Risk & Control Business Analyst- (Retail Banking)

London (Hybrid) x3 Days on-site

£450-£550

emagine is a high-end professional services consultancy and solutions firm Specialising in providing business and technology services to the financial services sector, we power progress, solve challenges and deliver real results through tailored high-end consulting services and solutions.

 

We have created a culture of openness and integrity by building genuine and strong relationships and partnerships, enabling us to be uncompromising in our dedication in delivering the optimal service for our clients. Our commitment is not just towards our clients but we aim to foster a positive and equitable working environment with our consultants and colleagues which stems from our core values: Confident, Dedicated, Responsible, Genuine.

 

We are seeking a Controls Business Analyst to join our growing Risk Practice, embedded within our 1LoD Risk and Control team. This role is ideal for individuals with proven experience in Risk and Control Self-Assessments (RCSAs), control libraries, and risk taxonomy, who are passionate about embedding consistent and effective risk management practices across the first line of defence.

The Role

As a Controls Business Analyst, you will work closely with Risk and Control Owners to drive a culture of effective, measurable, and transparent risk management. You will be pivotal in:

  • Supporting and challenging 1LoD Risk and Control Owners on governance, oversight, and decision-making to strengthen the control environment.

  • Managing and maintaining the control library, ensuring controls are appropriately documented, mapped to risks, and aligned with the broader risk framework and appetite.

  • Enhancing the control taxonomy to ensure consistent categorisation and application across all RCSAs.

  • Delivering RCSAs in collaboration with key stakeholders, ensuring all risks and controls are assessed, challenged, and appropriately rated.

  • Supporting the development and execution of control testing plans, incorporating both manual and automated approaches.

  • Overseeing remediation activity for ineffective or missing controls, including root cause analysis, action planning, and retesting.

  • Interpreting and communicating regulatory developments, ensuring appropriate updates to policies, processes, and control frameworks.

  • Designing and producing meaningful risk reporting and dashboards for senior stakeholders, highlighting trends, themes, and areas of concern.

  • Collaborating with 2LoD and 3LoD teams to ensure alignment and consistency in risk assessments and control monitoring.

  • Driving forward a risk-aware culture across the 1LoD through training, guidance, and best practice sharing.

Key Skills and Experience

You should bring:

  • 3–5 years’ experience as a Business Analyst within Risk & Control functions, preferably in a 1LoD environment.

  • Hands-on experience with RCSAs, control libraries, control testing, and issue/action tracking.

  • Solid understanding of risk taxonomies and experience refining or implementing them within a structured framework.

  • Strong knowledge of the UK regulatory environment, including FCA expectations (e.g., Consumer Duty, CONC).

  • Experience in retail banking and understanding of associated non-financial risks.

  • Familiarity with the three lines of defence model and operational risk management frameworks.

  • Strong interpersonal and stakeholder management skills, with the ability to challenge constructively and influence outcomes.

  • A proactive, ownership-driven mindset and the ability to manage multiple tasks and priorities with minimal supervision.

 

Interested?

 

At emagine, we are committed to building an international and diverse team by embracing our different backgrounds.

 

If you are up to the challenge and would like to find out more, get in touch with us immediately, our internal recruitment team is always keen to hear from dynamic individuals that are looking to further their career and explore their full potential. 

 

“emagine is an equal opportunity employer, and employment practices are based strictly on merit. It is the policy of the Company to give equal opportunity in employment regardless of sex, sexual orientation, marital status, race, age, disability, gender reassignment, pregnancy and maternity, religion or ethnic origin”