Risk Manager

Reporting to the CRO, the Risk Manager (RM) will lead the upgrade and management of the credit risk management framework as core financial risk within the enterprise risk framework.

INTRODUCTION

The Caribbean Development Bank (CDB/the Bank) is seeking to recruit an experienced professional to assume the role of Risk Manager (RM). The RM will provide support, and report to the Chief Risk Officer (CRO) in the effective implementation of the Enterprise Risk Management Framework. The successful candidate will be based at CDB’s headquarters in St. Michael, Barbados. 

THE OFFICE OF RISK MANAGEMENT

The Office of Risk Management (ORM) is an independent - but integral part of Bank’s activities - dynamic, strategic and responsive office leading CDB’s 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 CDB’s strategic vision and mandate.

In particular, ORM is responsible for risk oversight and monitoring of risk exposures and enabling clear reporting of CDB’s risk profile. It has to ensure balance and attainment of three key goals simultaneously:

1.      Enabling better-informed risk taking by using consistent MDBs risk management best practices across the organization to achieve the Bank’s strategic objectives in the long-term, protect its AA+ credit rating and deliver on its development commitments;

2.      Ensuring that fist line risk owners deliver their ‘core’ responsibilities, which include - risk identification, measurement, monitoring, 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;

3.      Delivering ‘value-adding’ support, including technical and strategic, advisory, report and data analysis and interpretation, which is actively sought and used by the first line operations units and senior management.

THE ROLE

Reporting to the CRO, the Risk Manager will lead the upgrade and management of the credit risk management framework as core financial risk within the enterprise risk framework. She/He will ensure that first line functions consistently and comprehensively identify, measure, monitor, mitigate, and report on credit risks and any related emerging risks. The Risk Manager will provide support to the CRO, in sovereign, non-sovereign, credit counterparty and portfolio risk process and the update and implementation of CDB’s policies, governance, guidelines, processes, models, tools/systems and culture/awareness on credit risk management.

The RM will also be expected to contribute to the effective adoption of the holistic approach to enterprise risk management and effective implementation of the strengthened Enterprise Risk Management Framework in accordance with the Bank’s strategic plan and international Multilateral Development Banks’ best practice.

KEY RESPONSIBILITIES

The job will require the RM to:  

1. Provide strategic and technical leadership in Credit Risk Management, being a core risk for the Bank, to safeguard CDB’s AA+ credit ratings.
   1. Lead and manage the comprehensive end-to-end  diverse credit processes, including but not limited to, sovereign, non-sovereign and credit counterparty risks, attending credit and financial risk committees, and providing real-time decision making in identifying, assigning risk rating, measuring, pricing and mitigating credit risk.
   2. Ensure the compliance of risk appetite and portfolio limits and contribute to the effective management of exposures that adversely impact the Bank’s balance sheet.
   3. Develop and continually update predictive analytics based on CDB risk patterns and contribute effectively to stress testing and scenario analysis.
   4. Under the supervision of the CRO, lead the reforms, development, implementation of credit risk strategy, appetite, country/counterparty exposure limits, and policies to ensure sound banking management of credit risk in CDB’s operations and pursuit of CDB’s strategic plan.
   5. Lead the review and improvements of credit risk models and methodologies, and undertake special projects to enhance its efficiency and effectiveness, safeguard CDB's AA+ rating and be compliant with best industry practice.
   6. Provide guidance to project origination and analyst teams on using the most appropriate rating models and inputs therein and approves the final credit ratings for individual transactions.
   7. Provide overall leadership in ensuring best practice and timely monitoring and reporting of credit quality of the Bank’s portfolio, including early-warning assessments of problem transactions to safeguard assets quality and minimize losses.
      1. Lead the enhancement and preparation of periodic reports for internal and external stakeholders on credit risks, key portfolio risk developments, and oversight of the Bank’s capital adequacy framework from credit and enterprise risk perspective.
      2. Build and coach the credit risk team, managing junior staff and ensuring the achievement of the Office of Risk Management (ORM)’s mission, roadmap and workplan objective; while reporting to the CRO, coordinating and sharing information with the other units of ORM.
      3. Contribute effectively to the embedding of risks within the Bank by leading the design and delivery of targeted Bank-wide training and awareness sessions on an on-going basis.
      4. Monitor and evaluate the Bank’s performance in the application of risk in its decision-making process and propose continuous improvements.
      5. Lead by example and become an effective and trusted risk partner for the first and third line functions and Bank-wide, ensuring technical competency, professionalism and high ethical standards in the Office of Risk Management and contributing to enhance the Bank-wide risk culture.
      6. Liaise with counterparts at other institutions, particularly MDB’s, to exchange ideas on credit risk policies and methodologies, and support/provide advice to the CRO in liasing with rating agencies and wider financial community.

SELECTION CRITERIA

The RMO must have a comprehensive credit risk management background and be able to apply that knowledge in addition to his/her practical skills in performing complex independent tasks.  It will be expected that the RMO will be able to contribute constructively to the implementation of new policies, systems and processes.

The successful candidate must have the ability to conduct other detailed research and analysis that can result in constructive findings that would form the basis for addressing the root cause of problems.

 The successful candidate should have:

1. A Master’s degree in a numerate discipline (engineering, finance, economics, accounting, or other related fields).
2. Professional certification in Risk Management and/or Internal Audit.
3. A solid credit (risk) paramount importance and experience working in emerging markets and Multilateral Development Bank and/or Development Financial Institution and/or financial institutions exposure.
4. Experience in all aspects of credit risk assessment, mitigation, structuring of transactions, including technical, financial, country/market/industry, and political/regulatory risk analysis.
5. Experience in delivering risk measurement and management for diverse stakeholders.
6. A proven ability to lead others in research, data analysis and analytical modelling, in the use of credit risk quantitative and qualitative assessment technique is required.
7. Project/programme management experience.
8. Detailed understanding of lending practices, financial products, financial modelling and risk management concepts and methodologies is desirable.
9. Sound experience in sovereign, private sector, credit counterparty credit risk and portfolio management is desirable.
10. A general understanding of economic capital and risk-based performance measures is desirable.
11. Knowledge and experience in Digital Systems, Applications and Tools for Risk Management is desirable.