Develop, implement, monitor, and align all aspects of the Risk Management for the Bank; including Internal Audit, Compliance, Security, Information Security, Fraud Investigations, BSA/AML, Vendor Management, and Enterprise Risk Management. The CRO is responsible for leading the planning, reporting, and execution on operational, financial, regulatory, and compliance related audits for the Bank and its related entities. These audits provide a robust third line of defense in overall Enterprise Risk Management strategy by providing assurance as to the effectiveness of the bank’s systems and controls.
The CRO is also responsible for ensuring the Regulatory Risk (Compliance, Security, BSA/AML, Fraud Investigations) are planning, reporting, and executing in support of an effective bank wide risk assurance program for the Bank and its related entities. These activities provide a robust second line of defense in overall Enterprise Risk Management strategy by providing assurance as to the effectiveness of the bank’s overall Regulatory Risk program.
Serve as a leading member of the bank’s Enterprise Risk Management Committee ensuring annual risk assessments accurately present the bank’s overall risk position and trending of those risks for the Board and Executive Management. This role will also be responsible for the Vendor, Compliance and Business Continuity risk programs of the Bank.
ESSENTIAL DUTIES AND RESPONSIBILITIES:
- Responsible for a holistic and independent view across all business functions and all risk types. Pro-active risk identification and monitoring is important.
- Develop a deep understanding of the bank’s business strategy, policies, processes, risks and controls as demonstrated through the relevancy of Audit, ERM, and Regulatory Risk issues raised.
- Develop an overarching annual strategic, risk-based business plan including Audit, ERM, and Regulatory Risk initiatives covering financial, regulatory, compliance and operational activities.
- Responsible for the overseeing the Bank’s Audit, Security, ERM, and Compliance programs, promoting continuous enhancements and improvement of financial, regulatory and operational controls and processes and system capabilities.
- Ensure the teams are delivering and preparing timely audit, compliance and ERM reports for executive management, the Audit Committee and Board of Directors.
- Provide strong leadership support for Enterprise Risk Management activities by reviewing the overall bank-wide risk assessments on an annual basis and advising on quarterly strategic initiatives and risk related dashboards. Establish and maintain key relationships throughout the bank as a means of obtaining information needed to perform functional duties, provide business advisory service and to provide strategic recommendations.
- Collaborate with the Audit & Compliance Managers to ensure effective communication with external auditors and regulators and coordination of control testing and substantive testing procedures as part of the annual external audit and regulatory exams.
- Ensure hiring strategies, performance management and development opportunities for the Audit and Compliance team whose consultation and advice is sought out by the entire organization as it conducts activities to improve compliance and performance.
- As the architect and steward of the enterprise risk strategy, responsible for implementing management and administrative procedures to ensure adherence to the Audit & Compliance programs, working in tandem to identify, prevent, detect, and correct noncompliance with applicable regulations.
- Quickly respond to ad-hoc analysis requested by management.
- Maintain professional certification(s) and continue to develop and expand knowledge of audit, compliance and ERM practices, information systems, bank regulatory issuances and products through self-study, research, and continuing education.
KNOWLEDGE, SKILLS AND ABILITIES:
- Strong end-to-end, enterprise and process thinking ability – having an operational excellence mindset
- Risk Management mindset (Identify, Escalate, Debate) and knowledge of emerging risks
- Intellectual curiosity and analytical approach to work
- Independent thought leadership to strategic decisions and debate
- Demonstrated strong project management skills and organizing ability with timely completion and management of multiple projects at varying levels of technical difficulty.
- Ability to develop strong, positive relationships with key business stakeholders and demonstrate respectful, constructive negotiating skills
- Leadership ability to inspire and motivate others to perform well through continuous feedback and encouragement of growth and development.
- Excellent written and oral communication skills, with proven ability to present and explain complex information and suggest process improvements to a diverse audience including operations and Senior Management and the Audit Committee of the Board of Directors.
- Detail oriented but also able to quickly adapt and comprehend broad-based strategy.
- Proficient use of MS Office (Access, Excel, PowerPoint, Outlook and Word).
- Bachelor’s Degree in Accounting or Business required
- Master’s Degree, CPA or other advanced certification preferred.
- Advanced knowledge of banking operations and risk-based auditing attained through a minimum of 10+ years of progressively responsible audit experience for medium to large sized financial institution(s)
- Thorough understanding of audit principles and theory, the Institute of Internal Auditors (IIA) standards, and Generally Accepted Accounting Principles.
- Thorough understanding of regulatory compliance environment and requirements
- ERM experience required in a multi-billion financial institution.