SalaryCompetitive Salary + Other BenefitsLocationUnited KingdomIndustryBanking & Financial ServicesJob Description
Job Title: Chief Risk Officer
Industry: Financial Services Institution
Location: United Kingdom
Salary: Competitive Salary Package + Benefits
Purpose of the Role
Accountable to the Board and the CEO, the CRO is a pivotal leadership role in the Bank. The role sits on the Executive Committee of the Bank, and holds the SMF4 regulatory authorisation providing oversight and leadership of the internal audit, credit risk, operational risk, market risk and compliance (incl. financial crime, regulatory compliance and conduct risk) functions of the Bank.
For ease of reference, any reference in this document to Risk should be read to include all the above areas of responsibility.
Executive Committee Responsibilities:
- Working with the Executive Committee to develop and implement the strategic direction of the Bank
- Provide oversight and coordination of the Bank’s second and third line of defence.
- Build and lead an effective team by coaching and guiding direct and indirect reports.
- Assist the CEO and the Board in the execution of any other tasks as may be required to meet the Bank’s objectives.
- Working with the CEO and the Board to set the credit, market, operational, regulatory compliance, financial crime and conduct risk strategies and develop a clear risk appetite statement, with supporting policies.
- Provide relevant input into the development of the overall Bank’s business strategy.
- Develop, review and implement a suitable risk framework and infrastructure with subsequent on-going maintenance and monitoring to ensure continued fitness for purpose.
- Put in place a control framework to highlight risks and ensure the infrastructure is in place to manage and mitigate them.
- Maintenance and implementation of Risk framework/infrastructure, policies and guidelines
- Develop suitable Risk policies and procedures, Risk limits, tolerance levels and approval authorities and manage the resultant process.
- Management of all aspects of the Risk function.
- Assist with putting in place processes, tools and systems to ensure liquidity risks and capital adequacy are monitored at all times.
- Assist in the development of and manage processes to identify and evaluate business areas' risks and risk and control self-assessments.
- Define, produce and maintain Risk policies, procedures, processes & other documentation as required and ensuring they are kept up to date and maintained in light of any developments.
- Ensure a strong and proactive Risk management culture is embedded in the Bank at all levels, instilling a culture of Risk awareness to encourage good risk management practices throughout the organization.
- Provide advice, insight and guidance on Risk practices to senior management, the board and all staff, acting as a “Subject Matter Expert” for Risk related queries.
- Monitor major and critical Risk issues, track developments and escalate to senior management.
- Lead the development and implementation of improved compliance and adherence to the three lines of defence structure, through engagement and collaboration with the business, the shareholder and the Regulator(s).
- Direct the development of recommendations to enhance internal compliance, assessing the effectiveness of controls
- Cross functional liaison with Internal Audit to ensure there is an integrated Risk and audit road map or framework to mitigate risks
- Develop and deliver effective credit, market, operational, regulatory compliance, financial crime and conduct risk reporting functionality to provide timely and accurate reporting on key risks for the Bank, escalating to senior management and providing mitigating actions to address these risks as they emerge.
- Preparation and maintenance of regulatory governance documents – ICAAP and ILAAP - and, as appropriate review relevant risk related regulatory returns.
- Provide Risk commentary and analysis for Board Reports, the CEO and relevant business areas, alongside robust and targeted Management Information for informed decision making.
- Monitoring and coordinating activities of Risk team, supervising reviewing output of direct reports and developing appropriate performance measures for the team.
- Agree team deliverables and accountabilities, holding regular performance reviews and taking remedial action where necessary.
- Provision of Risk education and training to all staff supported by the risk policies, procedures and documentation in place.
- Chairing the Executive Risk, ALCO and New Product & Activities committees – reporting and developing Risk MI to identify any potential issues for the Bank.
Senior Management & Certification Regime (SMCR) – FCA/PRA
Chief Risk Function SMF 4
SMCR Prescribed Responsibilities as documented in FRM
Responsibility for the Bank’s performance of its PRA/FCA Prescribed Responsibilities and obligations:
- O- Responsibility for managing the allocation and maintenance of the Bank’s capital, funding and liquidity.
- S - Responsibility for managing the Bank's internal stress tests and ensuring the accuracy and timeliness of information provided to the PRA and other regulatory bodies for the purposes of stress testing.
- Climate change
Membership of Governance and other Key Committees
- Board Risk and Compliance Committee (BRCC) – Attendee
- Board Audit Committee (BAC) – Attendee
- Board Finance and General Purposes Committee (BFGPC) – Member
- Executive Committee (ExCo) – Member
- Asset and Liability Committee (ALCO) – Chair
- Risk Committee (RC) – Chair
- New Products and Activities Committee (NPAC)c- Chair
- Security Committee (SC) – Member
- Compliance, Audit and Conduct Committee (CACC) – Member
- In-depth knowledge and experience of a Risk function.
- Regulatory rules and legislation – FCA, PRA, Bank of England, UK Company’s Act etc.
- Risk governance and management. General
- Broad based banking experience, particularly in a UK-based, foreign owned institution.
- Experience of operating in and managing a Risk area in a financial institution with an emerging markets product focus.
- Proactive with excellent communication and influencing skills, particularly at Board level;
- Ability to anticipate issues, identify solutions quickly and provide clear guidance to the Board to enable it to manage risks and meet its governance obligations
- Analytical skills to assess data and interpret the potential impact on the Bank.
- Degree educated – honours level or equivalent or a member of a relevant professional institute; and
- Relevant business experience.
- Postgraduate business or management qualification.