Chief Risk Officer
Our client are a newly launched consumer lender and future digital bank.
They are on a quest to be the world's most proactive bank. Improving lives by providing better clarity, intelligence and technology to empower every individual in making the smartest financial decisions.
The founding team is in place. And they are launching with a fully functional app. Starting out with a current account and credit card, they will be broadening their portfolio soon with the foundations in place for a positive, supportive and thoughtful new bank. Their customers are at the heart of everything they do.
They are now looking for a Chief Risk Officer to build out their risk function across the business.
The role is responsible for all compliance, financial crime, conduct risk and operational risk. It would ideal if someone also has prudential (capital/liquidity) knowledge. An awareness of credit risk and credit regulation is important but not the key area of risk we are looking for.
Responsibilities of the Chief Risk Officer
- Formulate and develop the business's Strategic Plan with specific attention to Risk and Compliance
- Establish and maintain the Bank's Enterprise Risk Management (ERM) Framework ensuring that the right risks are identified and are being managed; the assessments of the likelihood and consequences of each identified risk are current and realistic; and plans for managing each identified risk, including decisions to bear any risks unmitigated, are appropriate and effectively implemented.
- Establish the stress testing framework that covers the major risks (Credit, Operational and Liquidity Risks)
- Carry out periodic Credit Portfolio analysis to ensure that the Bank's risk appetite with regard to the Credit risk management processes is maintained and achieved.
- Help build best practice that enforces a proactive approach towards credit appraisal, monitoring, reporting and control in order to maintain the loan book within acceptable quality parameters.
- Develop, maintain and update the Internal Capital Adequacy Assessment Process (ICAAP) in line with the Strategic Plans, Capital requirements and risk management practices.
- Ensure the necessary policies, procedures and controls are in place with regard to complying with applicable laws, regulations and international standards and best practices applicable to the Banking Industry
- Ensure the business is in compliance with various internal policies and procedures; and external regulation such as CBK regulations, FATCA and relevant laws.
- Implement and monitor the Anti-Money Laundering & Combating the Financing of Terrorism programme
- Aggregate, review and report, at least quarterly, information on the major risk exposures of the Business and Support Units
- Facilitate required trainings on AML Compliance and other risk related required trainings.
- Establish a culture that emphasizes commitment to internal controls, risk management and high ethical standards
- Oversee and manage the information security systems while ensuring the security triad of Confidentiality, Integrity and Availability is achieved and maintained.
- Oversee and manage the implementation of the Business Continuity Planning and Disaster Recovery management
- Take the business through the banking licence process
Qualifications and Experience of the Chief Risk Officer
- Extensive experience in all areas of risk and compliance within a regulated lending environment, within credit cards and consumer lending as a minimum.
- Strong experience in compliance, financial crime, conduct risk and operational risk.
- Ideally experience within prudential (capital/liquidity) risk.
- Leadership experience with strong mentor skills and ability to work at all levels
- University degree in a business related course. Postgraduate qualification and professional risk qualification will be an added advantage.
- Ability to understand and document workflows and business processes
- Knowledge and effective application of banking policies, processes and practices.
- A sound understanding of regulatory framework.
- Ability to understand and interpret financial information and principles
This role is office based in City of London 5 days a week.