Head : Enterprise And Risk Management

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Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Job Description

At OM Bank, we strive to attract great people who are passionate about coming together for a higher purpose - building something unique and aspirational, always aiming to be the best they can be. We are rooted in our purpose of inspiring and enabling our customers to grow and sustain their prosperity.

ROLE OVERVIEW:

The Head of Enterprise Risk Management (ERM) will be an executive in the Risk function, reporting to the Chief Risk Officer (CRO), and will lead the development, implementation, and overseeing the bank's Enterprise Risk Management (ERM) framework, ensuring alignment with regulatory requirements, industry risk best practices and standards, and the bank's strategic objectives.

As the Head will have direct responsibility for Enterprise Risk Management, and in line with the recent Directive for Prescribed Officers of a Bank, this position may be subject to a BA020 Fit and Proper assessment by the Prudential Authority (PA).

ROLE RESPONSIBILITIES:

Enterprise Risk Management

• Provides guidance to the Bank CRO on overall vision and direction for ERM.
• Ensures alignment between the risk strategy and the strategic plan to facilitate implementation and promotion of a sound risk culture within the Bank.
• Oversees the development of an effective ERM framework that supports the achievement of the Bank's overall goals & objectives.
• Ensure that the requirements of the ERMF and Policy Framework are implemented by the Risk Owners for all risks set out in the risk taxonomy and policies.
• Ensure that the risk processes of the Bank are implemented by the Risk Owners in the First Line and providing challenge on the effectiveness of the controls implemented by the Risk Owners and the Business Heads through the Risk and Control Self-Assessment (RCSA) process.

Risk Strategy Development

• Formulate and execute a comprehensive risk strategy that aligns with the bank's overall business strategy.
• Establish risk appetite statements, thresholds, and key risk indicators (KRIs) for different business lines.
• Define and document the bank’s risk appetite and tolerance levels in collaboration with senior management and the board.
• Drive integration of risk management within strategic decision-making processes.
• Develop strategies and action plans to mitigate identified risks, including preventive measures and contingency plans.
• Engage with key stakeholders, including senior management and regulatory bodies, to communicate the risk strategy effectively.
• Establish mechanisms for ongoing monitoring of risk exposure and the effectiveness of risk mitigation strategies.
• Regularly review and update the risk strategy to reflect changes in the internal and external environment, including emerging risks and regulatory updates.

Governance and Regulatory Reporting

• Design and implement a comprehensive governance framework that outlines the roles, responsibilities, and processes for risk management within the bank.
• Create, review, and update risk management policies and procedures to ensure alignment with regulatory requirements and industry best practices.
• Stay informed about changes in regulatory requirements and assess their implications for the bank’s operations and risk management practice.
• Coordinate regular compliance audits and assessments to evaluate adherence to internal policies and external regulations.
• Support the efficient coordination of Principal risk related governance committees including Model Risk Committee (MRC), Risk Manco and Risk and Capital Management Committee.
• Lead the Combined Assurance reporting for the principal risks within the Risk Strategy and Governance space.
• Prepare and provide regular reports to stakeholders on risk performance, governance metrics, and compliance with risk policies.
• Act as point of contact for regulatory bodies, facilitating clear communication and addressing any inquiries or issues related to reporting.
• Continuously monitor changes in regulatory frameworks and assess their impact on the bank’s reporting practices.

Strategic Stakeholder Management

• Regularly engage with senior management and the board through meetings and presentations to discuss risk management strategies and gather feedback.
• Ensure clear and effective communication of risk policies, governance frameworks, and strategic initiatives to stakeholders.
• Engage with regulatory bodies, ensuring that their requirements and expectations are understood and met.
• Promote cross-departmental collaboration to ensure alignment on risk management objectives and initiatives.
• Promote a culture of risk awareness and accountability among stakeholders at all levels of the organization.
• Solicit feedback from stakeholders to improve risk management practices and governance structures.

ICAAP/ILAAP and Stress Testing

• Take ownership of the bank's ICAAP (and if applicable ILAAP) processes. The Head will be responsible for the development and coordination of the Bank's ICAAP/ILAAP and Resilience plans, for approval by the Bank Board. In addition, the Head will be responsible for the development of the Bank’s overall stress testing framework.

Enterprise Risk Processes

• Coordinate the risk appetite setting and review processes of the Bank for the risk function as part of the annual strategic planning process conducted by Finance. Assist with the preparation of the Board approval for the risk appetite of the Bank. Coordinate the preparation of the Bank's Resilience Plan for approval by the Board.

Regulatory Compliance

• Ensure that risks managed by the Risk Owners comply with the requirements of the Banks Act and supporting regulations. Monitor changes to regulatory requirements and lead projects to implement new regulations. This includes reporting obligations and engagement with the regulator during on-site visits as required.

RDARR

• Drive compliance with Risk Data Aggregation and Risk Reporting across the bank.

Regulatory Engagement

• Build a strong relationship with the Regulators, PA FSCA and NCR, through prompt responses on regulatory requests and accurate regulatory reporting.

Risk Culture

• Be a role model and embed the Bank's risk culture set out in the ERMF in all activities. Assist the CRO in evaluating the risk culture annually as per the requirements of the ERMF.

Emerging Risk Process

• Assist the CRO in the implementation of the emerging risk process, through the identification and treatment of emerging risks. Report on emerging risk as per the escalation process of the Bank to the CRO, ERC, and the Board.

Governance

• Actively contribute and participate in the ERC to enhance overall corporate governance activities.

OML Group Engagement

• Engage with Group Risk Owners to assist with risk alignment, whilst maintaining Bank independence.
• Assist business to implement risk management systems in accordance with the approved ERM framework.
• Provide Advisory & line 2 oversight on key strategic programmes.
• Guide the business in improving organisational resilience and crisis management processes.
• General risk advisory to business on matters relating to reputational risk management.
• Risk appetite and ICAAP exercises to be subjected to scenario planning and stress testing that is aligned with the Bank’s business strategy.

Technology and Data

• Manage and control the implementation of the Operational Risk System and drive the development of automated reporting processes to enable the Bank's digital first approach. Utilise risk analytical approaches in monitoring and reporting non-financial risks, which have to be RDARR compliant.

Leadership

• Lead and mentor the Enterprise Risk Management function providing strategic direction and performance management. Participate in the Risk leadership team and provide productive input on strategy and approach.

Ongoing Development

• Stay abreast with local and international developments in the field of Enterprise Risk Management.

Risk Awareness and Training

• Drive overall risk awareness and training initiatives pertaining to the ERMF, Operational Risk and IT Risk, as well as the training to enable the usage of the Operational Risk SaaS across First Line and Second Line.

Operational Risk Software-as-a-Service (SaaS)

• Manage the Operational Risk SaaS in the capacity as the Service Owner to ensure that it enables the implementation and embedment of the Enterprise Risk processes enabled by the SaaS functionality. This includes ensuring of strong Data Governance infrastructure, the need for rigid cybersecurity protocols and alignment with the Protection of Personal Information Act (POPIA) requirements.

EDUCATION:

• Chartered Accountant, Masters in Finance, FRM or related field.
• Experience with working with regulators such as the PA, FSCA, FinSurv.
• Experience with digital banking and/or native cloud digital first banking.
• At least 5 years’ experience with regulatory reporting (BA Returns).
• Minimum 10-15 years banking experience.
• In-depth understanding of the South African banking regulatory environment and requirements (PA, FCSA, FinSurv, FIC, Information Regulator, NCR, and others).
• Experience with Capital, Liquidity, Credit, Treasury, Market, Operational Risk and IT Risk oversight and associated regulatory reporting requirements.
• Proven leadership and team management experience.

Skills and Competencies:

• Strong strategic and analytical thinking.
• Excellent communication and stakeholder management abilities.
• Ability to influence senior leaders and drive risk initiatives.
• Strong knowledge of risk management tools and data analytics.
• High adaptability to technology and AI changes and ability to manage emerging risks such as pandemics, supply disruptions etc.
• Ability to foster strong cross-functional collaboration to ensure integrated risk management.

Closing Date

13 April 2025 , 23:59

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

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