• Job Description

  Req#: JR-39371

  Your time is now to be your exceptional best at Old Mutual!

  Job Description

  • The purpose of the role of the bank CRO is to design, maintain and implement
  an effective Enterprise Risk Management Framework (ERMF) for the bank.
  The ERMF stipulates the risk process that should be followed by the bank to
  manage the risks it is exposed to. The ERMF sets requirements for the
  effective identification, assessment, management, monitoring and mitigation
  of risk across all current and potential future risk types within the bank.
  
  • The CRO is responsible to design and implement the risk management
  frameworks and risk policies which sets the control requirements for the
  bank. This should be enabled by clear risk and control taxonomies that
  ensures a digital first efficient and effective control environment across the
  bank. The CRO will take accountability to implement a Risk organization that
  is designed to monitor the implementation of policy control requirements
  across the business and to measure the effectiveness of the business’s
  compliance with those controls.
  
  • The CRO is accountable for coordination of the setting of risk appetite for the
  bank, through a strategic risk planning process taking into account the
  strategy of the bank. This includes providing risk inputs into the capital
  planning to enable the bank to support sustainable growth aspirations and
  the achievement of its strategic goals.
  
  • The CRO is accountable to provide independent reporting to the board on the
  risk profile of the bank and is accountable to the Prudential Authority (PA)
  and the Financial Sector Conduct Authority (FSCA) for risk reporting and
  engagement as required by the relevant regulations.
  
  • The CRO reports directly to the CEO and is a member of the Executive
  Committee of the Bank. This position is a prescribed position and has to
  complete a successful Fit and Proper process with the PA.
  
  • The CRO is accountable to implement a set of risk metrics and reports,
  including losses, key risk exposure and early warning indicators.
  
  • The CRO is responsible to allocate capital to exposures based on risk and
  optimize the bank's risk portfolio through business activities and risk transfer
  strategies.

  KEY RESULT AREAS

  Risk Strategy

  • Provide independent input and challenge to the ExCo to define the bank’s risk strategy and risk appetite
  • Coordinate a stress testing process, including scenario analysis to assess the vulnerabilities of the risk strategy and the impact on the risk appetite.
  • Provide input into the risk assessment process related to capital planning and completion of the ICAAP/ILAAP.
  • Lead the implementation of the bank’s ERMF, risk policies, standards and controls.
  • Oversee the ongoing effectiveness of risk management processes, including controls.
  • Oversee the bank’s risk profile, providing judgement, challenge and analysis of risk and reward, ensuring risks are managed in a consistent and systematic way in accordance with the parameters set in the bank’s risk appetite.
  • Proactively identify, assess and provide a forward-looking view on the top and emerging risks, developing mitigation strategies where necessary.
  • Design and capacitate a risk function that perform the duties assigned to it as the second line in terms of risk profile coverage.
  • Oversee the identification of material/ significant risk failures and implement lessons learnt. Provide input into remuneration practices as to the impact of these on employee rewards.
  • Oversee implementation of strategic risk related projects including risk related regulatory change.

  Stakeholder Engagement

  • Manage key relationships with internal and external stakeholders, developing and maintaining strong working relationships with:
    • Internal: Finance Function, Business functions, Internal Audit Function,
    • External: Regulators, rating agencies, industry bodies, external auditors and government.
  • Provide support to the CEO to implement a sound risk and compliance culture through communication and education on risk management and effective role modelling of risk capabilities and corporate values
  • Communicate Risk Strategy, Policies and Appetite across the bank, educating all levels of the organisation and external stakeholders on the bank’s risk management processes, including ensuring the business understands their responsibilities in relation to risk (first line of defence accountabilities)
  • Collaborate with the CFO to ensure that the Risk appetite setting process is accurately incorporated into the bank’s strategic planning process. This includes stress-testing results, process and capital planning inputs.
  • Act as the single point of contact for the PA across all risks in the bank.

  ROLE REQUIREMENTS

  Personal Characteristics:

  • Due to this being a digital first bank, the CRO should have a curiosity and mindset that allows for the exploration of new ideas to do things differently. Risk processes need to be suitable for a digital bank and meet the speed required to adapt to new or changed risks.
  • Good communication skills to enable both participation in the bank’s strategic management, as well as provide effective risk challenge.
  • Team player with strong values towards our customers, our staff and our stakeholders.
  • Maintain strong relationships that build trust.
  • Demonstrate a Risk Control mindset and excellent financial and business judgement

  Experience:

  • Minimum 10-15 years’ experience in risk and compliance related experience in the Banking industry with proven credit experience in retail or SME portfolios
  • Vendor risk management experience – advantageous
  • In depth understanding of the regulatory compliance requirements
  • Exposure to banking senior management roles.
  • Exposure to digital processes and newer bank risks such as models, cyber, AI, robotics an advantage.
  • Credit Risk exposure.
  • Experience in strategic projects.
  • Experience to setting risk appetite an advantage.
  • Experience in engaging with regulators.

  Education:

  • BsC, B Com, Actuarial or equivalent qualification
  • Risk Certification from PRMIA or equivalent an advantage
  • Management experience and training

  The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit

  Skills

  Education

  Closing Date

  09 August 2023

  Old Mutual Limited is pro-vaccination and encourages its workforce to be fully vaccinated against Covid-19.

  All prospective employees are required to disclose their vaccination status as part of the recruitment process.

  Please refer to the Old Mutual’s Covid-19 vaccination policy for further detail. Kindly note that Old Mutual reserves the right to reinstate the requirement to vaccinate at any point if it is of the view that it is imperative to do so.

• About the company

  Old Mutual Limited is a pan-African investment, savings, insurance, and banking group.

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