Principal Operational Risk Officer Job at African Development Bank Group
African Development Bank Group (AfDB) – Established in 1964, the African Development Bank is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 80 member states, including 54 in Africa (Regional Member Countries). The Bank’s development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth.
We are recruiting to fill the position below:
Job Title: Principal Operational Risk Officer
Location: Abidjan, Cote D’ivoire
Position N°: 50054201
- The President, plans, supervises and manages the business of the Bank Group. Under the direction of the Boards of Directors, the President conducts the business of the Bank and the African Development Fund and manages operations and activities in accordance with the Agreements establishing the ADB and the ADF.
- The President supervises several Departments and Units including Office of the President (PRST0); Independent Development Evaluation Department (BDEV); Integrity and Anti-Corruption Department (PIAC); Compliance Review and Mediation Unit (BCRM); Secretariat to the Sanctions Appeals Board (BSAB); Administrative Tribunal (BATR); Office of the Auditor General (PAGL); Group Risk Management Directorate (PGRF); General Counsel and Legal Services Department (PGCL); Communication and External Relations Department (PCER); Staff Integrity and Ethics Office (PETH) and Office of the Secretary General & General Secretariat(PSEG).
The Hiring Department
- The Operational Risk Division (PGRF.2) is within the broad mandate of Group Risk Function which assesses all risks viz. credit, market and operational, measures their impact on the Bank’s risk bearing capacity and propose risk mitigation techniques. PGRF.2 has two main mandates: operational risk management and testing of internal controls.
- PGRF.2 is responsible for implementation of COSO Integrated Internal Control Framework. The implementation of the COSO framework is intended to enhance the reliability of financial reporting, compliance with applicable laws and regulations as well as ensuring that the Bank’s operations are carried out in an effective and efficient manner. It provides the basis for the yearly management assertion on the effectiveness of internal controls over financial reporting (ICFR) on which the external auditors express their opinion.
- As part of its mandate to implement operational risk management framework within the Bank, PGRF.2 works with the various business units to identify, manage and mitigate risks which arise from inadequate or failed internal processes, people, and systems or from external events with potential financial impact or negative impact on the reputation of the Bank.
The Principal Operational Risk Officer will:
- Assist in the implementation of the ORM framework including preparing related policies and procedures, engaging business units in identification and assessment of risks in the business processes of the Bank, assessment of controls instituted to mitigate those risks, working with business units to strengthen controls, monitoring operational risks, analyzing incidents, and identifying Key Risk Indicators (KRIs) for inclusion in the risk dashboard
- Assist in the implementation of the COSO Integrated Internal Control framework by mapping out financial statement processes, identifying inherent risks, and ensuring that adequate controls are put in place to mitigate those risks, and that controls are tested periodically to ensure that they are operating effectively. This will provide the basis on which external auditors will certified the effectiveness of internal controls over financial reporting as part of the yearly audit of the financial statements of the Bank.
Duties and Responsibilities
Under the supervision and guidance of the Head, Operational Risk Management Unit the Principal Operational Risk Officer will:
Operational Risk Management:
- Assist in planning, managing, and providing ongoing support for the implementation of the Bank’s operational risk management framework;
- Assist in providing guidance and support to business and support units to ensure the successful management, identification, measurement and monitoring of the bank’s operational risk;
- Facilitate Risk and Control Self-Assessment (RCSAs) workshops for business units within the Bank, working with them to identify and monitor relevant Key Risk Indicators;
- Assist business units in developing Key Risk Indicators (KRI) for all key risks in the business and creation and reporting of KRI including thresholds in in the risk dashboard;
- Follow up with business units to design and implement controls and action plans that mitigate operational risks, thereby ensuring the effective running of the Bank’s business;
- Analyze operational risk incidents
- Prepare operational risk reports to management
- Any other related activity
Internal Control over Financial Reporting (ICFR):
- Assist in designing and preparing the Bank’s annual internal control work program using the COSO internal control framework and the Control Self-Assessment (CSA) process;
- Design risk and control matrix for key business processes based on which a risk assessment exercise is conducted to determine key controls to be periodically tested;
- Use designed test scripts to test key controls identified during the risk assessment exercise and compile results of periodic tests of controls, working with business units to remediate ineffective controls;
- Report on the periodic review of control effectiveness by business units throughout the Bank and monitor the completion of internal control enhancement plans by organizational units throughout the Bank;
- Liaise with external auditors in certifying the effectiveness of the Bank’s internal controls over financial reporting as part of the annual audit of the Bank’s financial statements;
- Assist in periodic risk assessment exercise which identifies key financial statement processes, key risks embedded in those processes and key controls mitigating those risks, as a basis for designing annual control test plans and remediation plans;
- Champion the update of internal control documentation, perform walkthrough of controls and test key controls as part of the annual internal control attestation process;
- Any other related activity
- Master’s degree or equivalent in Accounting, Finance, Audit, Business Administration, or Economics; membership of an internationally recognized professional accounting body e. g. CA, CPA, ACCA, CIA, CISA or Expert Comptable is an advantage
- Team working and interpersonal relations, Responsiveness and timeliness, Communication, Client Orientation and Problem solving
- Demonstrate an understanding of the COSO Integrated Internal Control framework and Operational Risk Management methodology
- Ability to work with little or no supervision in a multi-cultural environment and build effective working relations with clients and colleagues
- Ability to operate effectively in a demanding environment with tight deadlines, both with clients as with team members, requiring significant influence skills
- A minimum of six (6) years of relevant professional experience, including audit/public accounting experience with a reputable firm and corporate financial reporting and controls systems;
- Knowledge and understanding of analysis of business processes, planning, work programming, budgeting and financial management
- Strong demonstrated experience in handling operational risk management as well as technical accounting and financial reporting issues
- Fluency in English and/or French, with a good working knowledge of the other language.
- Competent in Bank’s standard software, including Word, Excel, Access, Visio, PowerPoint, and SAP, SUMMIT.
Deadline: 14th August, 2019.
How to Apply
Interested and qualified candidates should:
Click here to apply online
- Applicants who fully meet the Bank’s requirements and are considered for interview will be contacted.
- Only online applications submitted with a comprehensive Curriculum Vitae (CV) and copies of the required degrees will be considered. The President, AfDB, reserves the right to appoint a candidate at a lower level.
- The African Development Bank is an equal opportunities employer. Female candidates are strongly encouraged to apply.
- The African Development Bank Group (AfDB) does not ask for payments of any kind from applicants throughout the recruitment process (job application, CV review, interview meeting, and final processing of applications). In addition, the Bank does not request information on applicants’ bank accounts. The African Development Bank Group declines all responsibility for the fraudulent publications of job offers in its name or, in general, for the fraudulent use of its name in any way whatsoever.