Rae Johnstone Email & Phone Number

London, United Kingdom

Driving various implementation work streams for a Group Governance, Risk and Compliance system; including risk and internal control assessment, action management and the delivery of all supporting reporting.

London, United Kingdom

Charged with updating the Operational Risk Reporting Framework and delivering focussed, insightful and actionable reporting to the Operational Risk Management Forum and onward to Executive and Board Committees.

City Of London

Contractor providing services to RBS (Group Operational Risk) in the role of Interim Risk Assessment ManagerAs part of an enhancement to the RBS Operational Risk framework I led a project to identify and propose the implementation of a set of groupwide Key Risk indicators (KRIs) to provide a high level overview of the operational risk exposures of the divisions comprising the RBS Group. This involved: - Liaising with Divisional Operational Risk contacts to ensure stakeholder buy in.- Liaising with Group Policy Standard owners to identify appropriate KRIs and associated threshold definitions.- Assessing the appropriateness of the population of groupwide KRIs to provide coverage of the full Operational Risk Taxonomy.- Creating a governance structure for the creation and maintenance of the population of KRIs and the definition of the associated RAG thresholds.- Sourcing the KRI data streams and providing a facility to monitor and trend the KRIs.- Creating an implementation proposal for approval at the Operational Risk Policy Board.

Croydon, United Kingdom

Providied interim risk management solutions to Alico UK (part of MetLife) in Croydon. MetLIfe acquired ALICO (American Life Insurance Company) from AIG (American International Group) in late 2010 and were in the process of:1) incorporating the retained business into existing MetLife organisational structures,2) migrating the transferred business to part of Swiss Re,3) closing the UK ALICO operation.The Risk Management Function was tasked with maintaining the existing high standard of risk management within the “business as usual” environment, to adapt the risk framework to support the revised business strategy, and to support the business in the delivery of the new strategy.My key activities covered all the Risk Management Function objectives, and were as follows:• Review and update of Operational, Group, Insurance, Liquidity, Market and Credit Risk policies (plus supporting documentation) to bring them into line with the new ownership of Alico UK and the revised business strategy.• Review and update all aspects of Operational Risk, Firmwide and Reverse Stress Test Scenarios in light of the revised business strategy and objectives.• Review and update (in conjunction with business SMEs) functional Risk & Control Assessments to reflect the new business environment/objectives, and ensuring that these were correctly documented in the corporate risk register, feeding through in the regular risk reporting to the various risk governance committees. • Development of additional risk management information against new contractual obligations and outsourcer service level agreements for inclusion into risk and executive committee packs. • Development of Alico UK Closure risk reporting.• Delivery of continuously changing regular monthly reporting packs to executive and Board committees to high levels of quality, accuracy and to tight timescales.• Attendance at Risk Committees, as required, to present on various risk topics.

• Developing OpR policies and framework, including defining the methodology, approach, tools, techniques and underlying processes enabling the business lines to manage their OpR profile. • Oversight and challenge to the business lines on the effective implementation of the OpR framework in line with OpR policy.• Continuous review of the adequacy and effectiveness of the framework and make improvement to ensure NR meets minimum regulatory requirements. Key activities include:• designed and implementated the Risk & Control Self Assessment (RSCA) process across all business areas during an 18 month project to satisfy FSA requirements; including development of the RCSA Policy and supporting methodologies, project plans, training materials, tools, templates and techniques. Drove proactive challenge on the RCSA outputs as part of an "Embedding Risk" programme.• Continuous development of the OpR reporting framework to executive and Board committees to ensure appropriate corporate governance was achieved.• Delivery of regular monthly reporting packs to executive and Board committees.• Continued development of the administrative processes to effectively consolidate and report on OpR events, losses, KRIs, exposures and near misses.• Development and implementation of Risk Event Reporting Policy and the supporting corporate reporting and escalation processes. • Delivery of all OpR related services to another bank in accordance with the service agreement.• Established positive, constructive relationships with OpR business partners including pro-actively providing training, guidance, support, policy embedding and challenge.• Co-ordination and challenge role during the review and update of OpR scenario analysis which was core to the delivery of the stress testing requirements for the Internal Capital Adequacy Assessment Process (ICAAP).

Group Risk had an overarching risk oversight of all group business activities, and more specifically responsibility for the development of operational risk management in relation to Basel II. Joined the department at its inception and was heavily involved all aspects of policy and methodology development and subsequent implementation. Responsibilities divided between OpR activity and latterly Basel II work for ICAAP, and specifically included the delivery of the following aspects: Operational Risk Management:• OpR Loss/Incident Reporting Policy creation including reporting and escalation processes.• Delivery of various risk awareness training sessions to the company’s senior management. • Development and implementation of a suite of executive level reports for incorporation into regular papers to ALCO, EXCO and Risk Committee including complaint causal factor analysis, variance from business line OpR budgets, reporting and analysis by Basel loss category and NR’s internal categorisations, KPI/ KRI and OpR loss trends.• Provision of independent risk assessments of projects, products, contracts and business activities.• Provision of strategic/ business risk reviews of operational plans and external threats e.g. the Budget, flu pandemic, FSA’s Financial Risk Outlook. • Continuous development and improvement of supporting OpR methodologies, tools and training materials e.g. risk scorecard deployment, functional risk mapping, risk dictionary, probability impact matrix.Internal Capital Adequacy Assessment Process (ICAAP) – formal approval was provided by the FSA in July 2006• Development of ICAAP policies and methodologies.• Creation of risk and scenario methodology and supporting tools and processes. • Facilitator of the operational/ and reputational risk and scenario working groups.• Development of an overarching ICAAP model to standardise business assumptions across all risk scenarios.

Managed through to implementation a variety of credit systems projects as part of the corporate Systems Renewal Programme:• Within the new residential lending project, was responsible for the definition and provision of management information through a Decision Support project and was specifically responsible for:- Auditing the existing reporting and determining the priority of new reporting requirements.- Selection, analysis, design and delivery of BusinessObjects reporting environments.- Business analysis/ project management of the delivery of a multi-dimensional reporting tool. - Implementation of a Risk Scorecard Data Mart - to extract, transform and load information on new lending into a centralised data store for production of key risk MI.- Management of a third party testing company during the testing and system integration phases of an IRB Basel II project – including application/ performance extracts and risk calculation engines. - Within Bank of England reporting projects managed the Credit Function’s contribution and was responsible for re-engineering impacted business processes/ procedures, mapping the data streams from source systems through to reporting cells, and co-ordinating all lending test activities.- Within multiple Securitisation projects led and co-ordinated cross functional teams responsible for Implementing systems allowing the securitisation of different loan populations - Within numerous MSAccess development projects was responsible for the database design and development of standalone business solutions.

• Created and managed a centralised management information team which provided integrated MI solutions from all credit systems data sources using BusinessObjects and other data extraction and reporting tools. Responsible for the development and production of monthly Executive/ Board reporting packs, including quarterly analysis of credit policy risk tolerances/limits, ad-hoc investigations covering any aspect of residential and commercial lending, production of ad-hoc Board/ Credit Rating Agency presentations.• This unit played a key role in the provision of information to assess lending policy risk and manage arrears/possessions/provisions through the housing recession of the 90’s. It was perceived as a centre of excellence in the manipulations and presentation of information, and acted in a consultancy basis to other parts of the business.

• Managed a small team covering all aspects of front end systems analysis for numerous projects: requirements gathering, feasibility studies, research projects, cost benefit analysis, business case justification, software selection, culminating in the analysis, design and delivery of an arrears management information system utilising the BusinessObjects reporting tool.

• Programming in ‘C’ and systems analysis on various pension fund administration and actuarial calculating systems.

Ba (Hons), Accounting & Financial Management & Computer Science

Mb Chb, Medicine