- SKILL LEVEL:
Regulatory risk professional
Job profile:
Risk management
Career zone:
The assurance provider
What is a regulatory risk professional and what do they do?
Regulatory risk is the risk that changes in laws or regulations will materially impact an industry or business. Such changes can increase the cost of running a business, reduce the attractiveness of an investment or change the competitive landscape. Regulatory risk professionals help organisations to mitigate these risks by working closely with regulators and building expertise in the specific regulatory environment in which they operate. They follow sector developments to allow them to anticipate changes and use their knowledge to develop risk management frameworks, enhance compliance programmes and implement effective governance.
Key responsibilities
Responsibilities will vary, but examples include:
- managing known and emerging regulatory risks
- designing and implementing risk and control assessments
- maintaining weekly management control dashboards and regulatory reporting to ensure identification and visibility of key trends and emerging risks
- assessing the impact of regulatory developments and assisting in implementation of new policies, procedures and controls as required
- updating senior management, head of compliance and other risk management functions about strategic changes and regulatory developments
- identifying and resolving any gaps against regulatory rules
- establishing and updating a calendar of regulatory, internal audit, compliance, and other reviews and identifying overlaps or gaps
- leading the regulatory exam process through the documentation of potential issues and risks identified during reviews
- and training relevant staff on regulatory requirements and upcoming changes.
Why are they important?
The regulatory environment continues to be complex in nature, with supervision and enforcement being more intensive and intrusive. Regulatory risk managers ensure organisations are able to respond to changes in regulation effectively.
Person specification
Regulatory risk managers are required to have a strong attention to detail and should be able to work independently, with minimum supervision or guidance, thus possessing great drive. Strong communication skills are also essential, as is the ability to influence key stakeholders. They require strong insight, and must also be highly organised with excellent planning and project management skills.
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