Overview
The Fractional Chief Risk Officer will play a critical role in guiding a financial services organisation through a pivotal regulatory phase. Collaborating with the Board, this position involves establishing a comprehensive risk and capital framework while ensuring adherence to regulatory standards. The contractor will work remotely, dedicating 2-3 days per week to oversee credit policies, model governance, and risk management practices.
Responsibilities
- Lead the risk and capital initiatives for PRA engagement.
- Own the Internal Capital Adequacy Assessment Process (ICAAP), including stress testing and ILAAP alignment.
- Set credit appetite and underwriting standards for SME lending.
- Establish governance for credit decisioning in line with SS1/23 standards.
- Oversee financial crime, fraud, operational, and conduct risk, including serving as the MLRO if necessary.
- Develop a robust risk framework encompassing appetite, management information, recovery, and solvent exit strategies.
Requirements
- Extensive experience as a Chief Risk Officer or Deputy Chief Risk Officer in a UK challenger bank.
- Proven track record of successfully shaping regulatory applications and navigating PRA challenges.
- Deep understanding of UK SME credit risk management.
- Experience leading an ICAAP and familiarity with SMCR and the PRA Rulebook.
- Knowledge of machine learning credit model oversight is advantageous.
- Capability to act as interim MLRO and manage fraud risk across lending and deposits.