Vice President & Chief Risk Officer

<p>The role of the Chief Risk Officer is to oversee the Enterprise Risk Management department's mandate to protect, manage, and maintain the risk profile of the entire organization, as established in policies approved by the Board. The role supports superior sustainable business performance by helping to minimize avoidable losses through the establishment and institutionalization of key risk and control principles throughout the organization.<br /><br /></p>


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Vice President

Competitive Compensation and Benefits Package

Overview: <ul> <li> <p>Oversee a corporate enterprise risk management program that meets insurance, banking and bank holding company regulatory standards, as established by the Federal Reserve, the OCC and the NAIC.</p> </li> <li> <p>Report to the CEO, the Finance Investment and Risk (FIR) Committee, and the Bank Audit Committee, on the adequacy of ACG risk assessment and management standards and processes. Prescribe remedial action to address risk management weaknesses, track open issues, and report to the CEO and the board on the progress of remediation. Effective January 2017. </p> </li> <li> <h4>Facilitate effective fiduciary oversight of the risk management program by the FIR Committee and the Bank Audit Committee. Work with the CFO to incorporate appropriate risk management reporting into FIR Committee meeting agendas. Support the Committee Chairs in meeting the board's fiduciary oversight responsibilities relative to enterprise risk management.</h4> </li> <li> <h4>Meet with the Committees regularly to provide an overall assessment of the ACG and ACT risk management programs, report on significant risk management activities and issues, and review emerging risks. Meet privately with the Committees in "executive session" to ensure unfiltered communication on risk management issues of a sensitive nature.</h4> </li> <li> <p>Risk Management defines the framework for the management of risk throughout the organization, including accountabilities in the business lines and corporate functions, ensuring that the risk framework is effective, developing risk expertise and communication of risk principles and knowledge.</p> </li> <li> <p>The approach will vary depending on the nature of the process, transaction, or event under consideration. The potential severity and breadth of impact of the risk will drive the level of assistance/intervention by one or more parts of the Risk Management function.</p> </li> </ul>
Responsibilities: <ul> <li>Set risk management policy and strategy for the organization. Oversee the risk management function in systematically assessing and quantifying risk, and work with management to ensure that risks are managed in accordance with the organization's established risk appetite and tolerances. Manage other internal risk related functions, as assigned.</li> <li>Meet with and provide regular written reports to the CEO, the FIR Committee and the Bank Audit Committee on the adequacy of the organization's risk management program and strategies. Obtain FIR Committee and Bank Audit Committee approval of risk management plans, and oversee effective execution of approved plans.</li> <li>As a member of the CEO's senior staff, work closely with the senior team to promote and facilitate risk awareness and shared responsibility for risk management. Advocate for responsible risk management at the senior table.</li> <li>Work closely with Internal Audit, Compliance, Finance, Insurance, IT and other management to share information and provide for coordinated attention to the organization's risk management needs.</li> <li>Promote a corporate culture of risk awareness and prudent risk management through sponsorship of employee training, communications, and other awareness initiatives. Invite and facilitate employee communication of significant risk issues. Establish or leverage existing avenues for unfiltered employee escalation of unaddressed concerns.</li> <li>Track industry, regulatory and social trends, and ensure that the risk management program is responsive to the business, regulatory and geographic environments in which ACG and ACT operate, and to any emerging risks in these areas.</li> <li>Lead the ACG Management Risk Committee and Risk Steering Committee in identifying, vetting and overseeing risk remediation strategies. Oversee tracking and regular reassessment of the significant risks designated for continuous monitoring by these committees.</li> <li>Meet regularly with Federal Reserve, OCC and insurance regulators to support their supervision of ACG risk management activities, and to facilitate their reliance on the ACG and ACT risk management programs. Facilitate remediation of any risk management MRAs (Matters Requiring Attention) issued by regulatory agencies.</li> <li>Ensure that the risk management team devotes adequate attention to new systems, products and programs under development, to ensure adequate vetting and management of associated risks, as required by regulatory guidance.</li> <li>Oversee department planning, budgeting, staff selection, staff development and performance management. Establish adequate management succession plans.</li> <li>The Chief Risk Officer's objective is to work as a partner with all lines of business and corporate functions in creating and maximizing stakeholder value</li> <li>Risk Identification: Focus on recognizing and understanding existing risks or risks that may arise from new business initiatives. This is a continuous process and should occur at both the transaction and portfolio level.</li> <li>Risk Measurement: An accurate and timely measurement of the risk we have undertaken. The sophistication of the risk measurement tools need to reflect the complexity and levels of risk we have assumed. We will need to verify the integrity of our systems on a regular basis.</li> <li>Risk Control: Established and communicated through policies and procedures. The control limits established should be meaningful and should be adjusted if conditions or risk tolerances change. We need to have a process that authorizes exceptions to risk limits/policy.</li> <li>Risk Monitoring: Monitor risk levels on a regular basis and see if we are within our limits or have received approval to exceed those limits. Monitoring reports need to be distributed to appropriate individuals</li> <li><strong>Key Responsibilities:</strong> <ul> <li><strong>Establishment of a sound strategic balance of risk versus return via the formulation and recommendation of an appropriate risk capacity for the organization for approval by the Board.</strong></li> <li><strong>Ensuring that processes exist throughout the organization to effectively identify, measure, and control all material risks.</strong></li> <li><strong>Ensuring transparent and effective communication of risk profile as appropriate throughout the organization, including the Board.</strong></li> <li><strong>Participation in the approval process for any new business activity to ensure that new initiatives fit within risk capacity and operational capabilities.</strong></li> <li><strong>Maintaining a current understanding of industry leading practices in risk management.</strong></li> <li><strong>Compliance with all relevant U.S. regulatory frameworks.</strong></li> </ul> <p>&nbsp;</p> </li> </ul>
Requirements: <ul> <li>Bachelor's degree in business administration, finance or a related field.</li> <li>Ten years of risk management, corporate governance, audit and/or compliance experience, including in regulated industries.</li> <li>Experience in dealing with government regulators on corporate risk management matters.</li> <li>Strong written and oral communication and presentation skills.</li> </ul> <p>&nbsp;</p> <p>&nbsp;</p>