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Chief Executive Officer (“CEO”)-UK

Job Description

Job Title: Chief Executive Officer (“CEO”)

Client:        Banking Institution

Location: London, United Kingdom

Reports to:   Board of Directors

Supervises: Executive Management

Purpose of the Role

The CEO reports to the Board and has overall responsibility for co-ordinating the daily management of the firm, formulating the business model,  strategies and policies, setting targets for the firm, and ensuring that plans are put into action to achieve the goals.  The CEO has oversight of the Risk Management and Regulatory framework of the firm to identify risks , making certain that plans are put in place to mitigate against risks, while ensuring all Regulatory requirements are complied with at all times.

The role supports the Bank  to deliver the Business Plan and strategic objectives within the context of the organisational capabilities,  business environment, UK legislation and regulations; and ensures that all commercial decisions e.g. product, market, customer, scope or process, receive appropriate due consideration.

Key Responsibilities include:

  • The CEO supports the effective operation and administration of the Board by providing timely and accurate, advice, guidance and information on any risks, issues or relevant matters for effective control and decision making.
  • The CEO communicates on behalf of senior management to the Board, reporting on the progress of the firm and the business activities being undertaken and also facilitates communication between the Board and other stakeholders, including staff and shareholders and customers.
  • Informs staff of all the relevant policies and procedures in place and communicates the impact of changing legislation/ regulation/business environment and the effect on the firms’ policies, which may affect current business and future business development.
  • Coordinates with functional heads of the business to ensure the smooth running of the firm and oversees:

~ Compliance function: to ensure the firm remains compliant with UK/EU legislation and that all Anti Money Laundering and Financial Crime rules and regulations are complied with.

~ Risk function: to assess the principal risks facing the firm and to ensure that these risks are being monitored, managed and mitigated against and in accordance with the Board approved Risk Appetite Statement.

~ Finance function: ensuring that expenditure within the authorised annual budget of the Company and accurate financial, management and regulatory reporting.

~ IT function: to ensure that effective management information systems are in place to provide accurate data for decision making;

~ Operations: to ensure that end to end transaction processing follows best practices and minimizes manual interventions and operational losses.

~ Trade Finance and Treasury: to ensure that sufficient revenues are generated for the firm

  • Oversee all business functions to make sure effective strategic and tactical functional policies are developed and applied, with supporting procedures and end to end processes put in place.
  • Coordinating with all teams to effect a strong client focus and customer oriented business model.
  • Leads from the top, setting the tone for the firm to instil a culture of customer focus that emphasizes operational excellence, continuous improvement, personal accountability and high quality performance, all of which supports the business strategy implementation and the attainment of organisational goals.
  • Working to mandates set by the Board, the CEO has the ultimate authority for making major business decisions, appraising suitable options and determining the best outcome for the firm when making the final choice.
  • Working closely with HR, the CEO is responsible for ensuring staff have access to training and development opportunities, supported by policies and protocols that encourage ongoing learning and career development.
  • Making sure all relevant staff remain aware of their corporate, personal, customer and regulatory obligations, responsibilities and accountabilities at all times.
  • Put in place an infrastructure and resources to support the business, ensuring that the correct people, systems and financial resources are available and deployed to maximise return. 
  • Provide strong leadership in the firm and lead by personal example, encouraging all employees to conduct themselves in line with company culture, ethical standards and acceptable standards of behaviour.
  • Managing and supervising the activities ofthe senior management team to ensure proper execution of tasks, achievement of expected results in line with strategy and taking remedial action where necessary.
  • Performs an active role in driving the performance of the firm, setting annual firm wide targets, reviewing annual performance, identifying areas of concern and developing remediation plans.
  • Development, formulation and communication of a clearly defined business strategy, vision and supporting polices, cascading to thesenior management team for execution and reviewing implementation.
  • Overseeing recruitment, retention and retrenchment, in conjunction with Head of HR, to ensure the company is appropriately organised and resourced, with staff who possess the requisite skills, expertise and knowledge.
  • Make certain that UBACE meets and adheres to all its statutory, regulatory and legal requirements, under UK and EU laws and regulations.
  • Ensuring UBACE successfully obtains and maintains its regulatory licence to do authorized regulatory business.
  • Participation in and involvement in training and development initiatives as agreed by the BNGC. Ensuring that, In cases of planned absence from the office, responsibilities are delegated to approved, nominated cover for the role ensuring they are briefed and trained sufficiently in advance on the tasks and responsibilities involved, including providing handover documentation to enable the replacement member/s of staff execute the role successfully.
  • Oversight of the Senior Managers Regime process including implementation, ongoing review and update in light of future developments and ensuring relevant senior management and certified individuals are identified and the SMFs have pre-approval registration with the Regulators.
  • Sole Responsibility for the firm’s performance of its PRA/FCA Prescribed responsibilities and obligations:
  • A - Responsibility for the firm’s performance of its obligations under the senior managers regime
  • B - Responsibility for the firm’s performance of its obligations under the certification rules
  • C - Responsibility for compliance with the firm’s obligations in relation to its Management Responsibilities Map
  • G - Responsibility for monitoring the effective implementation of policies and procedures for the induction, training and professional development of all persons performing designated senior management functions on behalf of the firm other than members of the governing body.
  • H - Responsibility for overseeing the adoption of the firm’s culture in the day-to-day management of the firm.
  • T - Responsibility for the development and maintenance of the firm’s business model by the governing body
  • P - Responsibility for the firm’s treasury management function
  • V - Responsibility for the firm’s proprietary trading activities;

Joint Responsibility for the firm’s performance of its obligations:

  • E - Responsibility for the allocation of all prescribed responsibilities.

Responsibility for the allocation of all PRs is divided between the Chairman and the CEO. The Chairman allocates those PRs that must be held by the NEDs and Internal Audit and the CEO allocates all other PRs

 

Senior Management & Certification Regime (SMCR) – FCA/PRA

Senior Management Functions

  • SMF1 - The function of having responsibility, under the immediate authority of the Board, alone or jointly with others, for carrying out the management of the conduct of the whole of the business of a firm.
  • SMF 3 – Executive Director function

 

Membership of Governance and Executive Management Committees

 

Member of/contributes to, including role:

Board:

  • Board - Member

Board Committee:

  • Board Audit & Compliance Committee (BACC) - Attendee
  • Board Risk Committee (BRC)– Attendee
  • Board Nomination and Governance Committee (BNGC) – Attendee
  • Board Finance & General Purposes Committee (BFGPC) - Member

Executive Committees:

  • EXCO – Chair
  • Risk Committee - Member
  • ALCO - Chair
  • Security Committee - Member
  • New Products and Activities Committee- Member
  • IT Steering Committee – Member

 

 

Experience required

Technical

In-depth knowledge and experience of:

  • Previous CEO role in a financial institution
  • Business planning, business model development, policy formulation
  • PRA and FCA Regulations and UK Company Legislation
  • KYC and AML rules and regulations
  • Risk awareness, monitoring and mitigation
  • Product knowledge

General

  • General experience and background experience for successful execution of the role
  • Banking experience, particularly in a UK-based,foreign owned institution
  • Emerging markets experience
  • Stakeholder management and engagement at board level
  • Leadership, team building and people management
  • Decision making, critical thinking and problem solving
  • Strategic outlook and vision

Qualifications/Education/Training

 

Essential

Desirable

  • Degree educated – honours level or equivalent

 

  • Member of a relevant professional institute
  • Postgraduate business or management qualification e.g. MBA

Key Competencies

 

Market Knowledge

Awareness and understanding of the wider business, economic and market environment in which the Bank operates:

  • Knowledge of the competitive environment the Bank Group operates in – countries, customer and competitors – and any legal/compliance/regulatory implications associated.
  • Knowledge of the regulatory and legislative developments affecting the UK and African banking markets that the Bank operates in.
  • Identify potential areas for expansion – new markets, products, clients.

 

Customer Focus

Awareness and understanding of the Bank’s customer needs and requirements:

  • Ensure that our customers are central to our decision making process
  • Ensure that all products and services offered are transparent, appropriate and fully understood by our customers
  • Ensure that all customer journeys are efficient, effective and monitored to ensure appropriately satisfactory outcomes are achieved.

 

Business Strategy & Business Model

Awareness and understanding of the Bank business strategy:

  • Establish a sustainable Business Model supported by clear strategies and plans, and oversee their implementation.
  • Ensure that the firm wide business continuity plan tested and maintained.

 

Risk Management & Control

Identify, assess, monitor, control and mitigate risks to the Bank:

  • A clear risk appetite statement developed and approved by the Board to evaluate all business decisions against.
  • Assess the principal risks facing the firm and ensure that they are monitored, managed and mitigated against.
  • Ensure that there are effective risk management strategies, framework, personnel and internal controls and management oversight in place to address risks.
  • Utilise Key Risk Indicators (KRI’s) to flag risks.
  • Instill a risk aware culture throughout the organization.

 

Financial Analysis & Costs

Interpret the Bank’s financial information, to identify key issues based on this information and to put in place appropriate controls and measures:

  • Keep expenditure within annual authorised budget through prudent management, minimising costs and maximising returns on shareholder investments
  • Develops and signs off on budgets andtracks major expenditures
  • Utilise MIS to manage business effectively and make informed decisions.

 

Governance Oversight & Controls

Assess the effectiveness of the Bank’s arrangements to deliver effective governance, oversight and controls in the business and, if necessary, to oversee changes in these areas:

  • Attend Committees as directed by the Board and lead the executive team to ensure effective governance of the firm.
  • Confirm sufficient adequate controls in place in each function, identifying weaknesses and ensuring process to rectify is put in place.

 

Regulatory Framework & Requirements

Awareness and understanding of the regulatory framework in which the Bank operates and the regulatory requirements and expectations:

  • Ensuring the firm is compliant with UK legislation and regulations
  • Compliance with the Senior Managers and Certification Regimes
  • Comply with FCA and PRA conduct rules

 

Per Regulators Conduct Rules

  • Acts with Integrity,
  • Acts with due skill, care and diligence.
  • Must be open, transparent and cooperative with the FCA, PRA and other regulators.
  • Pays due regard to customers interests and treats them fairly.
  • Observes market conduct standards.

 

  • Ensures reasonable steps are taken to
    • ensure that the business of the firm for which the CEO is responsible forIs controlled effectively.
    • ensure the business of the firm for which the CEO is responsible complies with relevant requirements and standards of the regulatory system and
    • ensure that any delegation of responsibilities is to an appropriate person and that the discharge of the delegated responsibility is overseen effectively.
  • Disclose appropriately any information of which the FCA or PRA would reasonably expect notice.

 

     

Key Performance Indicators

  • Profitability: Profit/Loss for financial period
  • Ratios: Return on cost to income, return on assets (ROA), return on capital (ROC)
  • Margins: net and gross
  • Brand value and brand awareness
  • Conduct risk management
  • Customer feedback/complaints
  • Customer engagement and customer loyalty
  • Customer retention and cross selling
  • Feedback from Board and Shareholder
  • Board and Employee satisfaction rating
  • Personnel turnover

SENIOR MANAGEMENT FUNCTIONS EXPECTATIONS

As a Senior Manager function, the Bank has the following expectations of you when fulfilling your role. These expectations are that you:

  1. are appropriately skilled and experienced to complete your job to the expected/required level;
  2. fully understand your responsibilities and accountabilities as detailed in the firm’s MRM, SoR and job description to which you have attested;
  3. exercise reasonable care and challenge when considering all information made available to you;
  4. can demonstrate reasonable and justifiable conclusions to support your actions;
  5. fully aware of all past and current regulatory issues relating to your role and responsibilities;
  6. are fully aware of any actual or suspected issues that involved possible breaches of relevant requirements relating to your responsibilities and have taken reasonable steps to ensure that the issues have been dealt with in a timely and appropriate manner;
  7. act in accordance with statutory, common law and other legal obligations, including, those set out in the Companies Act 2006, the Handbook (including COCON), and, any other relevant guidance;
  8. ensure that any delegation of your responsibilities, where this was itself reasonable, is to an appropriate person with the necessary capacity, competence, knowledge, seniority and skill,
  9. take reasonable steps to oversee the discharge of your delegated responsibility effectively;
  10. ensure reporting lines in relation to the firm’s activities for which you are responsible, are clear to your direct reports and that they operate effectively;
  11. satisfy yourself, on reasonable grounds, that, for the activities for which you are responsible, the firm has appropriate policies and procedures for reviewing the competence, knowledge, skills and performance of each individual member of staff, reporting to you, to assess their suitability to fulfil their duties;
  12. assess, on taking up each of your responsibilities, and monitor, where reasonable, the governance, operational and risk management arrangements in place for the firm’s activities for which you are responsible (including, where appropriate, corroborating, challenging and considering the wider implications of the information available to you), and whether you took reasonable steps to deal with any actual or suspected issues identified as a result in a timely and appropriate manner;
  13. ensure an orderly transition when another SMF manager under your oversight or responsibility is replaced in the performance of that function;
  14. ensure an orderly transition if you are replaced in the performance of your function;
  15. take reasonable steps to understand and inform yourself about the firm’s activities for which you are responsible, including, but not limited to:
    1. adequate reporting or an adequate explanation of issues within a business area, whether from people within that business area, or elsewhere within or outside the firm, if they were not an expert in that area; or
    2. maintaining an appropriate level of understanding about an issue or a responsibility that you have delegated to an individual; or
    3. obtain independent, expert opinion where appropriate from within or outside the firm as appropriate; or
    4. permitted the expansion or restructuring of the business only after reasonably assessing the potential risks; or
  16. monitor highly profitable transactions, business practices, unusual transactions, or individuals who contributed significantly to the profitability of a business area or who had significant influence over the operation of a business area;
  17. where involved in a collective decision affecting the firm’s activities for which you are responsible, and it was reasonable for the decision to be taken collectively, you fully  informed yourself of the relevant matters before taking part in the decision, and exercised reasonable care, skill and diligence in contributing to it;
  18. take all reasonable steps to follow the firm’s procedures;
  19. ensured an orderly transition and handover when you took up your responsibilities;
  20. taken reasonable steps to implement (either personally or through a compliance department or other departments) adequate and appropriate systems and controls to comply with the relevant requirements and standards of the regulatory system for the activities of the firm.

Maintenance of Role Profile

The role holder is responsible for the on-going review and maintenance of their own role profile to ensure that it is up to date and reflects the current:

  • role purpose, responsibilities, accountabilities and competencies required
  • organisational structure for reporting lines and lines of delegation of authority

Ensure that:

  • any material changes to the above are agreed with the Chairman, flagged with the Head of Compliance and are advised quarterly, in arrears, to the BRAC via EXCO.
  • previous versions are kept for reference, a version is emailed to Head of HR and your line manager, and a signed version is kept on file for regulatory and audit purposes.
 
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