Job Ref: 14336
Salary: $175,000 – $250,000
JOB SUMMARY: The Head, Risk Management reports to the Chief Risk and Compliance Officer and is responsible for the leadership, innovation, governance, and management of the team tasked with the responsibility for the identification, evaluation, mitigation, and monitoring of the company’s operational, market, credit, liquidity, and strategic risks. The successful candidate shall support leadership in identifying and managing risks as well as build, support and execute the enterprise risk management framework.
Essential Functions & Responsibilities:
- Leads the development of the overall risk management framework and re-calibration of the organization’s risk appetite statement; develop a comprehensive risk management framework encompassing market, credit liquidity, operations reputational and IT risks.
- Develop Enterprise Risk Management tools, practices, and policies to analyze and report enterprise risks, and to manage risks according to an enterprise risk management framework. Ensures the bank’s risk management policies and strategies comply with applicable regulations, guidance, and strategic imperatives of the organization. Establishes the Enterprise Risk Management architecture for the company. Monitors and analyzes risks within the bank’s business units and reports on these risks to bank management
- Develops and continuously monitors the ERM implementation plan that includes responsibilities, approach, concrete steps, and performance measures, and maintains the Corporate Risk Register.
- Provide methodology and guidance on risk definitions, assessment criteria, and the cascading of institutional risk acceptance and mitigation to operational activities and business processes.
- Periodically reviews appropriate practices, policies, and procedures for the ERM with a view to strengthen risk management framework and to ensure that risk management policies and standards are adequate and up to date.
- Continuously review risk management supporting and enabling tools and platforms and ensure system fixes and enhancements are timely and proactively planned and properly executed.
- Performs analysis on risk data and reports to senior management on the risk profile and potential impact on emerging risks in line with the bank’s Risk Appetite Statements.
- Ensures that the organization appropriately prioritizes, manages and monitors risk by collaborating with relevant departments and defining risk ownership
- Collaborates with business, functional and risk colleagues across the enterprise to further develop and strengthen the risk governance framework.
- Produces and/or oversees the development of independent risk management reporting as input governance and management routines.
- Monitors the regulatory environment to identify regulatory changes applicable to area(s) of coverage, advises business leaders on those changes, directs the appropriate areas to implement or amend policies, standards, procedures and/or processes to address regulatory requirements, and challenges the implementation plan as needed; maintains a comprehensive regulatory inventory. Review external events and emerging risks to ensure they are considered and managed accordingly by the First Line of Defense.
- Leads the development of risk coverage plans, executes and / or oversees execution of independent risk monitoring, testing and risk assessments, communicates results to senior management. Ensures issues and control enhancements are identified and addressed appropriately and timely.
- Facilitate the enterprise risk management policies and programs with process and risk owners in the First Line. This includes, but is not limited to, comprehensive identification, tracking, measurement, mitigation, resolution and reporting of risks, issues and control effectiveness.
- Provide advice to all functional levels and leaders in the business to continually advocate for a strong risk culture, mindset, and acumen.
- Oversees the bank’s development, assessment, monitoring, and adjustment of credit and risk models.
- Establishes, implement and oversee frameworks, systems, processes and policies to anticipate, monitor and mitigate risk on an ongoing basis; perform regular periodic risk assessments and evaluations, including analysis, identification, and estimation of business risks and mitigants.
- Support the Chief Risk and Compliance Officer with the development of risk training programs. Ensure employees understand risk limits and tolerances through training and educating of key employees.
- Develop, implement, and oversee risk response processes, including business continuity risk mitigation and contingency programs.
- Responsible for ensuring the Branch has an effective Information and Cyber Security program in place, supervise the Cyber Security function and provide strategic guidance and direction to the Cyber Security officer.
- Supervise operational, credit and market risk analysts and ensure risk mitigating processes are effectively executed
- Ensure zero tolerance stance on all matters capable of increasing the Bank’s risk profile.
- Ensure proactive identification, measurement, reporting, control and mitigation of risk across the bank.
* Specific duties and responsibilities may vary based upon departmental and Branch needs. Other duties may be assigned similar to the above consistent with the knowledge, skills and abilities required for the position.
- Bachelor’s degree (or equivalent)
- 10 years of experience assessing, managing and monitoring business risk, preferably in a financial service setting
- Proven experience in working with or contributing to development of an ERM Risk framework in a dynamic financial organization.
- Experience building and/or standing up Risk Control Self-Assessment (RCSA), key risk indicators, risk appetite statements, targeted risk assessments
- Deep knowledge of credit, market, liquidity and operational risk management techniques and processes.
- Certifications in risk management and financial services preferred. Masters degrees would be a plus depending upon the field of study
- Ability to evaluate and provide healthy challenge in various areas including controls assessments, issues identification and action plan management in order to mitigate risk issues
- Ability to demonstrate strong decision-making skills, but willingness to engage others and escalate issues as prudent.
- Ability to communicates complex ideas, anticipates potential objections, and influences others, often at senior management levels, to consider a different point of view
- Collaborate internally with stakeholders to develop risk models and strategies for businesses and products
- Familiarity with regulatory guidelines and detailed knowledge of risk management best practices
- In-depth knowledge of finance, economics, management principles and business concepts
- Knowledge of emerging markets preferred
Dependent on experience and skill