Director - Member, COO & Business Risk - SC Ventures

Employer
Standard Chartered Bank
Location
Singapore, Singapore
Salary
Competitive
Posted
02 Oct 2022
Closes
12 Oct 2022
Ref
17137602
Job Function
Risk Management
Industry Sector
Finance - General
Employment Type
Full Time
Education
Bachelors
About SC Ventures
SC Ventures ("SCV") was established in March of 2018 with the purpose of "Rewiring the DNA in Banking". SCV has three divisions:
A) The eXellerator labs, enabling innovation at large in the Bank by supporting:
  • Entrepreneurially minded colleagues as "Intrapreneurs", developing ideas to products, services or new business models.
  • Collaboration with fintech companies, supported by the SC Ventures Fintech Bridge, Proof of Concept ("POC") framework and POC funding.
  • Client engagement on co-creation activities.
B) The Innovation Investment Fund ("Fund") focused on acquiring minority stakes in fintech companies ("fintechs").
C) Venture building, exploring new business models ("ventures"), with the objective of providing 'optionality' for the Group in the way it engages existing and new customers and markets. These ventures adopt a start-up model, operating independently of the Group's existing businesses, funded in a venture capital fashion, and under a different governance and risk management framework.
Venture Building Activity
Working closely with the relevant Venture Leads / Founders, the candidate will support several ventures through the venture building lifecycle (i.e., Design and Development, Alpha and Beta Stages). The candidate will be responsible for supporting the overall project delivery and building the risk programme at their assigned ventures.
The responsibilities include owning and enabling the ventures to meet their operational, risk, compliance and governance requirements prior to their commercial Go-Live and building processes and controls to the satisfaction of the Second Line Risk Owners. These responsibilities will remain with the candidate until such time that a venture is sufficiently resourced to perform such activities within their own teams (i.e. the appointment of a Venture Project Manager, Venture Chief Operating Officer ("COO") and/or Venture Chief Risk Officer ("CRO") prior to or during Beta Testing). The activities will include, but are not limited to, the following:
  • Identification of project milestones and tracking these milestones to closure
  • High-level risk assessment for the ventures prior to Seed Funding to help them identify key risks and propose mitigation in the Pitch deck.
  • Analysis of the Business Value Proposition / Business Model of a venture to identify the High-Level Business and Functional Processes relevant and critical for operationalisation of the venture and delivery of the business proposition.
  • Document key business processes and their sub processes (where relevant) and confirm with the venture team the completeness of the identified Process Universe including the First Line process ownership.
  • Assess the applicability / relevance of each of the PRTs for the business value proposition of the venture. Identify the Potential Failures across the agreed Process Universe, Assess and grade the materiality of applicable PRTs and Sub Risk Types using relevant risk assessment matrix.
  • Define high level mitigants to control the critical risks to a Low Residual Risk.
  • Conduct discussions with the second line RFO for each of the PRT (e.g., Technology, Financial Crime Compliance, Operational Risk etc.) to review the PRT applicability and risk grading and mitigants. Identify and additional Risks / Potential Failures and agree the mitigants / controls and control indicators with the RFOs.
  • Implement key business processes and their sub processes (where relevant) and support the operationalisation agenda of the venture entity.
  • Define and agree Alpha Testing Parameters and provide evidence to the functional subject matter experts ("SMEs") / RFOs on the Alpha Testing requirements and secure signoff.
  • Complete Control Testing during Alpha Stage and gather evidence of control performances.
  • Create the Risk Register on SC Ventures Governance and Risk & Compliance ("GRC") tool and seek approvals from the functional SMEs / RFOs for their individual risk types.
  • Identify the key policies that the venture needs to adopt and initiate steps to adapt them to venture requirements (if applicable).
  • Define and agree the Beta Testing Parameters, Evidence for Beta Testing requirements for RFO approval, seek RFO and SCV Risk Committee ("SCVRC") approval, if required, to commence Beta Testing.
  • Together with Venture Lead / Chief Executive Officer ("CEO"), initiate the hiring of venture risk team and key support functions at the venture.
  • Complete Control Testing during Beta Stage and gather evidence of control performance. Assess Residual Risk for the critical business processes (Medium or Higher rated risks) and provide Residual Risk Profile to the functional SME / RFO.
  • Adopt Enterprise Risk Management Framework and policies, set up the Executive Risk Committee ("ERC") and commence reporting of key metrics (i.e. Risk Appetite, conduct, and compliance) to ERC and Board.
  • Resolve operational and risk issues. Obtain sign off from SMEs/RFOs of Risk Register, Treatment Plans / Risk Acceptance for Elevated Residual Risks and Product Approval.
  • Embed Business Continuity Planning and Disaster Management processes.
  • Train Venture staff on key risk management processes.
  • Before the Commercial Go-Live of the venture, hand over responsibilities to the appointed Venture COO and Venture CRO.
  • Support the venture team in their preparations for Go-Live, including helping them to secure required approvals.
Risk Management
  • Monitor adherence to risk appetite and guide and assist ventures to remediate risk appetite breaches. Speak out on emerging risks across the venture portfolio.
  • Ensure compliance with policies applicable to SCV. Challenge processes, procedures, and policy if there is opportunity for efficiency improvements including support to assess the effectiveness of frameworks and policies
  • Regularly evaluate and identify PRT risks for new products and new businesses, regulatory and thematic risks, and drive the implementation of appropriate and calibrated controls to mitigate these risks across the venture portfolio.
  • Raise awareness of business controls, governance and supervision responsibilities amongst relevant SCV Platform and venture staff.
  • Assess the risk management and operational capability at SCV Platform and ventures in the portfolio and advise on remedial actions. Identify knowledge gaps, facilitate training on PRTs and policies for SCV Platform and venture staff.
Risk Processes
  • Identify processes that involve material risks and ensure appropriate and calibrated control mechanisms are implemented and approved.
  • Responsible for ensuring adherence to specified risk deliverables and deadlines, along with the execution of CST / KCIs in the SCV Platform and ventures prior to Go-Live.
  • Act as a key escalation point for the business for all PRT risk related events and incidents and queries that arise at your assigned ventures.
  • Support your assigned ventures in reducing the impact of operational risks and minimising events, including losses, and ensuring material operational events are investigated to prevent recurrence.
  • Perform root cause review of material operational risk events for institutional learning and enhancement of controls.
  • Support your assigned ventures to define treatment plans for Material Risk Events and areas of Elevated Residual Risk and monitor both the implementation of such plans and the closure of risk treatments.
Governance
  • Ensure adequate governance and oversight of risk at your assigned ventures, through the escalation and appropriate resolution of risk exposures to the Venture Board, SCVRC, Group Risk Committee ("GRC") or Group Reputational Risk Committee ("GRRC") as required.
  • Ensure that all required risk management information and metrics are captured at your assigned ventures, monitored at the SCV Platform and reported to SCVRC (e.g., Risk Appetite, Risk Profile, Control Completion, Material Risk Events etc).
  • Support SCV Business Leads / Venture CEOs / Venture Leads in the preparation of papers submitted to the SCVRC.
Regulatory and Business Conduct
  • Display exemplary conduct and live by the Group / SCV's Values and Code of Conduct.
  • Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across the venture portfolio. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
  • Support the First Line COO & Business Risk team to achieve the outcomes set out in the Bank's Conduct Principles: Fair Outcomes for Clients; Effective Financial Markets; Financial Crime Compliance; The Right Environment.
  • Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters at your assigned venture.
Our Ideal Candidate
  • 8+ years experience in risk management and programme management.
  • Business acumen and an entrepreneurial mindset.
  • Excellent writing and communication skills.
  • Clear understanding of the Bank/SCV's Enterprise Risk Management Framework and Operational Risk Framework or equivalent experience gained in other organisations.
  • Demonstrated history of applying sound judgement with critical thinking skills and courage necessary to perform a control role and maintain effective working relationships.
  • Strong analytical skills, detail-focused with the ability to interpret large volume of information.
  • Problem solving skills with ability to influence across all levels of business.
  • Ability to independently drive initiatives with minimum hands-on supervision
Role Specific Technical Competencies
  • ADVANCED : Knowledge of Financial and Non-Financial Risk Types and hands on experience in managing one or more financial or non-financial risks in a business or function.
  • ADVANCED: Understanding of Operational Risk Practice and Assessment of Operational Risks in Business Processes
  • CORE : Knowledge of Business Processes and controls in one or more business or functional areas
  • ADVANCED : Knowledge of Risk Appetite, Risk Metrics, Control Self Assessments etc.
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