Chief Risk and Compliance Officer
LCI Consulting Inc.
- Bridgetown
- Not disclosed
- Permanent full-time
- Updated 04/10/2024
- Human Resource
The Chief Risk & Compliance Officer (CRCO) will lead development & execution of risk management & compliance strategies, fostering a strong culture of risk awareness & ethical compliance while supporting the organization’s overall business objectives.
Title: CHIEF RISK AND COMPLIANCE OFFICER
Organization: Confidential
Work type: Full Time Employment
Work location: Barbados (In Office/On Site)
Job Summary/Primary Role Objective:
Our client, a leader in the financial services sector, is seeking an experienced and strategic Chief Risk and Compliance Officer to lead their risk management and compliance efforts. This executive role requires a dynamic professional with a proven ability to shape and maintain a robust risk and compliance culture while ensuring full adherence to regulatory standards.
The Chief Risk and Compliance Officer will lead the development and execution of risk management and compliance strategies, fostering a strong culture of risk awareness and ethical compliance across the organization while supporting the organization’s overall business objectives.
The ideal candidate will possess strong leadership, analytical, and communication skills, with deep expertise in financial services regulations and risk management. This position will report directly to the Board of Directors through the Chairpersons of the Risk and Corporate Governance Committees, while reporting administratively to the Group Chief Executive Officer, ensuring strategic alignment at the highest level of the organization.
Key Responsibilities:
Strategy Development and Execution
Contribute to the development, implementation, and execution of the organization’s Strategic Plan with a focus on Risk and Compliance, including the development of departmental strategies.
Set direction, targets, annual plans, and budgets for the Risk and Compliance departments, ensuring alignment with business needs and strategies.
Establish and maintain risk appetite and tolerances for the organization, continuously reviewing and optimizing measurement systems for efficient risk management.
Work closely with the Board of Directors, Executive Management and other Officers and Committees to balance governance requirements with business objectives, providing compliant, pragmatic solutions to reduce risk and improve compliance.
Risk Culture
Provide organization-wide leadership to Risk and Compliance, ensuring teams deliver agreed objectives and activities aligned with company policies and regulatory guidelines.
Foster a culture emphasizing internal controls, risk management, and high ethical standards through guidance, communication, and training across the organization.
Ensure effective organization-wide programmes addressing AML and CTF risks, instilling appropriate ethical and compliance standards.
Lead the education process regarding ethical standards, compliance, and financial crime prevention across the organization.
Compliance Planning and Monitoring
Spearhead the organization’s operations to ensure full compliance with all laws, regulations, internal policies, and standards on a system-wide basis, entity by entity, and jurisdiction by jurisdiction.
Ensure the development and maintenance of comprehensive risk and compliance policies across all business operations.
Lead the creation and maintenance of Self-Assessment templates, key risk indicators, and incident reports to assess, monitor, and manage business risks effectively.
Oversee the organization’s Stress Testing and ICAAP programs, embedding stress testing and capital utilization into decision-making processes.
Organisational and Team Leadership
Provide expert guidance on risk assessment, mitigation, and reporting across all business lines while maintaining strong relationships with regulatory bodies.
Lead by example, promoting ethical leadership and decision-making while inspiring confidence and trust in team members.
Foster a high-performance culture within the Risk and Compliance team by encouraging accountability and collaboration, while continuously assessing and enhancing team capabilities to align with industry best practices and regulatory requirements.
Reporting and Governance
Ensure the Board of Directors and Executive Management are fully informed of all regulatory matters, compliance updates, and material changes to risk management frameworks.
Provide regular, detailed risk and compliance reporting across all business entities and functions, including monthly, quarterly, and ad-hoc reports for management and the Board.
Monitor compliance with established risk standards, regulatory requirements, and reporting, including monthly dashboards, compliance reports, and Board updates.
Requirements
Qualifications and Experience:
Master’s Degree in Banking, Economics, Business, Finance, Risk Management or a related field
Professional designation or Certification in Compliance (e.g. CAMS, CRCM) and Risk Management (e.g. RIMS, FRM).
A minimum of 7 years of relevant progressive professional experience in roles specifically related to Risk Management and/or Compliance in a financial institution, of which five must be in a Senior Risk Management role.
Proven experience in implementing and managing Enterprise Risk Management strategy and governance activities.
Skills and Abilities:
Strong technical skills in Risk and Compliance, with a track record of achieving high-quality standards.
Superior knowledge of modern Risk Management practices, financial markets, BASEL accords, and financial products to drive business performance.
Expertise in applying financial services policies, processes, and guidelines to consistently meet compliance benchmarks.
Deep understanding of financial services operations, with cross-functional knowledge of the organization's units.
Proven leadership, interpersonal, and coaching skills to build, train, and retain high-performing teams.
Thorough knowledge of global financial services trends, regulatory requirements, and financial crime compliance.
The CRCO is expected to uphold the organisation’s values (care, commitment, collaboration, continuous improvement, and courage), and promote a ‘speak-up’ culture.
A compensation package commensurate with qualifications and experience will be offered.
Deadline:
The deadline for submission of applications is Friday, October 25, 2024.
