Operational Risk Analyst Job Description, Duties and Responsibilities
This post focuses on discussing the job description of an operational risk analyst so you can learn all about what the role entails.
It reveals the key duties, tasks, and responsibilities that typically make up the operational risk analyst work description.
This post is also helpful to individuals seeking the job of an operational risk analyst to learn about the requirements applicants are commonly asked to meet to be hired for the position.
Please read on:
What Does an Operational Risk Analyst Do?
The operational risk analyst help organizations mitigate risks arising from internal processes, people, and systems. They investigate the procedures/processes an organization undertakes in the course of its operation, and document these activities and tighten up procedure where necessary.
As long as they are people, systems, and procedures, there must be some risks involved; hence the operational risk analyst can work in any sector.
The operational risk analyst job description entails gathering operational risk-related data from internal or external resources and conducting statistical analyses to quantify risks.
It also involves supporting the completion of business unit-specific risk/control self-assessments, annual assessment reviews, and scenario analysis exercises, as well as analyzing the root causes of operational exceptions and assisting in the development and completion of risk mitigation strategies.
Operational risk analysts are responsible for carrying out review and evaluating new processes or revised processes to ensure the appropriate risk management oversight and infrastructure exist to measure, monitor, and control such risks.
They are also responsible for the institutionalization of the KRI and KPI framework for business units, for assisting units with the design and development of the program components.
They also gather information and report on Key Risk Indicators (KRI’s) and Key Performance Indicators (KPIs); and also provide support with development and analysis of each indicator as required.
The operational risk analyst work description also involves identifying operational risk trends associated with the portfolio management process and developing risk mitigation strategies for future improvements.
It also includes overseeing the development and implementation of action plans to remediate key risks to investment management processes.
Operational Risk Analyst Job Description Example/Sample/Template
The operational risk analyst performs various functions, with a focus on processes for achieving organizational goals.
The job description of the operational risk analyst may vary, depending on the industry they work in. However, their primary responsibility is to help mitigate risks and improve processes in an organization.
The major tasks, duties, and responsibility that commonly define the operational risk analyst job description are listed below:
- Responsible for the completion of the Business Unit Risk Assessments
- Develop Risk Mitigation Action Plans
- Carry out detailed walkthroughs and process mapping to identify significant risks and controls
- Undertake the maintenance of Enterprise Risk Management Risk Register
- Report key risk and control indicators of department/business unit
- Oversee the operational risk incident management process to guarantee that timeliness, integrity, and quality control are maintained
- Ensure appropriate review of the financial impact of operational incidents and root cause and business impact analysis
- Oversee the consistent implementation of investment policies and procedures
- Monitor, review, and communicate the impact to the risk profile of future initiatives, including new product assessments, changes to trading strategies, targeted risk reviews, and major business changes
- Work together with other organizational line of defense (i.e. Compliance, Internal Audit, etc.).
- Stay abreast of current industry standards
- Develop and maintain technical knowledge of systems and data to ensure optimal use of technology.
Operational Risk Analyst Job Description for Resume
You can apply the sample operational risk analyst job description shown above in writing a resume for the position.
If you have worked before or are presently working as an operational risk analyst and are writing a resume for a new job, you can quickly create the professional experience section of the resume by using the duties and responsibilities highlighted in the sample job description.
Operational Risk Analyst Requirements – Skills, Knowledge, and Abilities for Career Success
When hiring for the role of an operational risk analyst, recruiters commonly give a list of requirements applicants would have to meet to qualify for hiring.
These requirements, shown below, are to help recruiters find the right kind of candidates that can perform the obligations, purpose, and objectives of the operational risk analyst job effectively:
- Education: Applicants for the operational risk analyst role are required to have a minimum of Bachelor’s degree or equivalent
- Knowledge: They must possess a solid understanding of process, risk, and control design concepts and governance from an operational risk management or audit perspective, as well as working knowledge (possess 4+ years’ experience) in the job operations of their desired sector, including knowledge of managing data/technology processes, or experience in risk mitigation within that field/industry
- It is also required that they have working knowledge of ad hoc reporting and research analysis experience. They should also have an understanding of federal, state, and agency standards, and guidelines regulating the industry they desire to work. They are also required to have the ability to execute routine (e.g. risk control self-assessment) and non-routine (e.g. investment initiatives independent review) risk management processes
- Interpersonal skills: It is important that applicants have the ability to interact and build effective working relationships with peers and all levels of management
- Sound business judgment: It is important that they have strong business acumen and ability to apply practical thinking in solving business problems
- Strong analytical skills: They must be able to leverage on data and statistical tools to draw valid conclusions and solve business problems
- Communication skills: The job of an operational risk analyst is a cross-functional role that requires communication and team work with all other departments; so it is essential that applicants have great oral and written communication skills to work effectively with others
- Self-starter: It is also vital that applicants are independent thinkers who can work without supervision, as well as with management to identify risks and controls pertaining to their processes
- Computer skills: They are also required to have proficient knowledge of Microsoft Office Suite, including Word, Excel, and Visio, as well as experience with specific applications relevant to the desired industry
- Problem resolution skills: Also, the operational risk analyst job requires that they identify weakness in systems and processes and help to mitigate the risk of failures from such internal operations. Therefore, it is important that applicants for the role are problem solvers who will not only identify but collect relevant data and apply subject matter expertise to solving the problem.
If you are an HR manager or recruiter needing to hire for the operational risk analyst position in your organization, you will need to post a description of the role that covers all duties and responsibilities you would want the successful candidate to perform.
You can make such comprehensive description of the role by applying the sample job description given above.
By making the job description available to prospective candidates, you will be able to attract only candidates who are well suited for the job.
Also, if you are interested in the operational risk analyst career, this post will be useful to you to learn about the duties and responsibilities associated with the role, which will help you make the right decisions about your career.
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