The key responsibilities associated with the CRO role are:
Strategy
Ø Support the business in the achievement of sustainable growth aspirations, by enabling the business to take risk appropriately and identifying opportunities for immediate and long-term growth based on a detailed understanding of the Bank’s strategy, risk profile, products and markets.
Ø Oversee the overall risk profile, providing independent leadership and judgement, challenge and analysis of risk and reward, ensuring exposures are managed in a consistent and systematic ways in accordance with the parameters set in the Risk Appetite Framework.
Ø Maintain, enhance and communicate Risk Strategy and Risk Appetite across the Bank, whilst ensuring that business understands their responsibilities.
Ø Integrate risk management with organizational and business planning.
Risk culture, frameworks, policy and standards
Ø Build a positive risk and compliance culture through communication and education on risk management, and effective role modelling of risk capacities and corporate values.
Ø Lead, maintain and implement an appropriate infrastructure of all material risk frameworks, policies, standards, systems, process and controls, and reporting governance to manage and monitor the risk environment.
Ø Consider the adequacy and effectiveness of the technology infrastructure supporting the risk management framework.
Governance
Ø Assist the Chief Executive Officer (“CEO”) and the Board in the execution of any other tasks as may be required to meet the Bank’s objectives. Act as an active and engaged member of the executive team, supporting the effective management of the business.
Ø Manage relationships with and regularly assess the needs and views of the Board Risk Committee, Executive Committee (“EXCO”) and all ExCo committees, be it the ALCO, Credit Committee, etc.
Ø Submit monthly and or quarterly risk reports to the Board Risk Committee, EXCO and ExCo related committees.
Ø Lead the Risk people agenda, including succession planning, talent management, employee development and improving employee engagement.
Risk identification and mitigation
Ø Responsible for proactively and independently identifying, analyzing, and mitigating internal and external risks for the Bank, and proactively establishing and maintaining a top and emerging risks register.
Ø Monitor and ensure proper working teams involved in operational risk including review and upgrade risk identification, loss event management, risk library development, business line mapping, risk control self-assessment (“RCSA”), Key Risk Indicators (“KRIs”), risk capital computation and risk mitigation strategies.
Ø Monitor and ensure proper development, execution and monitoring if the Internal Capital Adequacy Assessment process (“ICAAP”), and its deliberation in the management and board committees.
Ø Allocate capital to exposures based on risk, and optimize the Bank’s risk portfolio through business activities and risk transfer strategies.
Monitor and report
Ø Embed risk management practices in the Bank and associated monitoring and reporting on these risks.
Ø Ensure robust processes are in place to deliver on regulatory and management reporting requirements.
Ø Monitor major and critical risk issues, track developments and escalate to executive management.
Ø Monitor the integrity of risk measurement techniques and MIS that are used to monitor the Bank’s risk profile relative to its risk appetite.
Ø Act in a timely manner to ensure effective management, and where necessary mitigation.
Risk models
Ø Design, maintain and develop appropriate risk models and risk modelling to support the Bank’s risk management strategy.
Stress testing
Ø Ensure rigorous stress and scenario testing of the Bank’s business, material risks and to receive reports that explain the impact of crystallization of identified risks and threats to the Bank, and to ensure a sufficient level of risk mitigation is in place.
Products and projects
Ø Review and/or recommend new or proposed products, services or businesses initiatives that may expose the Bank to new material types of risks or significantly alter the Bank’s risk profile.
Ø Oversee the implementation of strategic risk related projects and the overall risk transformation agenda.
Customer interaction (internal and external)
Ø Manage key relationships with internal and external stakeholders, developing and maintaining strong relationships with internal stakeholders, 1st 2nd and 3rd line functions, and with external stakeholders, which include regulators and external auditors.
Qualification Requirements
Ø Relevant Honours/Masters qualification within business/risk framework.
Experience Requirements
Ø Minimum 10 years’ experience within a similar role with at least 5 years’ experience at Senior Management level.
