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Chief Risk Officer

2 weeks ago


Toronto, Canada RFA Bank of Canada, RFA Mortgages Corp. Full time

Chief Risk Officer - Toronto, ON
**Date**: October 30, 2024
**Location**: Toronto, ON
**Company**: RFA Bank of Canada

**Job Type**: Permanent
About RFA
Founded in 1996, RFA (Realty Financial Advisors) is a leading Canadian-owned real estate firm. Through RFA Bank of Canada and RFA Mortgage Corporation, RFA offers mortgage brokers a complete range of Prime and Alternative mortgage solutions.
RFA Bank of Canada, a division of RFA (Realty Financial Advisors), is a federally regulated Schedule I Bank. Our goal is to be a long-term leader in the residential lending market by offering more than just competitive rates and compensation. At RFA Bank of Canada, we focus on delivering a unique value proposition in the Alternative mortgage space, committed to innovation and exceptional service to meet a diverse range of borrower needs.
The Opportunity
We’re looking to fill a Chief Risk Officer (CRO) position at RFA Bank of Canada
The CRO is responsible for independent oversight of enterprise risk management, governance and control at RFA Bank of Canada (the Bank) as well as setting related strategy and policy to manage risk in alignment with the Bank’s risk appetite and business strategy. The CRO is also responsible to develop and oversee the operation of an enterprise-wide risk management framework to enable the Bank to make informed business decisions and enact appropriate operational policies and practices. The CRO contributes to the protection of the reputation of the Bank by ensuring the integrity of its risk function.
Core Responsibilities
**As the CRO, you will**:

- Accountable for the Bank’s risk management frameworks including the Risk Appetite Statement, policies and procedures, risk reporting to the Board and Management, risk management systems and tools, risk analytics and stress testing.
- Develop and execute the long-term and short-term strategic plan for Enterprise Risk Management (ERM) including comprehensive risk reporting, monitoring and reporting on key risk indicators, risk control self-assessments, business process mapping, general oversight reviews, asset quality reviews and reporting.
- Monitor and report on the Bank’s risk profile, initiating appropriate actions to ensure adherence to the approved risk appetite.
- Independently review any significant new business activity, to ensure consistency and strategic fits with the Bank’s risk appetite framework and operational capabilities.
- Monitor internal and external risk events to assess whether the Bank’s internal controls are effective and foster a culture of effective challenge to ensure risk identification.
- Ensure that the internal capital adequacy assessment is the result of a robust risk identification, measurement, assessment, and capital planning process, including appropriate stress testing and scenario analysis.
- Monitor the credit quality of the Bank’s lending portfolio and provide robust challenge for potential new initiatives which may change the Bank’s credit risk profile.
- Build a risk aware culture.
- The CRO is responsible for oversight of the Chief Compliance Officer & CAMLO as well as the compliance & AML programs.

Governance
- The CRO will provide advice and counsel to the CEO and President and/or other members of Senior Management from a risk governance perspective on the Bank’s organizational structure and operating model.
- The CRO serves as primary liaison with the Bank’s regulators, including providing timely notice of any discovered risk and compliance breaches.

Human Resources
- Provide leadership, direction, and motivation to the Bank’s Risk Management staff.
- Recruit Risk Management staff as required to ensure sufficient resources are available to complete all required work.
- Conduct performance appraisals to promote development of Risk Management staff and to ensure that goals are clear and consistent with departmental and corporate goals.
- Identify training needs and develop training programs for the Bank’s Risk Management staff.

Customer/Stakeholder Interaction
- Build productive relationships with the Board, Executives, Management Employees, OSFI and external stakeholders while maintaining the independence and confidentiality of the Risk function.

What You’ll Need to Succeed
- Bachelor’s degree in finance, business administration, economics, or a related field.
- Master’s Degree: A master’s in finance, risk management, or a related discipline an asset.
- 15+ years of experience in risk management and risk programs within a federally regulated financial institution (“FRFI”).
- Familiarity with Canadian regulations and standards, such as those from the Office of the Superintendent of Financial Institutions (OSFI).
- Experience in liaising through all levels of the organization from junior staff to the Board of Directors.

What Sets You Apart
- Exceptional verbal and written communication skills to effectively convey plans, concepts and risk strategies to stakeholders,