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Head of Risk Assurance

Posted 24 Mar 2024
Work experience
3 to 6 years
Full-time / part-time
Full-time
Job function
Degree level
Required language
English (Fluent)

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Role Purpose

Responsible for completion of risk and control assessments of the UK business to an agreed standard and timeframe including the development and delivery of the annual risk assurance plan, maintenance of the UK risk registers, facilitation of the UK Risk Committee and ensuring the timely tracking and resolution of identified risks and control failures.

Maintain regular engagement and provide feedback with/to key internal and external Stakeholders and ensure timely implementation of internal/external audit and regulator’s recommendations as required.

Consult and collaborate with the operational team and wider business ensuring that any risk exposure is quantified using Travelex risk methodology and systems (RMF). Using these findings, report back to the C&R and business management community.

Key Accountabilities:

1. Development of the annual review plan –developing the risk based annual risk assurance plan (2nd level controls and testing) incorporating MIBI / KRI’s / Risk Committee actions and results of the compliance risk assessments and other relevant indicators (e.g. past regulatory examinations, compliance reviews, partner expectations internal audits, etc)

2. Delivery of the annual review plan & reporting – execute thematic/desk reviews and report results to the relevant Stakeholders and Risk Committees. A typical review would include the following:

  • perform research and gather information sufficient to understand the theme/activity to be reviewed
  • meet with Business and C&R stakeholders to understand all respective requirements and regulatory context
  • perform walkthrough and document business processes where required
  • formalise scoping document, design and execute testing program
  • supervise and coordinate the work delegated to other teams, if applicable,
  • identify issues through testing and draft findings/reports including recommendations
  • issue report to stakeholders and validate recommendations/action plans

3. Engagement with the Business, Support Functions and UK Partners

  • Manage communication to relevant business and C&R as per review life cycle
  • Act as key contact for partners and Stakeholder for all Risk related matters
  • Facilitate meetings with business and partner stakeholders
  • Maintain knowledge of the business as well as its strategic developments and projects
  • Engage with C&R teams in EMEA/non-UK locations if and when required

4. Maintain a detailed and updated working knowledge of the FCA & HMRC regulations, principles and requirements and ensure this is embedded into risk management framework and UK annual plans

Other Accountabilities:

  • Testing the operational effectiveness and key controls including but not limited to sampling of 1st line checks
  • Maintain Country risk registers and produce accurate and relevant risk reports for risk committee and UK Legal Entity Boards.
  • Provision of pro-active support and guidance to the business to enhance the design of the key business controls in order to efficiently manage the risk exposures identified
  • To act as the local communications champion and for risk, ensuring that there is regular and effective two way communications between risk and key stakeholders, i.e. Operations, Engineering , Contact Centre, Front line teams, Finance, HR, IT and Product /Platform teams

Knowledge and Skills:

Essential

  • Excellent working knowledge of Risk management methodologies including risk identification and assessment, control testing and reporting
  • Experience of working within the regulated financial services / payments industry
  • Experience of FX and money transfer, specifically; KYC, Fraud & AML
  • Excellent relationship management skills
  • Excellent written communication, report writing and drafting abilities
  • Keen understanding of Operational risk and the application of security controls to mitigate risk exposures
  • Understanding of FCA, HMRC, ICO and other applicable regulations, principles and requirements in Payments / FX business.
  • Commercial acumen able to balance risk with commercial opportunity

Desirable

  • Certificate in Risk Management from the Institute of Risk Management or equivalent

Why Travelex?

To remain the world’s leading foreign exchange specialist, we are focused on making our customers’ lives simpler, more engaging and hassle free while they travel or move money abroad. We promise to give them the freedom and peace of mind to explore the world, their way – enabling them to travel confidently because they know they have us to lean on.

Customer centricity and digital are at the heart of our business strategy. Our commitment to innovation has never been greater, with the development of a number of digital-first, greenfield products and services. And with the Travelex's resources, deep industry experience and leading brand we are inventing the future of FX, cross-border e-commerce and international payments.

Headquartered in London, Travelex has a rich heritage in foreign currency, pioneering the travellers’ cheques of the past and the digital payments of the future.

Finance & Banking
London
1,600 employees