Chief of Risk and Compliance Officer
Wayne, NJ
$190,000 - $220,000
Manage the risks that might have adverse impacts on the Bank’s capital and ability to meet clients’ needs. Management of risks includes the following activities: supporting risk governance, identification, measurement, mitigation and monitoring of risks on a timely basis.
The Chief of Risks and Compliance will be responsible for ensuring an effective internal compliance function is in place and ensure that the Bank’s chosen risk management framework (Self Assessment Templates) is being fully implemented in all areas.
The CRC will be responsible for ensuring adherence to all regulatory requirements as stipulated by the Reserve Bank of Malawi (RBM) including AML, KYC and statutory ratios.
The CRC will also be responsible for thought leadership in all aspects of risk including the embedding of a risk culture and risk training/awareness at all levels within the Bank
ESSENTIAL DUTIES AND ACCOUNTABILITIES:
Risk Governance
Ensure that the Bank has an approved written risk management policy, which is consistent with the Institution’s business strategies, capital strength, management expertise, and which falls within the overall parameters determined by Opportunity International Network.
Ensure that the Bank has an approved risk appetite statement and that this appetite is communicated through the Institution and included within the risk reporting templates
Establish a culture within the Institution that emphasizes their commitment to internal controls, risk management and high ethical standards.
Work with internal audit to ensure that the risk based audit approach taken is not susceptible to gaps in the risk management process. As part of the continuous improvement loop, participate in internal audit finding reviews to help identify areas of exiting or potential risk to be addressed.
Help build best practice to enforce a pro-active approach towards credit approval, monitoring, reporting and control in order to maintain the loan portfolio within acceptable quality parameters.
Advise on the establishment and approval limits for branch and regional credit committees and be a member of the Head Office Credit Committee
Working with the Regional Head of Risk, recommend on acceptable risk levels in the Bank – by customer segment, product, industrial classification, etc in line with the framework developed by the Risk Management team (RMT).
Identification and Measurement of Risks
The CRC will be responsible for all of the following risk areas within the institution:
Capital
Financial Reporting
Liquidity
Market Risk
Country
Credit
Legal Compliance
Operational
People
Reputational
Strategic
Mission
The CRC will ensure that key risks are identified and included in the Self-Assessment templates (SATs). Together with functional heads, identify quantitative measures for each risk together with limits (approved by and in line with Risk Appetite stated by Board and subject to minimum regulatory requirements) against which exposure to risk can be measured.
Ensure that the Self Assessment Templates are completed on at least a six-monthly basis for each of the risk areas and ensure that Internal Audit receives these on a timely basis.
Mitigation of Risks
Using the Self Assessment Templates, the CRC, should work with the functional heads in the Bank to identify controls to reduce the likelihood of a risk occurring. This work will form a subset of controls against which Internal Audit and Internal Compliance teams can test compliance.
In recognition of control as the responsibility of functional heads, identify quantitative measures (such as exception reporting) to help them test the efficacy of controls in place.
Design remedial action plans to ensure that the Institution is not exposed to risks identified or under stress testing scenarios.
Ensure an effective internal compliance team is fully functional and that all prescribed internal controls are being adhered to.
Monitoring of Risks
Monitoring risks should be a continuous process and undertaken on a formal and informal basis. The CRC is responsible for keeping abreast of activities within the Bank and the country that may impact on the ability of the Institution to operate successfully.
Prepare a monthly and quarterly risk report for use at the Executive Management Committee and Board Risk Committee that provides an overview of the risks faced by the Institution together with recommended actions where appropriate. The report should include a monthly risk dashboard in the format developed by OIN that provides key risk indicators with respect to risk exposure (against defined limits) and control compliance as well as stress testing results Such a report should also provide a view and opinion of the ratios over defined time periods e.g. weekly, monthly, quarterly, annually.
Develop weekly and, where appropriate, daily risk reports for each function that provides functional heads with the quantitative measures identified with respect to risk exposure and control compliance.
Work with OI Network Risk Management Team to ensure a ‘no surprises’ modus operandi within the Institution..
Perform stress testing in line with scenarios identified by the RBM, OIN CFO and Risk
Management teams- Quantify (expected and extreme impacts) and design appropriate mitigating factors or remedial action plans in its contractual dealings with third parties in all the relevant business cycles including purchase of capital and revenue items for business use.
Escalation of Risks
In the event that the risk indicators are outside of established limits, or there is a breach of controls the CRC, should discuss the specific issues with the functional heads responsible and gain a written explanation. The breach of limits of controls must be highlighted in any risk reports at both Executive Management and Board levels. In addition, the CRC should ensure that Internal Audit and the Regional Head of Risk are alerted.
Other
Ensure compliance with all Central Bank requirements and monitor loan covenants contained within all 3rd party loan documentation. Take appropriate remedial action in respect of any breaches including obtaining waivers where appropriate.
Ensure all required donor reports are submitted in a timely fashion.
Ensure that the Bank is ready for Basel 2 implementation in line with the guidelines and timetable provided by the RBM.
Participate fully in developing and regular testing of the Bank’s Business Continuity and Disaster Recovery Plans and ensure that they are formally approved by the Board of Directors. Report on all events on system failures and other emergency issues.
QUALIFICATIONS
Minimum Education and Experience
Bachelor’s degree in a business related subject, preferably in accountancy, from a reputable University.
Professional qualification (ACCA or CIMA).
Minimum of 5+ years experience in a risk management role, preferably from a microfinance, banking or financial institution.
Knowledge and Skills
Appropriate and relevant skills related to all areas of risk management.
Experience in risk management and evaluating business operations including sustainability, efficiency, budget and overhead control, profitability and default management.
Knowledge of banking, company, employment and tax laws and regulations, banking compliance regulations and accounting principles.
Ability to monitor and assess achievements against performance targets, quality standards and service agreements that aligns with OBM business plan.
Excellent oral and written communication skills with advanced skills related to the preparation and submission of regulatory, statutory and risk/compliance reports.
Ability to manage and prioritize multiple tasks and work under demanding conditions with many interruptions.
Intermediate skills in personal computer operation, word processing and spreadsheet software.
To perform the job successfully, an individual should have the following competencies:
Core Technical – Utilizing business knowledge, understanding and using technology, complying with and applying appropriate Risk Management methodologies, Applying high professional standards
Service Excellence – Serving the Bank and retaining the respect of other departments.
Management Effectiveness – Making decisions, implementing, following through and managing the risk department.
Leadership Effectiveness– Creating a vision, developing commitment, achieving results and team playing.