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Chief Risk Officer 192 views

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The Exchange needs an industry professional with a strong personality, good people management skills and the ability to work as a team player to support its Enterprise Risk Management (ERM), Compliance and Internal Control efforts. The individual would be required to have a thorough understanding of The Exchange’s policies, overall mission and strategy, and how best to manage the risks associated with executing them. The Chief Risk Officer (CRO) will manage the Enterprise Risk Group (ERG) and be identified as the top Risk Officer in the company. ERM sits under the Office of the Chief Executive Officer (CEO) and the CRO will report to the CEO directly. The Compliance Officer and Internal Control Officer report to the Chief Risk Officer.

KEY RESPONSIBILITIES

  • Responsible for and has the authority to make all decisions on risk management issues that directly impact the strategic direction of the company
  • Set the strategic risk management vision and is charged with delivering that strategy to the company using exceptional leadership skills, network of internal and external alliances and highly developed business skills
  • Exhibit business process knowledge, possess a broad based operational perspective and provide solutions for non-insurance related business risk issues
  • Risk Management
  • Provide leadership, innovation, governance, and management necessary to identify, evaluate, mitigate, and monitor the company’s operational and strategic risk
  • Develop Enterprise Risk Management tools, practices, and policies to analyse and report enterprise risks, and to manage risks according to an enterprise risk management framework
  • Ensure the organization’s risk management policies and strategies are in compliance with applicable regulations, rating agency standards, and strategic imperatives of the organization
  • Establish the Enterprise Risk Management architecture for the company
  • Oversee or monitor all operational risk management activities of the organization
  • Monitor and analyse risks within the company’s business units and reports on these risks to the Board Audit and Risk Management Committee
  • Chair or provide key input into the company’s enterprise risk or other committees that oversee the enterprise risk management process and ensure alignment with organizational objectives
  • The candidate will be a liaison for reporting findings and status to CEO and the Executive Committee, as well as the Board Audit and Risk Management Committee
  • Responsibility for Insurance and Risk Management and / or Business Continuity Planning activities for the organization
  • To ensure operational efficiency, adequate risk/internal control measures, high service standards, and compliance with the organisations policies and procedures
  • Work with business units to establish, maintain and continuously improve Risk Management capabilities
  • Reduce operational risk exposure to acceptable levels of target residual risk commensurate with the risk appetite
  • Develop risk mitigation strategies for the organization’s critical risks and for monitoring these risks
  • Conduct stress testing on operational risk scenarios
  • Compliance
  • Oversee the Compliance function
  • Establish compliance operational strategies by evaluating trends; establishing critical measurements; determining production, productivity, quality, and customer-service strategies; designing systems; accumulating resources; resolving problems; implementing change
  • Provide timely and accurate information to the External and Internal Auditors and the Compliance function as and when required
  • Provide advice during product development and enhancements and execute operational procedures related to compliance trends, practices, and opportunities
  • Ensure management and staff are apprised of new and amended industry, national and international legislation, regulation and guidelines
  • Participate with various committees, Senior Management and financial institution personnel on discussions on emerging compliance issues
  • Internal Control
  • Identify, design and test internal controls to monitor compliance with regulatory and internal policy requirements and document results for escalation to department managers, CEO, Executive Committee, Council Committees and National Council of The Exchange
  • Responsible for completing annual assessments of the organizations internal controls including preparation of an annual work plan with supporting audit programs and test procedures, and ensuring that the Program
  • Remains current with any new auditing standards and developments
  • Conduct formal reporting of Internal Control deficiencies and recommendations from annual assessments including preparation and review of reports to management
  • Advise management on approaches to remediate control deficiencies and other related control
  • Evaluate internal controls for the organization; conduct design and quality assurance testing as and when required to ensure readiness for internal audits. Work with business units to establish, maintain and continuously improve Risk, Compliance and Internal Control capabilities
  • Ensure sufficient ongoing reviews are being performed by all departments to review their processes and identify Business As Usual operational risks
  • Perform appropriate risk/Compliance and internal Control reporting to the CEO, Executive Committee, Council Committees and National Council of The Exchange
  • Facilitate enterprise-wide risk assessments( including Compliance, Internal Control) and monitor priority risks across the organisation
  • Monitor results of Department-wide priorities, and highlight/engage Line Managers on potential corrective actions and dependencies when necessary
  • Lead and guide The Exchange Department’s annual budgeting process
  • Create KPIs for performance and quality measurement purposes
  • Ensure effective alignment between the Risk, Compliance, Internal Control and Internal Audit departments
  • Train internal and external stakeholders on risk, Internal Control and Compliance related matters
  • Train, supervise and review the work of the Compliance Officer, Internal Control Officer

FUNCTIONAL COMPETENCIES

  • Business Process Audit
  • Compliance Risk Management
  • Financial Risk Management
  • Management Acumen
  • Risk Management

BEHAVIOURAL COMPETENCIES

  • Attention to Detail
  • Decision Making
  • Integrity

QUALIFICATIONS AND EXPERIENCE

  • A degree in Finance, Business Administration/law or a similar field, plus 12 – 15 years’ experience with at least 5 – 7 years senior level Risk/Compliance management experience
  • Strong understanding of exchange regulations and contemporary knowledge of risk framework such as Market and Operational risk
  • Knowledge of securities and finance markets

 

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