The Chief Risk Officer (CRO) develops, implements, monitors, and maintains an efficient and effective Risk Management Program supporting the Bank’s strategic risk management approach to capital adequacy and asset and liability management of the Bank. The incumbent is accountable for risk management operations including the integration of risk concepts into strategic planning, and risk identification and mitigation activities. A main priority of the CRO is to ensure that the Bank is in full compliance with applicable regulations, analyze all risk-related issues, and recommend improvements, modifications, and new procedures where controls are needed. The position is directly reporting to CEO.
Duties & responsibilities.
- Oversee the Risk Management, Compliance, BSA/AML, CRA and Security functions
- Create an integrated risk framework for the entire organization; develop strategies and plans to anticipate, assess, and mitigate risks
- Implement and oversee the Risk Management Program with appropriate reporting to the BIRMC
- Administer information security and fraud prevention activities
- Oversee preparation of the Information Technology Risk and Security Assessment including a cyber-security assessment
- Administer the Business Continuity Plan and Vendor Management programs
- Prepare the annual Risk Assessment for submission to the BIRMC including Key Risk Indicator reports
- Evaluate compliance with policies, procedures, processes, laws and regulations
- Review risk assessments prepared by all areas of the Bank
- Recommend improvements, modifications, and new procedures to mitigate risk and address inadequate or weak controls
- Participate in strategic planning, capital stress testing, appropriate Credit Committees, ALCO and Audit Committee
- Keep informed of industry changes, trends, and best practices, and assess the potential impact on processes and procedures
Competency required
- Use of critical thinking, logic, and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems
- Thorough analysis of information and use of logic to address complexity of data and information
- Developing constructive and cooperative relationships with others
- Monitoring and assessing the performance of the organization to make improvements or take corrective action
- Honesty, integrity, and ethical behavior
- Ability to effectively present information and respond to inquiries from the board of directors, senior management, regulator, government agents, attorneys, vendors, employees, and the general public
Experience and Qualifications
- A bachelor’s degree specialized in accounting/Finance/Management from a recognized university
- MBA from a recognized university
- In depth knowledge on accounting standards (SLAS/IFRS), international best practices in banking and BASEL guidelines
- Minimum 8 to 10 years of progressively responsible experience with risk, compliance, or legal responsibilities in a bank or similar financial institution.
- Hands-on experience in risk function at a senior Managerial level
- High level of conceptual and analytical skills
- Demonstrate good communication and excellent organization skills and IT literacy