Chief Risk Officer

The Caribbean Development Bank (CDB) seeks to recruit an experienced Chief Risk Officer (CRO). Reporting to the President, the CRO will lead the development and implementation of appropriate strategies, policies, and guidelines to strengthen CDB’s capacity to evaluate and mitigate its risk exposures.

THE RISK OFFICE 

The CRO heads the Risk Management Office and has responsibility for developing policies and guidelines, methodologies, and systems that help the Bank safeguard its financial integrity. The Office provides advice and recommendations on credit, financial, market, operational, and non-financial risks and ensures internal consistency of all Bank risk management policies and guidelines. 

KEY RESPONSIBILITIES 

The primary responsibilities of the CRO include:

1.  Establishing and reinforcing CDB’s risk management framework for financial and non-financial risks, including all policies, guidelines, and controls to assess CDB’s overall risk profile.

2.     Providing guidance to the Bank on emerging risk issues and recommending the proper course of action to mitigate and manage such risks.

3.     Analysing and monitoring the credit quality and risk profile of the Bank's asset portfolio, including identifying risk factors. Conducting regular stress testing to identify risk mitigation actions and trade-offs.

4.     Advising on the capital adequacy, liquidity, and funding profile and requirements for the Bank commensurate with its overall risk profile and exposure.

5.     Periodically reviewing appropriate methodologies, policies, and processes for consistency with industry best practices and providing assurance to external parties on the robustness of CDB’s risk management approach, policies, and practices.

6.     Providing technical advice to management and staff on relevant risk-related matters.

7.     Coordinating the periodic Risk and Control Self-Assessments across the Bank, and regularly updating the Bank’s operational risk register.

8.     Supporting the effective implementation and functioning of the three lines of defense for risk management and governance, working closely with other offices and departments.

9.     Contributing to the Bank’s strategic discussions and articulating risk-related implications of strategic choices.

10.  Conducting market surveillance to evaluating developments in economies, asset classes, sectors, and industries that may impact the risk profile of the Bank and its portfolios.

11.  Reviewing the credit risks of new products and existing Bank lending, guarantee, and equity investment operations and regularly updating their credit ratings.

12.  Managing a team of risk professionals ensuring high engagement and productivity. The CRO also chairs the CDB’s Enterprise Risk Committee.

QUALIFICATIONS 

Ideal candidates for this role must have:

1.     An advanced degree in finance, accounting, business administration, economics, statistics, actuarial sciences, or another relevant field.

2.     Extensive experience gained on at least the first and second lines of defense in private and/or public sector institutions, and a strong track record in managing and overseeing risk management for complex and diverse operations, preferably in an international environment.

3.     Strong capability in the use of specialised financial risk models and/or systems and quantitative techniques.

4.     Considerable knowledge of best practice risk management in the public sector and/or multilateral institutions. 

FUNCTION-SPECIFIC COMPETENCIES 

The CRO should be able to:

·       Collaborate and communicate effectively across all levels of the Bank, with the Board and external parties.

·       Think strategically and demonstrate innovation in addressing risk issues.

·       Operate with sensitivity in a multi-cultural environment and build effective working relationships.

·       Lead, motivate, and guide reporting staff.

·       Lead effectively through ambiguity and possess the ability to guide staff through institutional change.

·       Leverage digital capabilities to improve CDB’s risk management architecture.