MANAGER ERM RISK ASSESSMENT& REPORTING (RAR)
WHAT IS THE OPPORTUNITY?
The Head of Risk Assessment & Reporting (RAR) is accountable for leading the integrated and continuous process for managing enterprise-wide risks. This individual is accountable for empowering the board and management to make informed risk/return decisions while ensuring Enterprise compliance with Heightened Standards requirements. This individual will be accountable for the following aspects of Heightened Standards Compliance:
• Demonstrating the implementation of Heightened Standards (policies and controls that link to material)
• Demonstrating the effectiveness of the implementation of Heightened Standards (processing, monitoring, reporting)
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• Overseeing the segregation of duties between the first and second line which are critical in the compliance with Heightened Standards.
The Head of RAR owns the end-to-end processes required in the prudent management of Enterprise Risk. This accountability includes identifying, measuring, monitoring, controlling, and reporting on the risks that the Bank faces.
The Head of RAR owns the following frameworks and processes in support of their role:
• The CNB Risk Taxonomy which provides the hierarchical categorization of risk within the organization.
• The Risk Identification (Risk ID) process which helps identify and assess risks at the division level, and at an aggregate CNB level, by linking common emerging and evolving risks at a specific point in time.
• The Risk Management Framework and the Risk Appetite Framework, which in conjunction, provide an overview of the enterprise-wide program for identifying, measuring, monitoring, controlling, and reporting on risks. The establishment, monitoring, and management of Risk Appetite Limits (to include Limit Excesses) forms one of the foundational components of the risk management program at CNB.
• The Risk Appetite Limit Management Policy, which provides requirements for the management of Risk Appetite Limits at different levels within the Bank with the intent to ensure standard processes and diligent activities.
The Head of Risk Assessment & Reporting (RAR) is accountable for the governance, monitoring, and escalation of the enterprise-wide risk metrics:
• This accountability includes the tracking of flagship risks across the Enterprise, ownership of the CRO report, and escalating key risk insights to the CRO, the Board, and the OCC.
The Head of Risk Assessment & Reporting will:
• Oversee the maintenance and enhancement of key risk frameworks including the Risk Management Framework and the Risk Appetite Framework.
• Be accountable for driving and overseeing the adherence to these frameworks, ultimately driving the risk culture within CNB.
• Be a critical leader within the CNB leadership team. As such, this individual will play a leadership role in developing the risk culture at CNB and furthering the stature of GRM with the organization.
• This individual will be guided by, and is expected to lead by example with respect to, the CNB PRIDE principles and the RBC Leadership Model.
• Have direct accountability into the Head of US Enterprise Risk.
• Consistency of standards and rigor across the RBC US risk processes is critical to our integrated and prudent risk management. The Head of US Enterprise Risk, through oversight of the CNB Head of ERM, will be accountable for that consistency.
Risk Management Division
This is a great opportunity to grow your career with a stable and expanding organization as a member of City National's Risk Management team. The focus is on ensuring business activities remain safe, compliant and well-positioned for future opportunity and sustainable growth.
What you will do
- Ensure continuous compliance with the Heightened Standards and an on-going ability to demonstrate compliance through appropriate monitoring and reporting. The expectation is line by line knowledge of the Heightened Standards, a thorough understanding of the implications of each line, and an ability to demonstrate compliance across the three lines of defense.
- Leverage regulatory feedback from the OCC, across the Enterprise, to continuously improve upon our enterprise-wide risk management program.
- Own and ensure the continuous improvement of the Bank's enterprise risk frameworks.
- Provide continuous oversight, feedback, and enhancement of the three lines of defense governance model.
- Partnering closely with the IHC, spearhead the Risk Identification Process, a comprehensive assessment of the risks stemming from CNB's unique business activities and associated exposures. A critical part of this process is leading stakeholder forums for identifying materials risks with the Business, Finance, GRM, and Senior Management.
- Oversee the development of key presentations which concisely synthesize risk for the CRO, the Board, and the OCC.
- Oversee the production of ad-hoc risk materials requested by the CRO. The expectation is that the materials will be exceptional quality and will establish templates that can improve the efficiency and consistency of the ad-hoc risk reporting processes.
- Oversee reporting on the Risk Appetite Statements and the Risk Appetite Metrics. Analyze, monitor, and report upon the risk implications and risk insights from these enterprise-wide flagship risks.
- Lead the CNB Enterprise Risk components of the Governance, Risk, and Compliance (GRC) Program. This will require an acute awareness and balancing of local risk management needs, regulatory requirements, and enterprise expectations. The core deliverable will be enhancing the local processes for managing enterprise-wide risks though shared best practices with the broader enterprise.
- Oversee the team that performs independent risk management on behalf of the CRO and the Bank. In this capacity, the Head of ERM is responsible for the team that conducts oversight, monitoring, reviewing, and reporting on risks and mitigation activities related to the ECM Portfolio throughout the enterprise.
- Foster critical stakeholder relationships within the organization which allow for constructive effective challenge, the promotion of a strong risk culture, and the mitigation of CNB's Strategic, Reputation, and Operational risks.
- Develop and implement colleague training for all areas of Enterprise accountability.
Must-Have
- Master's Degree in a quantitative field: Engineering, Physics, Mathematics, Statistics, Financial Engineering
- Minimum of 12 years banking or financial industry experience with a large bank or risk management experience highly preferred
- Extensive experience within Risk Assessment & Reporting is required.
Skills and Knowledge
- Ability to manage multiple tasks/projects simultaneously
- Ability to resolve complex problems with minimal guidance
- Ability to communicate effectively
- Bachelor's degree preferred
- Excellent project and program planning and managerial skills are required
- Extensive industry/business knowledge.
- Excellent interpersonal, verbal and written communication skills with demonstrated ability to effectively communicate with all levels of management
- Must be able to capture and critically evaluate gaps, regulatory requirements and translate into working solutions.
- Must have the ability to speak to all levels of management and colleagues across the organization
- Must be able to get work done through others, influence, and prioritize.
- Ability to set and develop strategic goals and techniques for a program and effectively communicate this to all program team members.
- Proactive work style used to consistently communicate project status, issues and completion plans.
- Strong expertise in MS Project, PowerPoint, Excel, Word, SharePoint and Visio required
Compensation
Starting base salary: $127,626 - $237,014 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
To be considered for this position you must meet at least these basic qualifications
The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
Benefits and Perks
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks.
INCLUSION AND EQUAL OPPORTUNITY EMPLOYMENT
City National Bank is an equal opportunity employer committed to diversity and inclusion. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by law.'
ABOUT CITY NATIONAL
We start with a basic premise: Business is personal. Since day one we've always gone further than the competition to help our clients, colleagues and community flourish. City National Bank was founded in 1954 by entrepreneurs for entrepreneurs and that legacy of integrity, community and unparalleled client relationships continues to drive phenomenal growth today. City National is a subsidiary of Royal Bank of Canada, one of North America's leading diversified financial services companies.
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