Principal Manager, COSO & Operational Risk

The Principal Manager will focus on the COSO aspect of the Unit’s work under the supervision of the Head of Unit. This will involve extensive liaison bank wide with various levels of management to discuss (for example) the design of internal controls, the design, execution and timing of tests and feedback of comments on testing completed by business units. The successful candidate will have previous experience of Sarbanes Oxley style internal control, and will typically have some experience of carrying out internal or external audits.

The Team
The two person Unit was created in January 2005 following the successful implementation of a Sarbanes Oxley style internal control / operational risk self assessment project. The Unit liaises with all areas of the Bank in order to perform its two main business functions which are:

(i) “COSO” – this aspect of the Unit’s work relates to the assertion made by The President and Vice-President Finance in the Annual Financial Report that they have assessed the Bank’s internal controls over Financial Reporting and regard them as being effective. This assessment is based on the financial reporting slice of the COSO framework. It is subject to scrutiny by the External Auditors who then publish an attestation in the Annual Financial Report commenting on Management’s assertion. (This is similar to S404 of the Sarbanes Oxley Act). This element of the unit’s work falls under the responsibility of the Vice President Finance.
(ii) “Operational Risk Management” – the Unit is responsible for developing operational risk management within the EBRD. Although the Bank is not required to implement Basel II, the Bank wants to be consistent with the rapidly developing activity in operational risk management. This element of the unit’s work falls under the responsibility of the Vice President Risk Management.

Key Responsibilities and Deliverables
COSO
· Review and design documentation for control or process changes and re-evaluate financial risks, controls and assertions.
· Review, update and design process flows and perform walkthroughs of key products / processes / new systems.
* Liaise with the relevant project managers for large business development projects, as necessary, to review / help design / comment on controls as appropriate, to help strengthen the Bank’s internal controls while also trying to be efficient and cost effective.
* Communicate testing strategy to user departments.
* Track and review line management’s testing of controls providing review points as necessary.
* Review and test pervasive company wide controls.
* Become involved in ongoing projects and strategic planning from an internal controls perspective which may impact the financial statements, to provide advice and help design applicable controls.
* Liaison with External Auditors.
* Review Internal Audit Reports from a control perspective participating with drafting comments on points relating to Finance by liaising with Senior Finance Management.
* Prepare and periodically run training sessions for all aspects of the controls work.
· Disaggregate the Bank’s Financial Statements, mapping significant account balances back to control activity to ensure all processes and material areas are covered by the financial controls documentation.

Operational Risk
As necessary, become involved in operational risk management activities.

Other
Deputise for the Head of COSO and Operational Risk Management when necessary.


		Qualifications:		Bachelors Accounting cert.
		Experience:		5 years +
		Languages:		English : Speak / Write Fluently
		Job-Type:		open-ended
		Remuneration:		unspecified
		Permit Type:		EU National
		Region:		London

· Graduate, preferably with an accounting qualification / experience, more than 3 years post qualification (equivalent).
· Experience of working on an internal control framework or a Sarbanes – Oxley implementation or subsequent co-ordination unit
· Experience within an internal controls related environment such as internal audit or business process review
· Demonstrate some experience of looking at financial processes and related controls

Competencies & Personal Attributes
- Technical & professional expertise – Has the ability to make effective and appropriate use of the technical skills and knowledge described above.
- Communication and Interpersonal Skills - excellent ability for communicating with a wide variety of people at different levels within the Bank. Able to explain technical control related issues and to build effective working relationships with internal clients and colleagues
- Planning - highly organized person, able to orchestrate and implement clear and efficient approaches to work and demonstrate the ability to work to deadlines.
- Customer focused - able to align work required from the Unit while understanding customer priorities and outputs.
- Concern for Accuracy and Quality - the capacity to ensure accuracy and quality in work delivered coupled with the ability to produce reports and presentations of a high standard.
- Organisational awareness - the ability to understand the formal and informal structure of the company, its culture and business environment, the identification and utilization of information and resources.
- Multicultural sensitivity - ability to operate sensitively and must be attracted to the multi-cultural environment of the EBRD, as well as mission of the Bank.

The EBRD is an international financial institution that supports projects in 29 countries from central Europe to central Asia. Investing primarily in private sector clients whose needs cannot be fully met by the market, the Bank promotes entrepreneurship and fosters transition towards open and democratic market economies.

EBRD