Operational Risk Assurance Analyst

About Allica Bank

Allica is the UK’s fastest growing company - and the fastest-growing financial technology (Fintech) firm ever. Our purpose is to help established SMEs, one of the last major underserved opportunities in Fintech.

Established SMEs are the backbone of local communities - representing over a third of our economy - yet have been largely neglected both by traditional high street banks and modern fintech providers.

Department Description

You would be an integral part of the Operational Risk team, reporting to the Head of Operational Risk. You will be part of a wider team responsible for successfully delivering Second Line of Defence capability within the bank.

Role Description

To deliver high-quality operational risk assurance reviews in line with the Operational Risk Assurance Plan, including scoping, testing, evidence assessment, reporting and tracking of management actions. The role will also provide ongoing assurance over RiskSmart items to confirm that remediation activity is appropriately owned, evidenced, completed and sustainably embedded.

Principal Accountabilities

• Deliver operational risk assurance reviews from planning through to final reporting, ensuring work is risk-based, proportionate and supported by clear evidence.

• Define review scope, objectives, testing approaches and evidence requirements in consultation with the Head of Operational Risk.

• Perform control testing and assurance activity to assess the design and operating effectiveness of operational risk primary controls.

• Provide ongoing assurance over RiskSmart items, including alignment with standards, validation of action closure, review of supporting evidence and assessment of whether remediation addresses root causes.

• Engage with first line stakeholders to obtain evidence, discuss observations and test the sustainability of completed actions.

• Draft clear assurance findings, ratings, conclusions and agreed management actions, ensuring issues are specific, evidence-led and commercially practical.

• Monitor and report progress against assurance review actions and RiskSmart items, escalating delays, weak evidence or ineffective remediation where appropriate.

• Support thematic analysis of assurance outcomes to identify recurring control weaknesses, emerging operational risk themes and areas requiring further review.

• Plan and deliver assigned operational risk assurance reviews to agreed scope, quality standards and timelines.

• Maintain complete and accurate assurance working papers, including review plans, testing records, evidence logs, stakeholder discussions and conclusions.

• Assess whether controls are suitably designed, operating effectively and aligned to the operational risk profile being reviewed.

Personal Attributes & Experience

• Operational risk assurance, control testing or audit experience, ideally within financial services or a regulated environment.

• Strong understanding of operational risk, controls, assurance testing, evidence standards, issue management and action validation.

• Experience using GRC systems or issue/action tracking tools.

• Ability to review evidence critically and reach balanced conclusions.

• Clear written communication, with the ability to produce concise assurance reports and management actions.

• Strong organisation skills and ability to manage multiple reviews, testing activities and action validations at pace.

• Good stakeholder management skills, with the ability to work effectively with first line teams while maintaining second line independence

• Focused upon delivering results and meeting deadlines

• Ability to provide necessary challenge in a constructive manner

• Strong team player

Working at Allica Bank

At Allic