Massey Henry is pleased to support the recruitment for a Chief Risk Officer (“CRO””) on behalf of DUCA Financial Services Credit Union Ltd. DUCA is a rapidly growing, full-service financial institution headquartered in Toronto, Ontario. As one of Canada’s most successful credit unions, DUCA has set an ambitious goal to become the largest in the country by 2030.

TECHNICAL EXPERIENCE, KNOWLEDGE & ATTRIBUTES

• 15+ years of strategic leadership experience, with expertise in integrated risk management, and a background in risk identification and assessment.
• Deep understanding of various facets of risk including credit and capital adequacy, liquidity, regulation and legal, operational, and IT risk.
• Experience interacting with regulators, a Board, CEO, and senior management teams.
• Leads by example and consistently demonstrates DUCA’s values of “Bringing out the best in others”, “Doing what’s right even when it’s difficult”, and “Making what’s possible happen.”
• Ability to influence others, manage perceptions and inspire trust in others, and capable of establishing credibility with regulators, the CEO, the Board, senior management and external parties.
• Expert knowledge and experience of best practice risk management and governance frameworks, methodologies, and emerging practices in relation to all aspects of financial services.
• Excellent understanding of business and financial fundamentals.
• Strong leadership and people management skills.
• An authentic leader who puts service to the organization and the Member over their own self-interest.
• Critical thinking, problem-solving, and decision-making skills, with the ability to analyze complex information to identify the key issue/action and drive resolution.
• Exceptional communication skills, including written, verbal, and presentation skills.
• Transformative leadership style with a drive to deliver consistent and effective risk management efforts.

EDUCATION

• Bachelor’s degree or equivalent in finance, accounting, banking, compliance, or relevant field.
• Master’s degree, additional relevant qualifications and certifications, and/or an MBA is preferred.

KEY ACCOUNTABILITIES & DUTIES

The CRO has authority over risk policy and material decisions affecting major risk categories including:

• Strategic Risk – The potential for financial loss, damage to the franchise value of DUCA, or reputational damage arising from ineffective or improper implementation of business strategies, or a lack of responsiveness to changes in the business environment. Business strategies include M&A activities.
• Credit Risk – The risk of loss if a borrower or counterparty in a transaction fails to meet its agreed payment obligations.
• Liquidity Risk – The risk that DUCA will become insolvent due to its inability to meet a demand for cash, or fund its obligations, as they come due. Demand for cash can arise due to a withdrawal of deposits, the maturity of indebtedness, utilization of commitments to provide credit or liquidity support and/or the need to pledge additional collateral.
• Capital Adequacy Risk – The risk of insufficient capital available in relation to the amount required to carry out DUCA’s strategy, withstand systemic and/or idiosyncratic stresses, and satisfy regulatory capital adequacy requirements.
• Market Risk – The risk of loss in financial instruments or the balance sheet due to adverse movements in market factors such as interest and exchange rates, prices, credit spreads, capital market volatilities, and correlations.
• Operational and IT Risk – The risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events, including IT and third parties.
• Regulatory, Compliance, and Legal Risk – The risk of negative impact to business activities, earnings or capital, regulatory relationships or reputation because of failure to comply with or a failure to adapt to current and changing compliance legislation, regulations, laws, industry codes, rules or regulatory expectations. Legal risk includes the potential for civil litigation, or criminal or regulatory proceedings being commenced against DUCA that, once decided, could materially and adversely affect the credit union’s business, operations or financial condition.
• Reputational Risk – The potential that stakeholder impressions, whether true or not, regarding an institution’s business practices, actions, or inactions, will or may cause a decline in the institution’s value, brand, liquidity, or membership.

While there are a broad range of strategic risk deliverables that the CRO - the following will be of particular significance for the role.

• Credit Risk – Commercial finance, business banking, specialized lending, residential mortgage, and personal lending credit adjudication.
• Liquidity, Capital and Market Risk – Liquidity risk, capital risk, structural risk, securitization risk, and market risk.
• Operational and IT Risk – Operational risk, information technology (IT) risk, business resiliency, fraud, and vendor risk.
• Legal and Compliance Risk – Privacy and the Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) group led by the Chief Anti-Money Laundering Officer (CAMLO).
• Risk Management Reporting and Analytics – Risk management data, analytics, modeling, stress testing, and quality assurance.
• Policy and Regulatory Risk – Policy/guideline management, industry consultations, and regulatory review