Position Summary
The Chief Risk Officer (CRO) – Retail Banking is responsible for establishing and leading the enterprise-wide risk management framework for the retail banking business. The CRO oversees credit, operational, market, liquidity, compliance, fraud, cyber, conduct, and reputational risks while ensuring alignment with the bank's strategic objectives, regulatory requirements, and risk appetite.
The role provides independent oversight and challenge to business activities, safeguarding the institution's financial stability, customers, and reputation while enabling sustainable growth.
Key Responsibilities
Enterprise Risk Management
- Develop and maintain the retail banking risk management framework.
- Establish risk appetite statements, risk limits, and governance standards.
- Ensure effective identification, assessment, monitoring, and mitigation of risks.
- Provide independent oversight of business decisions and strategic initiatives.
- Promote a strong risk culture throughout the organization.
Credit Risk Management
- Oversee retail credit portfolios, including:
- Mortgages
- Personal Loans
- Credit Cards
- Auto Loans
- Consumer Finance Products
- Establish underwriting standards and credit policies.
- Monitor portfolio quality, delinquency trends, and loss performance.
- Lead stress testing and credit risk scenario analyses.
- Recommend risk-adjusted lending strategies.
Operational Risk Management
- Develop frameworks to identify and manage operational risks.
- Monitor operational incidents, control failures, and emerging risks.
- Oversee business continuity and operational resilience programs.
- Strengthen internal controls and risk reporting mechanisms.
- Ensure effective risk and control self-assessment processes.
Regulatory Compliance & Conduct Risk
- Ensure compliance with banking regulations and consumer protection laws.
- Oversee conduct risk management and fair customer treatment initiatives.
- Maintain strong relationships with regulatory authorities.
- Lead regulatory examinations and risk-related audits.
- Ensure implementation of regulatory changes and risk controls.
Fraud & Financial Crime Risk
- Oversee fraud prevention, detection, and investigation programs.
- Strengthen anti-money laundering (AML) and counter-terrorist financing controls.
- Monitor financial crime risks and emerging threats.
- Ensure effective transaction monitoring and suspicious activity reporting.
- Collaborate with law enforcement and regulatory agencies when necessary.
Market & Liquidity Risk Oversight
- Monitor interest rate risk and liquidity risk exposures.
- Evaluate balance sheet vulnerabilities and stress scenarios.
- Support asset-liability management activities.
- Ensure adherence to regulatory capital and liquidity requirements.
Cybersecurity & Technology Risk
- Oversee technology and cyber risk governance.
- Assess cybersecurity threats and resilience capabilities.
- Ensure robust controls for digital banking platforms.
- Monitor third-party and vendor risk exposures.
- Support digital transformation initiatives through effective risk management.
Governance & Reporting
- Present risk reports to Executive Management, Risk Committees, and the Board.
- Develop key risk indicators (KRIs) and risk dashboards.
- Ensure timely escalation of significant risk issues.
- Maintain effective risk governance structures and committee frameworks.
Leadership & Talent Development
- Lead risk management teams across multiple disciplines.
- Develop future risk leaders and succession plans.
- Foster a culture of accountability, integrity, and transparency.
- Promote collaboration across business, compliance, audit, and technology functions.
Qualifications
Education
- Bachelor's degree in Finance, Economics, Accounting, Business Administration, Risk Management, Mathematics, or a related discipline.
- Master's degree (MBA, Finance, Economics, Risk Management, or related field) preferred.
Professional Certifications
Preferred certifications include:
- Financial Risk Manager (FRM)
- Professional Risk Manager (PRM)
- Chartered Financial Analyst (CFA)
- Certified Anti-Money Laundering Specialist (CAMS)
Experience
- 15+ years of progressive banking and risk management experience.
- Extensive experience within retail banking risk management.
- Proven leadership experience overseeing enterprise risk functions.
- Experience interacting with regulators, boards, and executive committees.
- Strong understanding of consumer lending, deposits, payments, and digital banking.
- Experience leading large, multidisciplinary risk teams.
Technical Competencies
- Enterprise Risk Management (ERM)
- Retail Credit Risk
- Operational Risk
- Regulatory Compliance
- Financial Crime Risk
- Fraud Risk Management
- AML/KYC Frameworks
- Market Risk
- Liquidity Risk
- Capital Adequacy Management
- Cybersecurity Risk
- Operational Resilience
- Stress Testing
- Risk Analytics & Modeling
- Governance, Risk & Compliance (GRC)
Leadership Competencies
- Strategic Leadership
- Risk-Based Decision Making
- Executive Communication
- Board & Regulatory Engagement
- Crisis Management
- Ethical Leadership
- Stakeholder Management
- Change Leadership
- Problem Solving
- Team Development
Key Performance Indicators (KPIs)
- Credit Loss Ratio
- Non-Performing Loan (NPL) Ratio
- Portfolio Delinquency Rates
- Operational Loss Events
- Regulatory Findings and Remediation
- Fraud Loss Reduction
- AML Compliance Effectiveness
- Cyber Risk Incident Metrics
- Risk Appetite Compliance
- Capital and Liquidity Adequacy
- Audit and Regulatory Examination Outcomes
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