Operational Risk Analyst

Operational Risk Analyst, Permanent, Hybrid, London

 

The Operational Risk Analyst role is responsible for the identification, assessment, monitoring and mitigation or risks that arise from internal processes, systems, people or external events that can impact/disrupt Pay.UK as an organisation. The analyst will work to ensure the Chief Operating Office (COO) within the First Line maintains robust risk and controls in line with the Enterprise Risk Management Framework.

The role-holder will work closely with 1st line teams, 2nd line Risk and 3rd line Internal Audit, not only on the day to day management of operational risk, but to support programmes of work aimed at enhancing Pay.UK systemic risk management capability.

 

Key Accountabilities

• Promote an operational risk culture and focus across the Directorate (e.g. through the delivery of first line risk training) to ensure risk is always considered and promote a culture of risk transparency.
• Support the Chief Operating Office with the embedding of systemic risk culture.
• Engage and build strong relationships with the 1st, 2nd and 3rd Lines of Defence as key internal stakeholders.
• Work collaboratively with first line teams to review and maintain RCSAs, issues, risk events, risk acceptances and controls.
• Responsible for the creation of Risk Committee papers and support in the organisation monthly
• Work collaboratively with first line teams to identify emerging risks that could result in a threat to Pay.UK sustainability, especially any introduction of risk that could result in detriment to users of the payment systems and Pay.UK managed services.
• Ensure risk management activities remain aligned with the Pay.UK ERMF processes and tools, seeking assurance from 2nd line Risk where needed.

 

Skills, Experience & Qualifications

• Risk related professional qualification – CISI, ICA, CII, Institute Risk Management or similar professional body
• Experience of maturing industry good practice Operational Risk Management Frameworks
• Experience in developing papers for an Executive audience
• Familiarity with UK regulatory requirements related to risk management and an understanding of operating a risk and control framework in a regulated business
• Ability to interface with stakeholders effectively to establish relationships and become a trusted advisor
• Ability to produce reports
• Independently minded and able to challenge constructively and professionally
• Demonstrated ability to plan and manage own workload in a challenging environment
• Background and knowledge of financial services, ideally in payments or banking
• Knowledge or experience of Financial Services risk management in either a 1st or 2nd line capacity
• Analytical and critical thinking skills.
• Problem-solving and decision-making abilities.
• Advanced communication skills in all forms (written, verbal and listening), and ability to influencing senior stakeholders. Ability to establish trusted relationships to maintain open communication.
• Attention to detail, with a sharp eye for accuracy, and a focus on quality.
• Professional and flexible attitude to adopt new approaches and techniques, both personally and for the team.
• Ability to navigate and build PowerBI reports and dashboards – desirable.

 

At Pay.UK, we value diversity and inclusivity. Research has shown that candidates from underrepresented groups may hesitate to apply unless they meet all the requirements listed. We encourage all qualified candidates to apply, regardless of how closely their skills and experience match the requirements. We are committed to supporting accessibility needs and creating a welcoming environment for all employees. Become part of our team and contribute to the creation of an inclusive work environment that values everyone's unique input.

 

About Us

Pay.UK maintains and develops the UK retail payment systems and standards that are core to the economy being able to function on a day-to-day basis.

From Bacs to Faster Payments and cheques – we act as the single operator for all UK retail payments. We put the needs of consumers and businesses at the heart of everything we do, working in the public interest to ensure that the systems the country relies on for its banking transactions are safe, open, innovative and resilient.

Our payment systems underpin the services that enable funds to be transferred between people and institutions. In 2023, the UK's retail payment systems processed 11.4 billion transactions worth £9.3 trillion through Bacs Direct Credit, Direct Debit, Faster Payments, and cheques, and our Current Account Switch Service has facilitated over 10.2 million switches since its launch in 2013.

Every day, people and businesses use the services we provide to get their salaries, pay their bills and make online and mobile banking payments. Our vision for the future is to enable a vibrant economy, with Pay.UK delivering the best-in-class payment infrastructure and standards for the benefit of consumers and businesses nationwide.

 

 

Benefits & Additional Information

• 12% Non-contributory pension
• Discretionary annual bonus 
• 30 days annual leave (excluding bank holidays)
• Private medical insurance, life assurance, income protection, health cash plan, dental insurance, Bupa medicals etc
• Employee assistance programme
• Cycle to Work Scheme
• Season ticket loan
• Annual fitness subsidy of up to £500 per annum
• Working from home policy - minimum 40% in the office (eg. 2 days in the office over a 5 day working week)

Please note:

• Some of our benefits are only available to colleagues upon successful completion of the probationary period.