Operational Risk Manager

Job Description

The Operational Risk Management and Oversight of Delegates team of Generali Investments Luxembourg is looking for an Operational Risk Manager to join its department.

The business unit interacts with the Unit's and Company's structures providing independent structured opinions and insights on key investment risks affecting GIL portfolios for liquid and illiquid asset classes. The structure manages two different expertise areas: Oversight of Delegates and Operational Risk Management.

The Operational Risk Manager will:

• be responsible for the implementation and oversight of the operational risk management framework, including risk identification, assessment (RCSA), monitoring (KRIs), and reporting.
• ensure compliance with regulatory requirements (CSSF, DORA) and internal policies.
• act as second line of defence by challenging business controls, analysing incidents, and driving remediation actions.
• contribute to a sound governance process through regular reporting to senior management, while promoting a strong risk culture across the organization.

The successful candidate will be responsible, amongst others for the following activities:

• Identify and assess operational risk across all business processes and activities (e.g., feasibility assessments for product launches, due diligence, and new projects).
• Perform Risk & Control Self-Assessments (RCSA) and evaluate control effectiveness.
• Analyze risk scenarios, incidents, and emerging risks impacting operations.
• Develop and maintain the Operational Risk Management Framework (policies, procedures, methodologies).
• Ensure consistency with Risk Management Policy (RMP) and regulatory requirements (e.g., CSSF, DORA).
• Implement governance processes including escalation, thresholds, and reporting lines.
• Define and monitor Key Risk Indicators (KRIs) and dashboards.
• Produce regular risk reports for Senior Management and/or the Group.
• Consolidate incident data and risk metrics.
• Monitor, analyze, and challenge operational risk incidents (errors, breaches, fraud, IT failures).
• Ensure incidents are properly recorded and tracked.
• Define and follow-up remediation plans.
• Review and strengthen internal controls across processes.
• Support audits, group inquiries/reporting and regulatory reviews.
• Act as a second line of defense, challenging first-line controls.
• Provide guidance, training, and awareness on operational risk.

The completion of the above tasks requires a strong cooperation with other Generali's departments and entities such as Compliance, Internal Audit, IT, and Business Units.

Requirements

• Master degree in finance or equivalent qualification
• A minimum of 5 years of experience in consulting / asset manager/fund investments
• Experience in Operational risk management.
  • • Operational risk frameworks (COSO ERM, DORA amongst others).
    • Risk assessment methodologies
    • Internal control systems

• Strong analytical and organizational skills
• Knowledge of relevant local regulations and CSSF guidance (UCITS, AIFMD, Operational risk monitoring framework)
• Fluent in English both written and spoken. French and/or Italian are considered a plus.

Soft Skills:

• Excellent communications skills, both verbal and written.
• "Can-do" attitude.
• Ability to integrate current knowledge about stakeholders and processes and to escalate, as needed.
• Problem-solving skills.
• Attention to detail and hands-on attitude for analyses in the scope of problem solving.
• Proactive approach and strong collaboration skills to foster teamwork in the organization.
• Ability to work with team spirit in an international and multicultural environment.
• Ability to work in a small and highly professional environment and under pressure while maintaining high quality standards.
• Hands-on, curious, highly motivated and energetic, flexible, thorough and with a deep sense of client's interest and with a clear focus on results.
• Strong sense of integrity and ethics.

The starting gross annual salary ranges between €70,000 and €95,000. The final offer will be defined based on the candidate's professional experience, technical and soft skills, and it includes an individual variable component.

As part of GIL pre-hire background screening process, we apply a risk-based approach to determine the requirement of carrying out such checks on candidates, including criminal record checks. This role is judged to be sufficiently sensitive to warrant carrying out a criminal record check. By applying for this job, you are consenting to GIL completing background checks including criminal record checks.

Company Profile

Generali is a major player in the global insurance industry, a strategic and highly important sector for the growth, development and welfare of modern societies. Over almost 200 years, we have built a multinational Group that is present in more than 60 countries, with 470 companies and nearly 80,000 employees. Our Group aims to become the standard bearer and industry leader in the European retail insurance market, building on our existing base of 50 million retail clients, out of an overall total of 72 million.

Generali Investments Luxembourg S.A. (GIL) manages traditional and alternative investments (i.e. through UCITS and AIF investment vehicles) on an international scale with the experience and professionalism of the team of experts within the Generali Group, in addition to the world-class investment firms available through its funds offerings.