Job Description
We’re building a relationship-oriented bank for the modern world. We need talented, passionate professionals who are dedicated to doing what’s right for our clients.At CIBC, we embrace your strengths and your ambitions, so you are empowered at work. Our team members have what they need to make a meaningful impact and are truly valued for who they are and what they contribute.To learn more about CIBC, please visitJOB PURPOSEReporting locally to the CEO and functionally to the SVP & CRO Europe & Asia, the role has oversight of all risk activities in the Luxembourg office. As one of 3 authorized managers, the role also has significant regulatory accountability for the risk management function in Luxembourg. The role is responsible for oversight of all risk functions in the Luxembourg office (market, credit, liquidity, operational and climate risk). The role also has oversight of the compliance and AML functions, although the registered regulatory accountability for this area sits with the Luxembourg Head of AML/ Compliance. As an Authorized Manager, The CRO role is ultimately accountable to both the Commission de Surveillance du Secteur Financier (CSSF) and European Central Bank (ECB).KEY ACCOUNTABILITIESGeneral:Lead the risk management team for the Luxembourg office and be responsible for ensuring strong risk management processes and practices.Ensure the office is fully compliant with all risk management related regulatory requirements. Keep abreast of new requirements, and co-ordinate delivery by leveraging off subject matter experts.Develop strategic and tactical plans to effectively and efficiently provide independent risk management oversight for Luxembourg.Leverage Global Risk Management risk analytics to identify, measure, and monitor risks of the Region autonomously of the front office team, as part of an independent risk oversight and monitoring capability.Oversee the implementation of and ongoing compliance with regional policies and procedures and the development and implementation of processes and systems for implementing and monitoring compliance with such policies and procedures.Ensure that Luxembourg risk policies and procedures are current and appropriate for the risks being taken, and evolving such policies and procedures with the future direction of the activities of the Region and in accordance with regulatory expectations.Establish risk limits and review compliance with those limits at least quarterly (or more often, if changes in market conditions or the positions, risk profile, or financial condition of region warrants).Oversees, assesses, and monitors the Luxembourg implementation of the CIBC Control Framework, providing for an internal control environment that is effectively designed and operating effectivelyManage the risks and risk controls within the parameters of the risk-control framework for the office.Provide risk management guidance, oversight, and support for the activities of the office based upon relevant risk analysis and controls.Oversee the Luxembourg measurement framework, aggregation, and monitoring of risks undertaken by the Region including Risk Appetite Framework (RAF).Ensure adequate resource levels and professional development of risk management staff in the office by attracting and retaining high potential candidates and providing opportunities for personal/career development.Foster an environment of open communication and effective challenge regarding risks and risk mitigation strategies within the office. Maintain and enhance risk culture across the offices.Participation in key business and corporate governance processes related risk management activities by membership of:Luxembourg Asset Liability Committee (ALCO)European Deals CommitteeEuropean and APAC Climate Risk CommitteeLuxembourg ExcoAct as focal point for interaction with all external and internal regulatory/audit bodies with regard to credit risk management matters pertaining to CIBC’s regional business.Oversee the information security risk management framework for the Branch, according to the prescribed ISO requirements in CSSF circular 20/750, including identification, measurement, reporting and setting risk appetite for security and ICT risksCredit Adjudication:In conjunction with Credit Risk Management (CRM) concurrence approval of all Luxembourg booked credit exposures within delegated credit limits and effective analysis.In conjunction with Capital Markets Risk Management, approval of Bank and Non-Bank Financial Credit, as required.Maintenance of appropriate processes to ensure satisfactory ongoing management of all credit risk exposures booked to the Luxembourg office.Effective liaison with Special Loans Head Office, and to provide local leadership to properly manage all Luxembourg booked accounts which are under the jurisdiction of Special LoansGovernance:Report risks and risk-management deficiencies for risk and resolve such risk-management deficiencies in a timely manner.Oversee the tracking and escalation of issues, with respect to temporary and permanent approval for exceptions for the Luxembourg office.Provide risk updates to the Luxembourg Board, Lux Alco and Exco on a regular basis. . Provide annual risk management related updates to the CSSF (long form report and ICAAP).Set the risk appetite for the Luxembourg office for approval by the Luxembourg Board and CRO Europe/ APAC.Provide risk oversight and act as Primary Risk contact for Regulators in the Region.Regulatory Accountability:Discharge all duties in accordance with the CSSF authorised manager accountability.CROSS-FUNCTIONAL RELATIONSHIPSAs CRO, this role will partner with Enterprise wide functional groups including Risk Management, Finance, Compliance & Financial Crime Compliance, Technology & Operations, Legal, Audit, Treasury and other corporate governance groups as required in ensuring CIBC’s governance framework and risk standards are effectively implemented for the Luxembourg officeAppropriate local Luxembourg and European based Banking/Financial sector associations such as ABBL, ALRiM and Lux CMA.Outside Rating Agencies (e.g., DBRS, Moody’s, Standard & Poors, etc.), as applicable.This role will require the candidate to develop close working relationships with front office and other relevant infrastructure staff in Luxembourg and globally across CIBC Group.JOB DIMENSIONS3 direct reports across Risk Management, Compliance, Financial Crime.KNOWLEDGE AND SKILLSDegree in Business, Finance, Law or a quantitative discipline;+10 years of experience in a leadership position and similar role;Sound knowledge and understanding of Capital Markets and Corporate Banking, as well as European legislation, rules and regulations affecting banking;Sound knowledge of the Luxembourg regulation and CSSF Circulars, with particular focus on risk management;The incumbent must display integrity, possess a strong stewardship and corporate governance profile and be able to display independence in managing the conflicting objectives and priorities of different constituencies;Objectivity and independence of oversight while partnering with the front office;Ability to write reports, ability to identify risks and to take mitigation actions;Fluency in English, with additional language skills being an advantage.WORKING CONDITIONS·This role operates within a hybrid office environment.What you need to knowCIBC is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. If you need accommodation, please contactYou need to be legally eligible to work at the location(s) specified above and, where applicable, must have a valid work or study permitJob Location K2 DolceEmployment Type RegularWeekly Hours 40Skills Accountability, Accountability, Analytical Thinking, Banking, Business, Business Banking, Capital Markets, Control Frameworks, Corporate Governance, Credit, Credit Adjudication, Credit Decisions, Credit Proposals, Credit Risk Management, Credit Risks, Employee Relationships, English Language, Finance, Financial Analysis, Front Desk Operations, Global Risk, Global Risk Management, Group Problem Solving, Identifying Risks, Industry Research {+ 33 more}CIBC
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