry trends. In particular, the role holder will demonstrate:

• A fair understanding of Blockchain, Distributed Ledgers, Encryption Technology and how these are being applied to the creation of Crypto Assets.
• An education preferably in Computer Science, Cryptography, Information and Cyber Security coupled with understanding of financial markets will be looked upon favourably.
• Prior experience and exposure in the area of Crypto Currencies / Assets, Software Development, Development Operations, Software Development Lifecycle / Software Testing within an exchange of financial institution will be advantageous.
• A rigorous and analytical approach to risk management
• Knowledge of the Business and its franchise and/or remit.
• Experience of business partnering, including the ability to synthesise and articulate complex and technical topics clearly to diverse audiences
• Ability to manage a diverse and challenging stakeholder community / team
• Proven experience with co-ordination of many dependencies in a complex, large-scale environment
• Minimum 5 years of experience in Crypto currencies or cryptography.
• Specific strong competence in analysis of complex data and PowerPoint for communication purposes
• Over 10 years of experience in OR.

Ideally the role holder will have specific experience of Operational Risk frameworks and have an in-depth knowledge of some of the key organisational and operational challenges faced by a Second-Line Operational Risk function. Experience of balancing cost targets with delivery need, as well as regulatory requirements, would also be helpful.

The role holder should comply with all mandatory e-learning as prescribed from time to time.

Apply now to join the Bank for those with big career ambitions.

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