Chief Risk Officer – Managing Director’s Office
Reporting directly to the Managing Director (MD) of the Cayman Monetary Regulatory Authority International (Cmrai, the "Authority"), the Chief Risk Officer (CRO) plays a crucial role in supporting the Managing Director and the Board in managing and mitigating risks across the organization. The CRO is responsible for the development and implementation of a comprehensive risk management framework that aligns with the Authority’s strategic objectives. This position is integral to ensuring that Cmrai operates within its risk appetite and that all potential risks are identified, assessed, and managed effectively.
KEY RESPONSIBILITIES:
The selected candidate will be responsible for:
- Developing and implementing a robust risk management framework that aligns with the strategic goals of Cmrai;
- Advising the Managing Director and the Board on risk management strategies and best practices to ensure the Authority operates within its defined risk appetite;
- Identifying, assessing, and monitoring key risks across all areas of the organization, including operational, financial, regulatory, and reputational risks;
- Leading the development of risk management policies and procedures, ensuring they are regularly updated to reflect changes in the regulatory environment and industry best practices;
- Coordinating with various departments to ensure a cohesive approach to risk management across the Authority;
- Preparing detailed risk reports for the Managing Director, the Board, and other stakeholders, highlighting key risk areas and recommending mitigation strategies;
- Ensuring that risk management practices are embedded in the decision-making processes at all levels of the organization;
- Overseeing the implementation of risk mitigation strategies and monitoring their effectiveness;
- Conducting regular risk assessments and stress tests to evaluate the potential impact of various risk scenarios on the organization;
- Providing leadership and guidance to the risk management team, fostering a culture of risk awareness and continuous improvement;
- Collaborating with external auditors, regulators, and other stakeholders to ensure compliance with risk management standards and regulatory requirements;
- Staying current with industry trends, emerging risks, and regulatory changes to proactively manage risks that may impact the Authority;
- Supporting the Managing Director in strategic planning and decision-making by providing expert risk analysis and insights;
- Leading the development and delivery of risk management training and awareness programs across the organization.
REQUIRED QUALIFICATIONS:
- A Bachelor’s degree in Risk Management, Finance, Business Administration, or a related field from an accredited institution;
- At least eight years of experience in risk management, with a minimum of three years in a senior leadership role within a regulatory, financial services, or similar environment;
- Extensive knowledge of risk management principles, frameworks, and methodologies;
- Strong understanding of the regulatory environment and risk management requirements specific to the Cayman Islands or similar jurisdictions;
- Proven ability to develop and implement effective risk management strategies and policies;
- Excellent analytical and problem-solving skills, with the ability to assess complex risk scenarios and provide actionable recommendations;
- Exceptional communication and presentation skills, with the ability to articulate risk concepts clearly to a wide range of stakeholders;
- Proficiency in Microsoft Office applications, including MS Word, Excel, and PowerPoint;
- A relevant professional qualification such as FRM, PRM, or similar would be highly advantageous;
- Strong leadership and team management skills, with a track record of successfully leading and developing high-performing teams;
- Commitment to continuous professional development and staying abreast of industry trends and regulatory changes.