Zambia National Commercial Bank (ZANACO)
Zambia National Commercial Bank (ZANACO)
Posted Job
about 1 month ago

Operational Risk Specialist

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The Operational Risk Specialist is responsible for providing Management Assurance on the effectiveness of controls identified to manage risks in the bank. The role holder will also be responsible for assisting the Head of Business Assurance develop risk responses. He/She will ensure that the department performs its core functions of coordinating, Internal Controls Over Financial Reporting, oversee the validation of audit and other control issues as well as conducting post Implementation Reviews on Projects.


  • Assist with timely identification, assessment, mitigation, reporting and escalation of all identified Operational Risk Exposures. Assist in the identification of new business risks and implementation of appropriate controls to mitigate these risks.
  • Assist stakeholders across the business in the management and implementation of the Operational Risk Framework.
  • Assist with monitoring the implementation of action plans to address operational risks on the Risk and Control-self Assessment/Risk Registers.
  • Conduct risk awareness programs in the bank as far as Business Assurance is concerned.
  • Any other responsibilities or tasks as maybe assigned by management

1. Risk Identification, Assessment and Evaluation

  • Assist with the implementation of an agreed programme for ICORF across the Business to identify the key business process risks, determine the effectiveness of controls and drive out remedial actions for improving the business’ control framework.
  • Assist in ensuring an appropriate ownership of controls and risks within the Business.
  • Assist with the preparation of an ongoing internal controls assessment, with proper development of monitoring and testing.
  • Assist the Head of Business Assurance ensure appropriate ownership of risk within the Business.
  • Responsible for the preparation of an ongoing risk assessment, with proper development of monitoring and testing.
  • Assist with the implementing a process to establish line of business accountability.
  • Assist with managing the risk mitigation and escalation and reporting processes.

2. Business Assurance

  • Undertake business assurance reviews and control self-assessments to determine whether internal controls including controls over Financial Reporting are robust and functioning efficiently and effectively.
  • Undertake business assurance reviews and control self-assessments as per agreed program with the unit Head
  • Prepare and submit business assurance review reports identifying findings and making recommendations for actioning.
  • Report on the status of business assurance review recommendations to relevant stakeholders as required
  • Undertake the Post Implementation Reviews of projects as agreed with project sponsors
  • Assist with the validation of audit issues and all findings from other reviews
  • Responsible for the review and monitoring business unit’s application of risk responses and mitigation strategies.

3. Risk Monitoring

  • Monitor risk and communicate information to the relevant stakeholders to ensure the continued effectiveness of risk management strategy.
  • Assist with the review and validation of updated business units process.

4. Information and Communication

  • Deliver training to line of business personnel, Risk Management staff and others on entity wide and operational risk best practices and other industry best practices.
  • Provide authoritative and consultative advice and support to management and employees
  • Assist with the ongoing development and implementation of entity wide risk and operational risk management issues, including such things as being the subject matter expert on operational risk activities associated with risks, controls, testing, remediation and reporting.

5. Audits and Reviews Preparation and Facilitation

  • Help in the response to internal and external audits and requests for information.
  • Assist in the evaluation of audit and examination findings and implementation of corrective action and needed responses.



  • Education: University Degree in Economics, Accountancy, Banking or Business Administration
  • Minimum Experience: At least 5 years’ experience in the banking sector
  • Professional Certifications: Must be a member of the Institute of Operational Risk (IOR)/Global Association of Risk Professionals (GARP) or any internationally recognized risk institutional.
  • Good knowledge of the bank’s policies & procedures, products and services.


  • Delighting Customers
  • Drive for Results
  • Teamwork
  • Planning and Optimizing
  • Interpersonal skills

Method of Application

Submit your CV and Application on the Company Website.

Zambia National Commercial Bank (ZANACO) image
Zambia National Commercial Bank (ZANACO)
Agribusines and SME business banking
Personal banking
Corporate finance
Electronic payment systems
Zambia National Commercial Bank, commonly known as ZANACO provides personal and business banking, corporate finance, Visa payment systems, investment and loan facilities. ZANACO is the largest financial services provider in Zambia. ZANACO has partnered with Zampost to allow customers to deposit and withdraw funds from their accounts from anywhere in Zambia. The bank has a special interest in agribusiness and small and medium enterprises, offering SMEs payroll solutions.