The Caribbean Development Bank (CDB or the Bank) is seeking to recruit a national from its member countries to fill the position of Operational Risk Officer (ORO) in the Office of Risk Management. The successful candidate will be based at CDBโs headquarters in St. Michael, Barbados.
THE DEPARTMENT
The Office of Risk Management (ORM) is an integral part of the Bankโs activities โ a dynamic, strategic and responsive office leading CDBโs second-line function, fully supporting the President, the Senior Management Team and the Board of Directors in the management of all core, non-core and emerging risks across the organization. The ORM, headed by a Chief Risk Officer (CRO), implements, monitors, and maintains an efficient and effective Enterprise Risk Management Framework, supporting CDBโs strategic vision and mandate and protecting the Banksโ external rating.
ORM is responsible for risk oversight and monitoring of risk exposures and enabling clear reporting of CDBโs risk profile. It must ensure balance and attainment of three key goals simultaneously:
- Enabling better-informed risk-taking by using consistent MDBs risk management best practices across the organization to achieve the Bankโs strategic objectives in the long term, protect its AA+ credit rating and deliver on its development commitments.
- Ensuring that first-line risk owners deliver their โcoreโ responsibilities, which include - risk identification, measurement, monitoring and reporting; while providing support in developing and implementing policies/guidelines, methodology, limit/controls setting and monitoring tools in an efficient, accurate, timely and cost-effective manner.
- Delivering โvalue-addingโ support, including technical and strategic, advisory, report and data analysis and interpretation, actively sought and used by the first-line operations units and senior management.
THE ROLE
Reporting to the CRO, the ORO will lead the operationalization of the operational risk management policy as core non-financial risk within the enterprise risk framework. The ORO will ensure that first line functions consistently and comprehensively identify, measure, monitor, mitigate, and report on operational risks The ORO will provide support to the CRO, in strategic and cross-cutting enterprise risk matters and the formulation and implementation of CDBโs policies, guidelines, processes. tools/systems and culture/awareness on operational risk management.
KEY RESPONSIBILITIES
The Operational Risk Officer will be required to:
- Lead the formulation as well as the implementation of risk policies, risk appetite and tolerance statement and framework, guidelines and processes to identify, measure, mitigate, monitor and report on the operational risks at CDB.
- Lead the establishment as well as ensuring effective implementation and maintenance of operational risk methodologies for risk assessment and internal controls (e.g. RSCA) and appropriate best practice risk tools.
- Review and oversee implementation and maintenance of the operational risk incident and loss data collection process to guarantee that timeliness, integrity, and quality control are maintained. Ensure appropriate review of the financial impact of operational incidents and root-causes and business impact analysis.
- Lead the second line formulation, implementation and monitoring of Key Risk Indicators (KRIs), establishing operational and enterprise risks reporting requirements and risk register; report frequently and comprehensively on the level 2 and level 2 operational and enterprise risks facing CDB with proposed effective mitigation controls.
- Define parameters and embark on extensive operational and enterprise risk modelling exercises to guide the organisationโs strategic planning operationalization and future policy initiatives.
- Conduct rigorous stress testing and scenario analysis on an ongoing basis to better understand gaps and CDBโs preparedness to mitigate anticipated and unanticipated operational and related emerging risks.
- Lead the assessment, monitoring, review, and communication of the impact to the risk profile of future initiatives, including new product assessments, changes to trading strategies, targeted risk reviews, and major business changes.
- Design and lead targeted organisation-wide risk champion structure/process, staff training and awareness sessions on an on-going basis.
- Select, implement and maintain analytical enterprise-wide systems to enhance the timeliness, completeness, and accuracy of operational risk information provided to end-users via risk dashboards, report automation, query access to data, and/or intranet reporting solutions
- Assist the CRO in developing quarterly, semi-annual and/or annual risk reports to the stakeholders and develop capacity-building programs for different stakeholders.
QUALIFICATIONS AND COMPETENCIES
The ideal candidate for this role should have:
- A Masterโs degree in a numerate discipline (Statistics, Risk and Finance, Banking, Mathematics, Economics).
- A minimum of eight (8) years of sound risk management experience.
- Demonstrated experience applying risk quantitative and qualitative assessment techniques.
- Experience working in a Multilateral Development Bank and/or financial institution .
The following is considered an asset:
A professional qualification in Risk Management and/or Internal Audit
Function-Specific Competencies
Candidates should have :
- An in-depth knowledge of and experience in operational risk management principles, processes, methodologies, tools, and governance principles and activity in a multilateral and/or financial services environment.
- Expertise in operational and other non-financial risk data aggregation; trending; management and analysis. Relevant multilateral/ financial development and/or financial services sector experience.
- An in-depth knowledge and experience in non-financial risk characteristics including the scoping and development of risk monitoring, reporting and key risk indicators.
- Knowledge and experience in project/programme management, using best practice project management methodology.
- Strong English written and verbal communication skills with proven ability in communicating with senior managers.
- Strong communication and relationship building skills. Strong quantitative, mathematical, modelling and statistical skills.
- A good understanding of regional and international financial regulatory developments. Strong excel macro skills.
- Strong initiative, entrepreneurial, innovative and value-added skills.
Organisational Competencies
The successful candidate should demonstrate a strong proficiency in the following competencies:
- Strong initiative, entrepreneurial, innovative and value-added skills.
- A good understanding of regional and international financial regulatory developments. Strong excel macro skills.
- Knowledge and experience in project/programme management, using best practice project management methodology.
- An in-depth knowledge and experience in non-financial risk characteristics including the scoping and development of risk monitoring, reporting and key risk indicators.
- Expertise in operational and other non-financial risk data aggregation; trending; management and analysis. Relevant multilateral/ financial development and/or financial services sector experience.
- An in-depth knowledge of and experience in operational risk management principles, processes, methodologies, tools, and governance principles and activity in a multilateral and/or financial services environment.
- Experience working in a Multilateral Development Bank and/or financial institution .
- Demonstrated experience applying risk quantitative and qualitative assessment techniques.
- A minimum of eight (8) years of sound risk management experience.
- A Masterโs degree in a numerate discipline (Statistics, Risk and Finance, Banking, Mathematics, Economics).
- Assist the CRO in developing quarterly, semi-annual and/or annual risk reports to the stakeholders and develop capacity-building programs for different stakeholders.
- Select, implement and maintain analytical enterprise-wide systems to enhance the timeliness, completeness, and accuracy of operational risk information provided to end-users via risk dashboards, report automation, query access to data, and/or intranet reporting solutions
- Design and lead targeted organisation-wide risk champion structure/process, staff training and awareness sessions on an on-going basis.
- Lead the assessment, monitoring, review, and communication of the impact to the risk profile of future initiatives, including new product assessments, changes to trading strategies, targeted risk reviews, and major business changes.
- Conduct rigorous stress testing and scenario analysis on an ongoing basis to better understand gaps and CDBโs preparedness to mitigate anticipated and unanticipated operational and related emerging risks.
- Define parameters and embark on extensive operational and enterprise risk modelling exercises to guide the organisationโs strategic planning operationalization and future policy initiatives.
- Lead the second line formulation, implementation and monitoring of Key Risk Indicators (KRIs), establishing operational and enterprise risks reporting requirements and risk register; report frequently and comprehensively on the level 2 and level 2 operational and enterprise risks facing CDB with proposed effective mitigation controls.
- Review and oversee implementation and maintenance of the operational risk incident and loss data collection process to guarantee that timeliness, integrity, and quality control are maintained. Ensure appropriate review of the financial impact of operational incidents and root-causes and business impact analysis.
- Lead the establishment as well as ensuring effective implementation and maintenance of operational risk methodologies for risk assessment and internal controls (e.g. RSCA) and appropriate best practice risk tools.
- Lead the formulation as well as the implementation of risk policies, risk appetite and tolerance statement and framework, guidelines and processes to identify, measure, mitigate, monitor and report on the operational risks at CDB.
- Delivering โvalue-addingโ support, including technical and strategic, advisory, report and data analysis and interpretation, actively sought and used by the first-line operations units and senior management.
- Ensuring that first-line risk owners deliver their โcoreโ responsibilities, which include - risk identification, measurement, monitoring and reporting; while providing support in developing and implementing policies/guidelines, methodology, limit/controls setting and monitoring tools in an efficient, accurate, timely and cost-effective manner.