The EMEA Client Asset Risk team are responsible for providing 2nd line oversight of Client Asset Risk and Prudential Regulation, across EMEA, with specific focus on CASS (UK) and CAP (Belgium), ensuring that the 1st line meets our regulatory obligations.
Contributes to the ongoing independent oversight of first line day-to-day operational risk management activities for a standard assigned business line facing a moderate level of risk. Advises and provides oversight to the first line's identification, assessment, monitoring, risk exposure remediation and reporting of the business's risk exposure. Uses knowledge of standard risks to appropriately direct the business line's activities to address any control gaps. Continues to build familiarity with the assigned business line in order to provide oversight of, consultation on and challenge of first line risk management practices.
Within the Client Asset Risk team, the oversight is targeted to Client Asset Safety Risk, predominantly CASS and CAP regulation but also the Global Asset Safety policy. The team works in collaboration with the Operational Risk Managers across the whole Risk organization as well the Business Risk Managers, and Legal Entity risk managers
EMEA Client Asset and Regulatory Risk Responsibilities
Regular activities • Review and challenge the business on the assessment, documentation and mitigation of CASS and CAP breaches. Client Asset Risk forms part of the governance of CASS and CAP breaches and are responsible for approving breaches when recorded and the evidence of remediation before closure.
• Manage and maintain the Client Asset Risk mailbox, so that all new issues are identified and escalated to the EMEA Head of Client Asset and Regulatory Risk. Ensure that all tasks in respect of issues and breaches communicated through the mailbox are followed up on a timely basis.
• Prepare regular and adhoc management information, in various formats (Powerpoint, Word, Excel), including analysis of source data
• Provide direct support to the Risk Management CASS/CAP ‘Responsible individual for the regulated entities in EMEA
• Support and deliver on a range of risk reviews across CASS and CAP. This may include thematic reviews associated with the CASS Mapping Framework or RCSAs.
• Support the Head of Client Asset and Regulatory risk in the perform of adhoc reviews or other advisory topics
Scope • The role may cover both activities that are relevant for CASS, CAP, or both.
Training and education • Bachelor’s degree or the equivalent combination of education and experience is required.
Meetings and committees • Attend CASS and/or CAP Councils as member for agreed LoBs, or as delegate. Challenge the 1st line to ensure the councils are effective and delivering on their responsibilities. Escalate issues, emerging risks or concerns to EMEA Head of Client Asset and Regulatory Risk.
• Prepare Client Asset Risk papers for presentation at CASS/CAP forums. Provide updates on regulatory risk issues and developments, where required.
• Attend breach meetings and provide input as appropriate. Escalate potentially material new issues and breaches or urgent actions promptly
• Participate in other CASS and CAP forums, such as lessons learnt forum, Controls forum, and provide input and challenge to the 1st line, as appropriate.
Collaboration and escalation • Collaborate with second and third line of defence partners (Compliance and Legal) on regulatory developments, risks and breaches, as required.
• Collaborate with CAOO functions across EMEA, as well as Operations and all Lines of Business
• Escalate all regulatory issues and concerns to the EMEA Head of Client Asset and Regulatory Risk.
• Support Senior Management with any queries from external CASS/CAP auditors and/or regulators, where r
Oversees risk assessments, identifies emerging issues, oversees the development of processes and controls to manage operational risks, monitors the adequacy and effectiveness of the control environment, monitors and challenges business activities and increases business line awareness of the operational risk management framework to improve the assigned business unit's compliance with the Corporate Operational Risk Management Framework.
Independently advises on the completion of reporting on operational risk management for the business line CRO on the identification, management and mitigation of operational risks that may arise from the inadequate or failed internal processes, people, systems or external events. All reporting complies with the established Corporate Operational Risk Management framework.
Oversees the first line's appropriate maintenance of RCSA and HLA and timely reporting of significant events including losses events and near misses. Participates in and provides challenge to the first line's scenario analysis (SA). May influence the business line management to ensure the completion of routine assessments in the event of a change, identification of potential adverse impacts, new product offering, profit loss or adverse audit or examiner findings.
Continues to build working relationships with the Risk Management, Compliance and Audit teams and members of the business line to increase the likelihood of timely completion of operational risk-related deliverables, issue resolution and operational loss estimation and remediation. Escalates issues to Corporate Operational Risk management and business unit leadership when risk exposure is deemed to be increasing.