Functional Consultant OFSAA ERM Suite

Functional Consultant OFSAA ERM Suite

Role Overview

The IC3 Functional Consultant for the OFSAA Enterprise Risk Management (ERM) suite supports the implementation, configuration, testing, and validation of OFSAA modules such as ALM, LRM, Basel, FTP, and PFT. This role requires strong understanding of banking products, risk concepts, and OFSAA functional capabilities, with the ability to execute functional tasks independently while working under the guidance of senior consultants.

Key Responsibilities

1. Requirement Understanding & Analysis

• Work with senior consultants and business stakeholders to gather and understand functional requirements.
• Analyse regulatory and internal risk requirements in areas such as ALM/IRRBB, Liquidity (LCR/NSFR), Basel III/IV, FTP, and stress testing.
• Support the creation of functional requirement documents (FRDs), mapping sheets, and gap analyses.

2. Functional Configuration of OFSAA ERM Modules

• Perform hands-on configuration within OFSAA including:
  
• Product behaviours & bucketing rules
• NMD assumptions & prepayment parameters (as directed)
• Scenario setups, shock parameters, model assumptions
• Allocation rules, transformation rules, and calculation rules
• Configure metadata, dimension hierarchies, member attributes, and rule dependencies.

3. Scenario Execution & Result Validation

• Run test scenarios for ALM, LRM, Basel, FTP or other modules during SIT/UAT.
• Validate scenario outputs, cash flows, rates, balances, risk metrics, and KPI calculations.
• Support reconciliation of OFSAA outputs with business expectations and source system data.

4. Data & Mapping Support

• Work with technical teams to clarify functional data requirements for staging and foundation layers.
• Review mappings, data dictionaries, DIM/FCT attributes, and business rule translation requirements.
• Validate data loads from a functional standpoint (completeness, correctness, business logic alignment).

5. Testing & Documentation

• Prepare test cases, expected results, and traceability matrices for SIT and UAT.
• Document configuration setups, rule logic, scenario assumptions, and test findings.
• Track functional defects, analyse root causes, and work with technical teams on resolution.

6. Client Interaction & Functional Support

• Participate in client workshops, walkthroughs, and solution demos.
• Provide functional clarifications to the client and internal teams.
• Assist in user training, handover documentation, and production readiness activities.

7. Collaboration

• Collaborate closely with technical consultants, data engineers, QA teams, and senior functional leads.
• Escalate risks and issues promptly with appropriate functional insights.
• Support project management with inputs for effort estimation and planning for assigned modules.

Required Skills & Experience

Functional Skills

• Strong understanding of core banking products: loans, deposits, securities, derivatives, cash management.
• Working knowledge of risk management areas such as:
• ALM / IRRBB
• Liquidity (LCR/NSFR) & funding gaps
• Basel regulatory calculations
• FTP methodologies (basic familiarity)
• Ability to interpret business requirements and translate them into OFSAA configurations.

OFSAA Product Skills

• Hands-on experience in at least one OFSAA ERM module (ALM, LRM, Basel, FTP, or PFT).
• Understanding of:
• OFSAA Rule Framework
• Cash Flow Engine concepts
• DIM/FCT structures
• Scenario and assumption setups
• Knowledge of OFSAA interface and model execution lifecycle.

Soft Skills

• Strong analytical, conceptual, and problem-solving skills.
• Good communication skills to explain functional logic to technical teams and clients.
• Ability to work independently on assigned modules with minimal supervision.
• Detail-oriented with strong documentation habits.

Preferred Qualifications

• 36 years of experience in OFSAA or risk/finance functional consulting.
• Experience in at least one regulatory framework (RBI, EBA, Fed, PRA, MAS).
• Exposure to ALM/Liquidity analytics or basic quant knowledge is a plus.
• Degree in Finance, Economics, Banking, Risk, or related field.
• OFSAA or risk-related certifications (FRM/CFA) are a plus but not mandatory.

Success Measures (KPIs)

• Accurate and timely completion of functional configuration and testing tasks.
• Quality of scenario outputs and reduction in functional defects.
• Improvement in data reconciliation and model validation quality.
• Positive feedback from senior consultants and project stakeholders.
• Ability to independently manage a functional module or workstream with consistent progress.