68 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!

With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

Job Summary

Job Description

Ready to step into a high-impact role where your operational risk expertise will shape how we protect and grow our business?

We're on the hunt for a Senior Operational Risk Specialist — someone with a sharp eye for risk and a passion for strengthening controls and processes across the business.

This is not your average risk role. You’ll be embedded in the engine room of operational risk , driving proactive risk management across the enterprise — minus cyber, tech and change risk. We’re looking for someone who thrives in complexity and brings structure, insight, and resilience.

What you’ll be doing:

• Managing operational risk end-to-end (excluding cyber, technology, and change risk)

• Handling dispensations, waivers, breaches, issues, and risk events

• Conducting deep dives, horizon scanning, and identifying emerging risks

• Performing root cause analyses and thematic issue identification

• Tracking and monitoring issues to closure

• Leading process mapping, enhancement, and risk mitigation planning

• Supporting Combined Assurance as the point of entry

• Contributing to OHS, BCM, critical process reviews , and operational resilience

• Facilitating RCSAs, KRI development , and appetite threshold design

• Conducting reconciliations of risk events , quality assurance, and 2nd line reviews

• Preparing and presenting to Risk Committees (decks, papers, minutes)

• Supporting risk classification frameworks , materiality thresholds, and governance

• Staying ahead with industry trends and insights

What you bring:

• 3–5 years in an operational risk role in banking or financial services

• Deep understanding of the ERMF/ORMF and regulatory landscape

• Proven experience in risk management frameworks , analysis and controls

• Skilled in report writing, stakeholder engagement , and executive-level communication

• Experience in risk tools and systems (GRC platforms a plus)

• Knowledge of digital processes and risk in digital environments (bonus)

You’ll thrive if you are:

• Proactive and curious — always two steps ahead

• Structured, analytical, and detail-oriented

• A confident communicator who can hold their own in committee forums

• Able to simplify complex risk topics into actionable insights

• A team player who enjoys solving problems collaboratively

Education

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised

Stay safe online. Now more than ever, it's important to be cybersafe. See Santam's tips to keep you safe online. Learn more.

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.

Stay safe online. Now more than ever, it's important to be cybersafe. See Santam's tips to keep you safe online. Learn more.

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

• Lead and embed the group operational risk framework across the bank, focusing on scenario analysis, capital assessment, and MI reporting.
• Act as a trusted second line of defense, driving risk identification, control assessments, and operational risk awareness.
• Oversee risk event reporting, product risk assessments, key risk indicators, and risk training across all business lines.
• Provide strong risk-based decision-making support to senior stakeholders.
• Manage business continuity planning, outsourcing risk, and regulatory inspections.
• Drive change and transformation in operational risk and build a robust risk culture aligned with international standards.

• Minimum 10 years experience in operational risk management, with at least 5 years in senior leadership roles.
• Must come from a strong banking background experience in financial services is non-negotiable.
• Proven experience in managing risk governance, regulatory engagement, and internal/external audit processes.
• Strong leadership, stakeholder engagement, and strategic risk oversight experience.
• Hands-on knowledge in capital assessment methodologies, risk reporting, and analytics.

• University Degree (Risk, Finance, Business, or a related field).
• Operational Risk Certifications will be an added advantage.