66 Operational Risk jobs in South Africa

Our client is a reputable Wealth Advisory offering superior private wealth solutions executed by experienced investment and advisory professionals.

The main purpose of the role entails supporting management in setting and executing actions managing all aspects of risk within the business units. This includes the identification, assessment, measurement, monitoring, reporting of risk, and the identification of key controls to mitigate risk. The incumbent will promote and drive a strong risk culture and engage with various assurance functions, both internally and externally.

• At least 5 years’ operations management experience at a wealth manager
• Microsoft Excel, Word & PowerPoint
• FAIS Compliance

The Operational Risk Manager will report to the Head of Enterprise Risk. This role involves overseeing the operational risk management framework and extending to other critical risk classes including Business Continuity, Third-Party, Data, Model, Fraud, and Technology (cyber or information security) risks. The individual will be instrumental in ensuring that these risk areas are managed in compliance with South African Reserve Bank (SARB) regulatory requirements and international best practices.

• Develop and implement an operational risk management framework that aligns with SARB regulations and international standards.
• Work with the Business on its implementation specifically of the various operational risk processes:
  • Maintain an inventory of operational risk events including incidences
  • Development of Key Risk Indicators
  • Facilitating the implementation of the Risk and Control Assessment program across the organisation
  • Ensuring that for all new initiatives/material changes an adhoc change risk assessment is carried out prior to implementation or go-live
  • Oversee the identification, assessment, monitoring, and mitigation of operational risks across all bank operations.
• Manage the Business Continuity Planning (BCP) process to ensure the bank’s readiness to operate during and after disruptive events.
• Conduct due diligence and ongoing monitoring of third-party vendors to manage risks associated with outsourcing and third-party engagements.
• Implement robust data governance and model risk management practices to ensure the accuracy, completeness, and reliability of bank data and modelling processes.
• Lead the fraud risk management program, including the development of strategies to prevent, detect, and respond to fraudulent activities.
• Oversee the technology risk management framework, focusing on cyber and information security to protect the bank’s digital assets and information.
• Collaborate with IT, cybersecurity, and business units to enhance the bank's resilience against technology-related threats.
• Prepare and present risk reports to the Head of Enterprise Risk, senior management, and relevant committees, providing insights into risk exposures, trends, and mitigation efforts.
• Conduct training and awareness sessions to promote a risk-aware culture within the bank.

• Bachelor’s degree in Finance, Risk Management, Information Technology, or related field. A Master’s degree or professional certifications (e.g., CISA, CRISC, FRM) is highly desirable.
• Minimum of 5 years’ experience in operational risk management within the banking or financial services industry, with a comprehensive understanding of the risk classes specified.
• Proven track record of managing Business Continuity, Third-Party, Data, Model, Fraud, and Technology risks.
• Deep knowledge of SARB regulations, Basel III, and other relevant international risk management standards.
• Strong analytical, organizational, and leadership skills, with the ability to manage multiple priorities in a fast-paced environment.
• Excellent communication and interpersonal skills, capable of working effectively with all levels of the organization and external stakeholders.

Market related

We are a leading financial institution dedicated to providing bespoke wealth management solutions to our diverse clientele. As part of our commitment to maintaining the highest standards of risk management, we are seeking a dynamic and experienced Operational Risk Manager to join our team.

With a focus on innovation, integrity, and excellence, we strive to exceed expectations in every aspect of our operations. As an Operational Risk Manager, you will play a crucial role in identifying, assessing, and mitigating operational risks across our organization. You will work closely with various departments to develop and implement robust risk management frameworks, policies, and procedures.

• Bachelor's degree in finance, or a related field. Advanced degree or professional certification (e.g., FRM, PRM, CRM) preferred.
• Minimum 5 years experience in Risk Management.
• Proven experience in operational risk management within the financial services industry, specifically Wealth.
• Strong understanding of risk management principles, methodologies, and regulatory requirements.
• Effective communication and interpersonal skills, with the ability to collaborate across all levels of the organization.

Apply now!

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An operational risk manager position is available within the Santam Claims Solutions: Quality & Knowledge Management (QKM) team, based at our Gauteng Centurion (WestEnd) offices. Reporting to the Head: QKM.

The Operational Risk Manager will collaborate closely with the Claims business to embed risk management practices into daily activities. This role involves identifying, monitoring, and mitigating risks within the claims environment, and ensuring the integration of risk management frameworks, policies, tools, and techniques to improve risk controls. The role also aims to foster a strong risk management culture through active discussions and communication.

Risk Management

• Risk Monitoring and Control Support: Assist the Head: QKM in monitoring the risk profile of Santam Claims Solutions, ensuring key risks are managed effectively, appropriate actions are taken, and controls are in place to mitigate risks.
• Develop and Implement Risk Strategy: Create and execute a proactive risk strategy aligned with Santam’s overall objectives and risk framework.
• Evaluate Risk Exposure: Regularly assess risks in claims management, focusing on fraud, compliance, operational, financial, and reputational risks.
• Risk Assessment and Control Evaluation: Conduct comprehensive risk assessments to evaluate controls within claims processes.
• Design and Implement Mitigation Plans: Identify high-risk areas and develop targeted mitigation strategies.
• Monitor and Escalate KRIs: Track key risk indicators and escalate concerns promptly.
• Foster Risk Culture: Promote risk-aware culture and initiatives within Claims Solutions.
• Collaboration with Key Stakeholders: Work with ERM, Compliance, and Internal Audit teams to ensure consistent risk practices.

Operational Losses

• Identification and Reporting of Losses: Lead reporting of operational losses and near misses.
• Analysis and Root Cause Identification: Analyze losses to identify trends and causes.
• Initiatives to Mitigate Losses: Drive process improvements, technology upgrades, and controls to reduce operational losses.
• Operational Losses Database Management: Maintain the losses database, tracking corrective actions.

Risk Insights and Reporting

• Provide Risk Insights: Offer insights on claims risk trends, root causes, and scenarios.
• Develop Dashboards and Reports: Create reports for leadership on risk exposures and mitigation effectiveness.
• Escalate High-Risk Matters: Escalate significant risks and losses to ERM for organizational action.

• A bachelor's degree in Risk Management, Finance, or related field; postgraduate or professional certification (CRM, PRM, FRM) is advantageous.
• Minimum of 7+ years in Operational Risk Management, preferably in insurance.
• Strong understanding of risk frameworks, regulations, and industry best practices.
• Experience with ERM software (CURA), analytics, and reporting tools.
• Proven stakeholder engagement skills with senior leadership and cross-functional teams.

• Proficiency in MS Excel, Word, PowerPoint
• Strong presentation, facilitation, and communication skills
• Analytical, problem-solving, and data evaluation skills
• Negotiating and influencing abilities
• Strategic thinking

Santam leads the general insurance industry in Southern Africa. We are a diverse, expanding, and transforming company, with operations in South Africa and emerging markets in Africa and Asia. Our success is driven by our passion for clients and delivering Insurance Good and Proper. We prioritize people, recruiting both permanent and temporary staff.

We are committed to transformation and diversity, aiming for an inclusive workforce that reflects societal demographics. We encourage applications from designated groups in line with employment equity goals. Qualified applicants should submit their cover letter, CV, and salary expectations in MS Word format to santam.co.za. Please share this vacancy with qualified individuals.

Ensure all documents are received for payroll processing.

Vacancies are advertised for 3-5 days, depending on skill availability.

Candidates are shortlisted, screened via phone, and invited for competency-based interviews. Further assessments and second interviews may follow.

Successful candidates complete employment checks and onboarding to join our payroll system.

Interviews are a two-way process. Be prepared, stay calm, and showcase your skills. Santam is recognized as a Top Employer 2025 for excellence in people practices, now for the ninth consecutive year.

We are a leading financial institution dedicated to providing bespoke wealth management solutions to our diverse clientele. As part of our commitment to maintaining the highest standards of risk management, we are seeking a dynamic and experienced Operational Risk Manager to join our team.

With a focus on innovation, integrity, and excellence, we strive to exceed expectations in every aspect of our operations. As an Operational Risk Manager, you will play a crucial role in identifying, assessing, and mitigating operational risks across our organization. You will work closely with various departments to develop and implement robust risk management frameworks, policies, and procedures.

• Bachelor's degree in finance, or a related field. Advanced degree or professional certification (e.g., FRM, PRM, CRM) preferred.
• Minimum 5 years experience in Risk Management.
• Proven experience in operational risk management within the financial services industry, specifically Wealth.
• Strong understanding of risk management principles, methodologies, and regulatory requirements.
• Effective communication and interpersonal skills, with the ability to collaborate across all levels of the organization.

Apply now!

For more information contact:
Shaunaline Baatjies
Specialist Consultant: Actuarial & Analytics

Job category: Credit Analysis and Risk Management

Contract: Permanent

Remuneration: Market Related

EE position: Yes

The JSE recognises that its success and strength depend on the quality of its employees. We are committed to fostering a culture of continuous learning and high standards of performance. Our employee wellness programme is designed to encourage work-life balance for employees. We naturally seek to empower staff and encourage diversity and opportunities for all.

To develop, implement and maintain a robust credit, liquidity, counterparty credit and market risk management infrastructure and performing critical quantitative functions to create market integrity and enable the JSE to operate the cash and derivative markets.

• Provide strategic thinking and contributions to crafting of departmental business plan based on professional knowledge and experience, to ensure delivery of focus areas for the year in support of departmental strategy.
• Apply cost effectiveness principles in planning and delivery to contribute to achievement of divisional financial targets.
• Provide input into the formalisation for the divisional budget.
• Develop a robust risk management plan by identifying weaknesses in the current framework, research possible solutions, quantify impact of the solution and finally make a recommendation to present to governance committees and JSE EXCO to mitigate risks.
• Measure performance by identifying and managing exposures to mitigate and minimise impact to the JSE and market participants.
• Develop methodologies to measure/monitor risks and to mitigate risks on a per risk basis.
• Propose solutions by analysing risks using industry best practices, past experience and mathematical skills to develop a risk framework.
• Assess and efficiently implement regulatory standards and requirements regarding settlement assurance.
• Ensure systems, products or projects delivered contributes to improve client/JSE service by providing input on budgets, resources required and process based on the understanding of costs, business objectives and relationship with external suppliers and stakeholders.

• Build strategic JSE / Industry/ Global network of thought leaders and relationships utilising social media, attending and presenting at conferences and training interventions.
• Manage stakeholder relationships by understanding new products, investigating risks and advising on best solutions to consistently meet client’s needs.
• Build and maintain networks across the JSE and the financial market industry by seeking and providing guidance on financial instruments to gain information of new risks and engaging clients on exposures, products and trends.
• Provide risk monitoring tools such as dashboards, logs and escalate if necessary.

• Manage own delivery by establishing a delivery plan and setting timelines, identify obstacles to delivery and take appropriate action where required.
• Deliver work consistently by identifying, monitoring, measuring managing and mitigating Market, Credit, Counter Party credit, Operational and Liquidity risk by measuring and analysing processes and exposures, come up with potential future scenarios and quantify the impact those scenarios can have on the JSE, its clearing members and clients.
• Identify risks for stakeholders and the JSE by applying First - Principles and using thresholds and limits and historical information.
• Develop, assess and entrench Risk Management Frameworks and regularly conduct independent evaluations thereof and propose same to the board when appropriate.
• Design risk reports, conduct evaluations using exposure reports to assess levels of risk and identify new risks and escalate when appropriate.
• Propose levels of risk appetite.
• Analyse results of daily risk quantification by comparing performance of model market performance against regime, quantify risk mitigation to assess whether the new mitigations need to be implemented and if so, at what stage.
• Determine appropriate collateral types including risks and levels of discounting thereof.
• Assess exposures and collateral placed against the exposure, reassess the exposure and calculate required collateral and report findings to the appropriate division.
• Establish and monitor key risk indicators, as well as propose and implement corrective action plans to mitigate risks.
• Participate in ad hoc projects by developing models and quantification procedures ensuring outputs meet business expectations.
• Conduct research to keep abreast of best industry practices and regulatory changes to ensure effectiveness of the company's risk frameworks.
• Establish bank capital calculations with regard to contributions to any mutualised default fund.
• Propose methodologies for and establish regulatory and economic capital quantification for the JSE to ensure the solvency of the JSE.
• Liaise with regulators to respond to regulatory queries, comment on draft regulations and reporting to regulators.
• Supply clients with information to help them analyse and understand capital requirements by applying methodologies and make information as intuitive and explanatory as possible.
• Assist with queries when clients enquire on valuation models and initial margin calculations.
• Develop models for new products to help understanding.
• Assess accuracy of valuation models on a regular basis by using methodologies and established processes and procedures.
• Develop various new risk methodologies, propose to relevant governance committees, document risk methodologies and implement risk methodologies after approval.
• Assess new products by analysing the risk to JSE, conducting quantification on products, conducting and implementing risk mitigation methodologies, ensuring compliance with JSE.
• Provide input into the new products committee by making recommendations on whether to support new product to ensure compliance with JSE.
• Make proactive recommendations to Board and Risk committee and to EXCO on capital and risk related policies, including risk appetite of the JSE to help establish complete and comprehensive risk frameworks, appetites and policies.
• Design and specify new systems and processes for implementation for internal and external clients.

• Degree in Risk.
• Post-graduate (Honours / Masters / PhD in quantitative field and/or FRM, CFA or similar industry qualification).
• 5 years risk management experience in a trading, investments quantitative or market risk environment.

• Basic software applications (e.g., Outlook, Word, Excel, Access, Internet, Email).
• Divisional service offerings.
• Business continuity standard.
• Business principles.
• Data analysis.
• Decision-making process.
• Industry trends.
• International Standards for Professional Practice.

Results Delivery

• Provide strategic thinking and contributions to crafting of departmental business plan based on professional knowledge and experience, to ensure delivery of focus areas for the year in support of departmental strategy. Apply cost effectiveness principles in planning and delivery to contribute to achievement of divisional financial targets.
• Provide relevant input into the formalisation for the divisional budget. Implement a robust risk management plan by identifying weaknesses in the current framework, researching possible solutions, quantifying impact of the solution and finally presenting to governance committees and JSE EXCO to mitigate risks.
• Measure performance by identifying and managing exposures to mitigate and minimise impact to the JSE and market participants.

• Measure, monitor and report on credit, liquidity, counterparty credit and market risks and to mitigate risks on a per risk basis.
• Develop performance measures of risk mitigation.
• Propose solutions by analysing risks using industry best practices, past experience and mathematical skills to develop a risk framework.
• Assess and efficiently implement regulatory standards and requirements regarding settlement assurance.
• Ensure systems, products or projects delivered contribute to improve client/JSE service by providing input on budgets, resources required and process based on the understanding of costs, business objectives and relationship with external suppliers and stakeholders.

• Build strategic JSE / Industry/ Global network of thought leaders and relationships utilising social media, attending conferences and training interventions.
• Manage stakeholder relationships by understanding new products, investigating risks and advising on best solutions to consistently meet client’s needs.
• Build and maintain networks across the JSE by gaining information on existing and new products and assessing the risks thereof.
• Provide risk monitoring tools such as dashboards, logs and escalate when necessary.

• Manage own delivery against set delivery plan and set timelines, identify obstacles to delivery and take appropriate action where required.
• Deliver work consistently by identifying, monitoring, measuring, managing, and reporting on Market, Credit, Counter Party credit, and Liquidity risk by measuring and analysing exposures, coming up with potential future scenarios and quantifying the impact those scenarios can have on the JSE, its clearing members and clients.
• Identify risks for stakeholders and the JSE by applying First - Principles and using thresholds and limits and historical information.
• Apply and entrench Risk Management Frameworks and regularly conduct independent evaluations against performance thereof and report back to the board by reporting exposures and the business’ performance against same.
• Compile and conduct risk evaluations using exposure reports to measure risks and identify new risks and escalate where appropriate.
• Analyse results of daily risk quantification by comparing performance of model market performance against regime, quantify risk mitigation to assess whether the new mitigations need to be implemented and if so, at what stage.
• Assess exposures and collateral placed against the exposure, reassess the exposure and calculate required collateral and report findings to the appropriate division.
• Establish and monitor key risk indicators, as well as implement corrective action plans to mitigate risks.
• Prepare exposure and various other reports on a regular basis for team, risk committees and board if relevant to the clearing members.
• Participate in ad hoc projects by developing models and quantification procedures ensuring outputs meet business expectations.
• Conduct research to keep abreast of best industry practices and regulatory changes to ensure effectiveness of the company's risk frameworks.
• Conduct bank capital calculations and regulatory and economic capital quantification for the JSE to ensure the JSE stays solvent.
• Liaise with regulators to respond to regulatory queries, comment on draft regulations and reporting to regulators.
• Supply clients with information to help them understand capital requirements by applying methodologies and make information as intuitive and explanatory as possible.
• Assist with queries when clients enquire on a valuation model and develop models for new products to help understanding.
• Assess accuracy of valuation models on a regular basis by using methodologies and established processes and procedures.
• Develop various new risk methodologies, document risk methodologies and implement risk methodologies after approval.
• Assess new products by analysing the risk to JSE, conducting quantification on products, conducting and implementing risk mitigation methodologies, ensuring compliance with JSE.
• Provide input into the new products committee by making recommendations on whether to support new product to ensure compliance with JSE standards.

• Improve personal capability and professional growth relating to field of expertise, in line with JSE objectives by discussing development needs and proposed solutions with management.
• Keep abreast of changes in legislation or standards by conducting research and utilising networks.
• Upskill team and other professionals by sharing knowledge and research results.
• Epitomise living the JSE values, displaying professional conduct and adherence to required technical standards.

• Analyse, research, develop and implement improvement/innovative ideas and value adding solutions contributing to divisional and JSE results.

• Degree in Risk (Essential) Post-graduate (Honours/ Masters)
• Degree in Financial Quantitative field (Preferred)
• 5 years risk management experience in a trading, investments quantitative or market risk environment

Description

Bluespec is looking for a Group Financial Manager with experience specifically in the Risk space as they will be taking care of the Risk Management Portfolio.

This is a high paced environment with many exciting challenges, come and join the biggest Automotive Company in Gauteng

Job Purpose

In this role, you will be building relationships with key stakeholders, work closely with operations to secure alignment on account planning activities.
The Finance Manager is responsible for all aspects of financial management, ensuring compliance with internal policies and procedures. This role builds the capacity of the Company’s finance team. S/he oversees the day to day work of the finance department and is responsible for the effective use and deployment of staff and financial resources.

All financial reporting, policies and procedures, while driving reporting excellence

Risk Management portfolio

Forensics

Internal Auditing

Provision of support to functional leaders with respect to financial reporting
Development and continued integration of financial systems
Project budgeting, forecasting and cash flow forecasting
Business analysis including monitoring
Team leadership and training of local staff

Key Responsibilities include: Management of the Finance & Administration Department:

a. Lead and manages the finance team ensuring all areas are functioning effectively (including taxation, cost management, accounting, payroll and reporting).
b. Oversee administrative functions
c. Oversee all vendor contracts including sourcing, negotiation and ensuring appropriate agreements, execution and service levels
d. Ensure that all activities are done according to budget and forecasts.

e. Plan, organise and control the high level activities related to the department.

f. Develop and maintain progression and succession plans for the department as per company and HR guidelines; this includes the development, implementation and maintenance of a department skills matrix among other requirements

Cost.

a. Monitor operating budget performance and actively participates in the monthly review process.

b. Accountable for the preparation of the budget and on delivery (costs and time)

c. Negotiate and manage third party service providers in order to reduce costs

Planning

a. Plan work according to business requirements and guides all activities accordingly

b. Manage the annual site planning and administrative process

People & Team Management

a. Develop and encourage a team approach with shared objectives

b. Review and communicate individual and team performances in daily, weekly, monthly team meetings.

c. Create and maintain strong relationship with all internal and external stakeholders

d. Active involvement in employee development by mentoring, training and coaching employees of the departments to enhance overall team skills development

e. Develop and monitor the progress of employee development and progress plans.

f. Ensure all key people program requirements are met including timely performance management reporting, core training and development programs, etc.

g. Ensure the Finance and Administration Team is executing in their roles and responsibilities to an expected industry standard Policy.

Procedure and Process Development

a. In consultation with corporate management, review relevant policy and procedures.

b. Communicate with corporate staff to ensure effective alignment and collaboration on key initiatives

Innovation and Improvement

a. Actively participate in the continual review of company procedures and make recommendations as required

b. In collaboration with the Business Performance Manager, identify and address business process opportunities in all areas to further improve effective and efficient operation

c. Identifies, investigates and implements improvements to all commercial operations in order that security management capability that will satisfy External audit controls compliance

EXPERIENCE AND QUALIFICATIONS REQUIRED:

BCom Accounting degree – non-negotiable

Minimum 10 - 12 years' relevant experience post articles

Motor industry experience would be beneficial, however manufacturing and construction industry would be considered

Insurance background would be advantageous

Experience mentoring, coaching and building and leading teams with people at all level

Demonstrated experience designing and developing financial, cost and performance management reports

Experience developing and improving business processes

Strong communication skills in English

Business Segment: Corporate & Investment Banking

The role will encompass the requirement to drive thought leadership, execution and implementation of the operational risk management processes and framework as a key enabler to achieving business objectives in NFR in SA and trusted risk management business partner that equips business with the tools to mitigate financial, reputational and regulatory impact of operational risk incidents.

This will require the anticipation of external drivers coupled with impacts of current and planned systems, processes, products and strategic changes on the risk profile of the business and to guide decision making on controls to manage and mitigate these risks.

Qualifications Required:

• Commercial or Legal Degree.
• Post-graduate qualification in Risk Management.

Minimum Experience Required:

• 5-7 years in Risk - Operational Risk Management.
• 3-4 years in Risk - Regulatory Compliance.
• 5-7 years in-depth business and commercial acumen into the banking functions and services.

• Articulating Information
• Challenging Ideas
• Directing People
• Examining Information
• Exploring Possibilities
• Generating Ideas
• Making Decisions
• Providing Insights
• Resolving Conflict
• Upholding Standards
• Economic Capital Management