Head of Risk, Ireland
Business Unit:Compliance, Risk and Internal Audit
The Head of Risk, Ireland is responsible for the RIIL risk management programme and will be accountable for the development and implementation of the programme within the Company.
Risk Management Framework
The role will provide oversight of the arrangements, processes, and techniques for identifying, measuring, managing, and monitoring risks related to the activities under the Company’s management in line with regulatory expectations. The role will establish, implement, and monitor appropriate risk appetite levels and risk limits and will develop Company risk management policies and procedures in addition to monitoring the adequacy and effectiveness of such policies and procedures. The role will collaborate with the Russell Investments Global Risk Management team to implement appropriate and adequate global risk management frameworks, systems and risk reporting tools.
Risk Advisory Oversight
The role will be accountable for identifying, evaluating and managing key risks impacting RIIL with a focus on the risks impacting the Company’s business objectives. The role will provide guidance on risk matters, monitor various risk reports, escalate issues, exceptions and breaches as required and produce regular management information and communicating results and progress on risk initiatives to senior management, the RIIL Board, the RIIL Management Committee and relevant governance groups.
The role will cover all regulated activities of RIIL and will have responsibility for risk management oversight of the Irish office, and RIIL’s branch offices in Europe (as applicable). The role holder will be the primary contact for risk-related communications with the Central Bank of Ireland. The role will provide advice and assist in the implementation and monitoring of Group global risk management standards.
The responsibilities of the individual in this position include:
Regulatory & Business conduct
Displaying exemplary conduct and living by our organisation’s Code of Conduct.
Taking personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct across the business.
Effectively and collaboratively identifying, escalating, mitigating and resolving risk, conduct and compliance.
Risk Management Framework
Developing and maintaining the RIIL risk management programme, aligning with the Russell Investments group risk practices and procedures, as appropriate.
Implementation of the risk programme within RIIL, including:
production of the risk management framework and risk appetite statement for adoption by RIIL board.
identification, evaluation, mitigation, monitoring and reporting of operational risks.
maintenance of the risk register.
maintenance of consistent Key Risks Indicators (KRIs).
development, implementation and maintenance of risk management processes, policies and procedures.
delivery of risk training.
Assessment of RIIL’s risk and risk management processes including evaluation of risk/reward trade-offs. This will include managing/maintaining a relationship with EMEA and global risk management teams.
Contribution to Group level risk assessments.
Management of Events and Incidents
Ongoing administration of RIIL’s events/incidents, including relevant intra-group and third-party events/incidents.
Assessment, escalation, and reporting of Company events/incidents.
Risk Management Systems and Tools
Working with the Global Risk Management team to implement appropriate and adequate risk management systems and risk reporting tools.
Senior Management Reporting
Responsibility for producing and delivery of comprehensive management information to RIIL’s senior management including:
RIIL Board of Directors.
RIIL Management Committee.
Senior Director, Global Operational Risk Management.
Director, EMEA Risk Management.
Working with relevant EMEA and global associates and business units in the production and submission to the CBI of regulatory documents such as the annual ICAAP/ ICARA documentation and RIIL Outsourcing Register.
Managing/providing support to other risk related regulatory requirements.
Maintaining awareness of risk related regulatory developments and other external risks e.g. geopolitical risk and communicating these as necessary.
Performing impact analysis (collaborating with others as necessary) as a result of regulatory change and implementing appropriate solutions.
Performing risk reviews of RIIL, including European branches, and where necessary coordinating reviews with other EMEA and Global risk management personnel.
The successful candidate will have extensive demonstrable skills and experiences including the following:
Relevant bachelor’s degree e.g. BEng or BSc/BA (Mathematics, Economics, Business or related field) or equivalent experience / qualification.
Masters or Ph.D. degree in a quantitative subject is desirable.
CFA or professional risk management related qualification e.g. FRM, CERA is desirable.
Understanding of the regulatory environment with experience of working in regulations/guidance issued by the Central Bank of Ireland and other independent EU authorities is essential.
Knowledge of UCITS / AIFMD / MiFID is essential.
Experience of dealing with the CBI in matters related to thematic reviews, PRISM visits/reviews and general communications.
Ability to qualify for PCF-14 approval.
Previous PCF appointment preferred.
Significant experience in a risk management function ideally within a financial institution required.
Understanding of operational, investment and credit risks in asset management with the ability to assess risks posed by new products or services.
Able to demonstrate a consistent and uncompromising adherence to Russell Investments’ moral and ethical principles and values.
Strong collaboration, communication and influencing skills with all levels of colleagues and stakeholders.
Approachable with the ability to stand one’s ground when risk is too great to compromise and broker compromise when possible.
A broad technical knowledge of financial products and services offered by Russell Investments Ireland Limited and its wider group.
Ability to assist the growth of the Company whilst being conscious of current and emerging regulations and risks.
Excellent organisational skills.
Self-motivated, ability to work under pressure, make difficult decisions and standby them.
Good teamwork skills with the ability to train and mentor colleagues.
Strong analytical and problem-solving skills with the ability to analysis risks and corresponding impacts on the Company’s business activities.
Thinks creatively to improve team’s and company’s operational efficiency and effectiveness.