Operational Risk Officer
JOB DETAIL
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 CDB’s headquarters in St. Michael, Barbados.
THE DEPARTMENT
The Office of Risk Management (ORM) is an integral part of the Bank’s activities – a 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 and protecting the Banks’ external rating.
ORM is responsible for risk oversight and monitoring of risk exposures and enabling clear reporting of CDB’s 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 Bank’s 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 ‘core’ 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 ‘value-adding’ 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 CDB’s 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 organisation’s strategic planning operationalization and future policy initiatives.
- Conduct rigorous stress testing and scenario analysis on an ongoing basis to better understand gaps and CDB’s 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 Master’s 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:
| Competency | Definition |
| Acting as a Champion
for Change
|
Actively identifies problems and opportunities for change and implements solutions where appropriate. Maintains effectiveness when experiencing major changes in work tasks or the work environment; and supports people in their efforts to try new things.
|
| Acting Decisively
|
Moves quickly to make decisions and commits to a clear course of action; comfortable making decisions based on partial information; willing to take risks in order to maintain momentum; shows a strong bias toward action.
|
| Acting Strategically
|
Aligns day-to-day activities around broader organisational goals and objectives; prioritises resources based on the strategic objectives of the organisation; recognises and rewards people based on how their actions support the broader needs of the organisation.
|
| Championing
Customer Needs
|
Calls attention to issues that impact customer satisfaction; views situations from the perspective of customers; encourages people to think about customers when making decisions and develops and sustains productive customer relationships.
|
| Communicating
Effectively
|
Consistently communicates with clarity and thoroughness to optimise audience understanding. Communicates information in a clear, concise, and timely manner. Demonstrates effective speaking and presentation skills.
|
| Delivering High
Quality Work
|
Critically reviews work processes to ensure quality; addresses problems that could impact quality; makes sure project deliverables and services meet all requirements and expectations; does not make the same mistakes twice.
|
| Displaying Technical
Expertise
|
Keeps his/her technical skills current; effectively applies specialised knowledge and skills to perform work tasks; understands and masters the technical skills, knowledge, and tasks associated with his/her job; shares technical expertise with others.
|
| Driving for Results
|
Bottom-line oriented and pushes self and others to achieve results. Keeps current on project status; makes sure people are aware of project status and what they need to do to keep things moving; redirects project resources and activities to overcome setbacks; elevates project concerns to senior levels of leadership when appropriate.
|
TERMS OF APPOINTMENT
This role is a full-time position with the successful candidate being contracted on a two-year basis in the first instance, with the possibility of renewal. The salary is competitive and commensurate with qualifications and experience. The benefits package includes a pension plan, life and medical insurances.
Before you proceed to apply, please consider the following requirements:
- You must be a national of one of CDB’s member countries.
- You will be required to produce evidence of any educational and professional qualifications to support your application if you are selected for an interview.
- All appointments are subject to satisfactory background checks and references.
CDB fully respects the need for confidentiality of information supplied and assures you that we will not discuss your background and interest with anyone including references, without your prior consent.
The deadline for submission of applications is October 14, 2024 at 11:59 pm AST.
The Caribbean Development Bank is an equal opportunity employer and values diversity. We encourage all qualified candidates to apply regardless of their racial, ethnic, religious, cultural background, gender, sexual orientation, or disabilities. Women are strongly encouraged to apply.
The Bank provides reasonable accommodation to individuals with disabilities who participate in the job application or interview process. Please contact us to request such accommodation.
