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The Chief Risk Officer (‘CRO’) is a newly created senior management role within the Global Centre of VisionFund International, World Vision’s microfinance subsidiary. Reporting directly to the CEO, the CRO is responsible for global enterprise risk management, which includes oversight and leadership of all risks and compliance to policies across the VisionFund network of 28 microfinance institutions (MFIs). The role oversees, among other things, roles accountable for Corporate Governance, Credit Risk Policy, Information Security and Physical Security. To manage this, the CRO will set global risk strategy and oversee, manage and align the risk management frameworks, policies, tools and practices globally. The CRO must also drive a culture in which Risk and Compliance have sufficient voice and are embedded in all key decision-making processes. The Risk function is a strategic function that steers business direction and strategy, and ensures the long-term resilience of VisionFund. The Compliance function is also vital for operations in the MFI network. The CRO will manage a team and attend on the VFI Board committees.
The CRO is responsible for running the Risk and Compliance department. The Risk and Compliance department is the second line of defence for VisionFund to the risks that arise from its operations. The first line of defence to these risks is the responsibility of operational management within both the MFIs and Global Centre. The Risk and Compliance teams’ responsibilities are therefore to ensure that the MFIs and Global Centre operate with due regard to risk.
The key risks areas within VisionFund include:
- Insurance / other product (E.g. Savings / Remittances)
- Legal Compliance / Regulatory
- External Risk
The management of these risks is achieved via the below responsibilities.
Maintain and develop the risk management strategy, policy, frameworks, tools and practices:
- Guide and support internal VFI departments and teams with risk mapping and the development risk mitigation plans.
- Responsible for the periodic review of the effectiveness VisionFund’s risk management infrastructure.
- In conjunction with the CEO and Audit & Risk Committee, defines and sets VFI’s Risk Appetite and Risk Profile at a global level and works with local in-country Boards for the local businesses to underpin VisionFund’s strategy and plans.
- Ensure that VisionFund has an approved written risk management strategy, policy and frameworks which are consistent with the VisionFund business strategies, capital strength and management expertise
Ensure appropriate implementation of the strategy and policies globally – both at MFI and Global Centre level:
- Oversee the implementation of and adherence to risk control frameworks, policies and business standards aligned with VisionFund policies and procedures in risk.
- Provide appropriate guidance, challenge and advice to the MFIs’ executive management on all risks that they own and that they have accountability to manage.
- Responsible for training in risk management globally.
- Manage the development and regular testing of VisionFund Business Continuity and Disaster Recovery Plans and ensure that they are formally approved by the Board of Directors. Report on all events on system failures and other emergency issues.
- Ensure appropriate global minimum standards of credit are adhered to by all MFIs and establish and enforce appropriate credit risk limits and credit product structuring.
Monitoring and reporting of compliance with Vision Fund’s risk policies and frameworks:
- Work with Internal Audit to ensure that the risk based audit approach taken is not susceptible to gaps in the risk management process. As part of the continuous improvement loop, participate in internal audit finding reviews to help identify areas of existing or potential risk to be addressed.
- Monitoring risks should be a continuous process and undertaken on a formal and informal basis. The CRO is responsible for keeping abreast of activities globally that may impact on the ability of VisionFund to operate successfully.
- Develop regular risk reporting for each function that provides functional heads with the quantitative measures identified with respect to risk exposure and control compliance.
- Perform stress testing and modelling of risks where appropriate.
- In the event that the risk indicators are outside of established limits, or there is a breach of controls, discuss and document the specific issues with the functional heads responsible. All such failings must be highlighted in any risk reports at both Executive Management and Board levels. In addition, the CRO should ensure that Internal Audit are alerted.
- Prepare a monthly and quarterly risk reports for use at the Senior Management meetings, Management Risk Committee and Board ARC Committee that provides an overview of the risks faced by VisionFund together with recommended actions where appropriate. The report should include a monthly risk dashboard that provides key risk indicators with respect to risk exposure (against defined limits) and control compliance as well as stress testing results. Such reports should also provide a view and opinion of the ratios over defined time periods e.g. weekly, monthly, quarterly, annually.
Ensure that Risk and Compliance considerations are properly reflected in the decision-making processes of VisionFund. Represent Risk and Compliance in these processes:
- Work to feed in the voice of Risk in developing VFI’s Finance and Business strategies including integration between the VFI and MFI strategies, business and financial plans. Working with the Regional Finance teams, ensure the development of the MFI strategies and plans are aligned to VFI Risk tolerances and appetites, and are achievable.
- Responsible for consulting and advising on actions to address significant risk issues and events, table recommendations to the risk committee for approvals.
Executive committee participation in board committees and appropriate management committees.
The CRO is also responsible for the good corporate governance of VisonFund. This is achieved by designing and implementing an appropriate governance framework; managing the formation of and appointments to boards and committees; designing and managing the use of delegated authorities; and developing the monitoring procedures to ensure adherence.
In collaboration with OCS, responsible for the development and implementation of a corporate security strategy for MFIs and VF network.
Responsible for the day-to-day management of the Risk and Compliance teams:
- Lead, manage and develop talent for future organisational needs.
- Ensure all work and influence is in alignment with VisionFund’s vision and mission, and that World Vision’s values are embedded in everything done.
Knowledge, skills and abilities
- Minimum 15 + years’ experience in banking or financial institutions, specifically with a minimum of 10 years’ experience in risk management and compliance at a senior management level.
- 5+ years’ experience in a Credit policy / underwriting / Credit operations / MIS function.
- Broad risk management knowledge including fraud and operational risk management and the ability to lead risk governance and control through recognized frameworks.
- Experience of operating at senior management and board level.
- Proven ability to develop and implement risk strategy in a multinational organisation.
- Experience of compliance and regulatory environments.
- Ability to be cross culturally sensitive through awareness of cultural differences, persuasive with good negotiating style to achieve the buy in of key stakeholders and partners.
- Must have high integrity and must be approachable.
- Professionally Qualified Accountant and/or other relevant qualifications such as masters or MBA.
- English fluency.
Preferred Skills, Knowledge and Experience:
- Graduate from an International Business School (Master’s level).
- Microfinance and loan underwriting experience.
- International experience in emerging/developing markets.
- Experience of chairing executive committees.
- Knowledge of either French or Spanish.