Reclaim Fund Ltd (RFL) operates the UK’s Dormant Assets Scheme, a voluntary initiative that enables financial institutions to channel dormant assets for public good. Since our launch in 2011, more than 50 businesses have chosen to participate – unlocking over £1 billion for transformational social and environmental initiatives across the UK.
As an arm’s-length body of HM Treasury and regulated by the Financial Conduct Authority (FCA), RFL works across the public and private sectors. Since 2022, RFL has been working in close partnership with government and industry stakeholders to expand the Dormant Assets Scheme to include a wider range of dormant assets. As a result, RFL has embarked on a period of significant expansion and innovation.
We are seeking an Operational Risk Manager to undertake Second Line of Defence Risk Management activities across RFL, with a particular focus on Operational Risk as well as developing and embedding the Risk Management Framework and Risk System.
Your Opportunity as our Operational Risk Manager
As our Operational Risk Manager, you will play a key role within RFL’s Risk and Compliance function, providing objective Second Line of Defence oversight, challenge and advice across the organisation.
With a strong focus on operational risk, you will work closely with senior stakeholders to support effective decision‑making, ensuring risks are identified and managed within appetite, and contribute to the ongoing development of RFL’s risk framework as the organisation continues to evolve and grow. You will also have responsibility for managing the use of a risk system, encouraging its use by colleagues across RFL and analysing its outputs.
Reporting to the Chief Risk Officer, you will operate as part of a collaborative Risk team, working closely with RFL’s Compliance Manager to support delivery of RFL’s strategic objectives.
This role is a unique opportunity to join a small, high‑performing team at a pivotal moment in our journey, requiring you to balance constructive challenge with pragmatic support.
Your Responsibilities as our Operational Risk Manager
Operational Risk
* Provision of advice, oversight and challenge to Senior Management on all aspects of operational risk management, taking into account the Risk Appetite set by the Board.
* Provide oversight of breaches of operational risk appetite and Risk Policies, ensuring that first line have developed appropriate mitigating actions and that escalation is appropriate and timely.
* Provide oversight and advice on management’s response to issues and incidents, ensuring that actions address the event adequately and in a timely manner.
* Provision of timely advice and oversight of RFL’s change activities, including objective opinion to support progress and key decision points.
* Delivery of oversight of Operational risks (including Information Technology, Information Security, operational Resilience and Supplier risks) facing RFL, and of RFL’s responses to such risks.
* Provide risk management support as required by the CRO on risks facing RFL across all parts of the business and all risk categories.
* Provision of input and challenge to the RFL business planning processes, under the guidance of the CRO, with specific focus on operational risk.
* Maintain of the RFL Risk Management Framework (RMF) to ensure it remains up-to-date and in line with good practice, including making recommendations to the CRO on potential improvements.
* Work with the Compliance Manager to ensure that the RMF is consistent and compliant with the requirements of RFL as an Arms Length Body, particularly with ‘the Orange Book’.
* Review changes to the Orange Book promptly, interpreting the impacts for RFL and ensuring that appropriate procedural changes are made.
* Working closely with business colleagues to help them develop and implement Key Risk Indicators which provide adequate coverage of key risks.
* Ensure that the RFL RMF and its component parts are communicated across all parts of the business, are understood and are working effectively.
* Work with the rest of the Risk and Compliance Team to deliver key parts of the RMF such as the Emerging Risks and Material Risks processes.
* Drive the RFL Risk System processes to ensure the risk system is fully populated and embedded across the organisation and maintained effectively.
* Develop processes to ensure that the contents of the Risk System are used effectively to provide analysis of risks, drive actions and support reporting.
Control Testing
* Manage RFL’s twice yearly Risk & Control Self-Assessment (RCSA) programme, including delegation to members of First Line and Second Line, coordination of activities and consolidation of results.
* Continue to enhance the RCSA so that it becomes more comprehensive and support the Material Risk assessment.
What We’re Looking For
Essential Experience and Capabilities
* Educated to degree level and/or holds a relevant professional qualification
* Proven track record in the Financial Services industry, preferably within larger organisations
* Good experience in the management of risk across the risk universe, with particular experience of operational risk
* Good experience of the oversight of change risk
* Experience of oversight of Information Technology and Information Security risk.
* Good understanding of risk management and corporate governance frameworks, covering committees, policies, risk appetite and delegated authorities.
* Experience in analysing information and production of MI and reports for senior level stakeholders.
* Experience of risk system design, maintenance, use and embedding.
* Exceptional communicator (both verbally and in writing), with an ability to quickly build and maintain strong relationships.
* Highly organised, with excellent judgement, discretion, and attention to detail.
* Trusted, discreet and professional with a high degree of integrity.
* Strong critical thinking, analytical, and forward‑planning skills.
* Skilled at simplifying complexity, driving clarity and action.
* Adaptable, proactive and results‑oriented with a focus on delivery excellence.
* Commitment to continuous improvement and learning.
* Ability to challenge and provide insight in a constructive manager.
Desirable Experience and Capabilities
* Experience working with government departments, including understanding the requirements of Arm’s Length Bodies and of managing political risk.
Key Relationships
Internal
* Chief Operating Officer
* Chief Development Officer
* Compliance Manager
* Wider RFL functions
External
* Key RFL Suppliers, notably RFL’s outsourced Internal Auditors
Eligibility and Additional Information
* Candidates must be eligible to work in the UK
* RFL offers hybrid and flexible working arrangements
* The role will involve regular UK travel, mostly to Crewe and London
RFL puts a great deal of emphasis on maintaining a positive, caring and professional work environment in which all colleagues and external partners are valued and respected. Personal behaviours play an essential role in contributing to this positive environment and are considered an important factor in measuring individuals’ performance.
How to Apply
If you are ready to play a defining role in the next chapter of RFL’s journey we’d love to hear from you!
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