Vice-President, Operational Risk Management – Farm Credit Canada
In 1959 Farm Credit Canada (“FCC”) was established as a crown corporation under the Farm Credit Act and today is a self-sustaining crown corporation with a portfolio in excess of $41.5 billion offering a wide array of products and services to over 100,000 Canadian customers.
FCC is the only Canadian financial institution solely focused on the agriculture value chain. FCC is more than just a bank. Beyond lending money, FCC offers creditor insurance, venture capital, farm management software and provides complimentary advisory services, business management knowledge & training, mental health support and more to their valued producers, suppliers, processors, value-added operators and agri-food operators.
Headquartered in Regina, FCC employs over 2,100 dedicated staff across 101 offices nationwide. FCC focuses on efforts that support Canadian agriculture, help their customers succeed, give back to communities across the country, create a great employee experience and reduce their environmental impact. They offer meaningful and challenging work with lots of opportunity to grow, learn and develop. Focused on success, employees are passionate about agriculture and committed to the success of their customers and the agricultural industry.
To enhance rural Canada by providing specialised and personalized business and financial services and products to farming operations, including family farms, and to those businesses in rural Canada that are related to farming.
- Act with Integrity: They are ethical and honest. They treat customers, colleagues and all stakeholders with respect.
- Focus on the Customer: They care about their customers, and pride themselves on providing them with an extraordinary experience based on personal relationships, flexibility and industry knowledge.
- Achieve Excellence: They share a commitment to high performance, accountability and efficiency in order to achieve excellence.
- Working Together: They believe in the power of teamwork. Whether delivering service tailored to customer needs or designing solutions to benefit the industry, FCC works together as one team.
- Give back to the Community: They take corporate social responsibility seriously. They believe in giving back to the communities where their customers and employees live and work, striving to reduce their impact on the environment and contributing to the success of the agriculture industry.
For more information on Farm Credit Canada, please visit https://www.fcc-fac.ca/en.html.
|Job Title:||Vice-President, Operational Risk Management|
|Reports to:||Executive Vice-President and Chief Risk Officer|
|3: Manager, Governance, Risk and Compliance Solutions; Director, Operational Risk Management; Senior Director, Information Services|
As a financial institution, risk is inherent in all activities and FCC takes potential risks into account when lending to customers, delivering services, identifying priorities, and developing business strategies and initiatives. FCC continually improves their enterprise risk management framework and measures their activities against a formal risk appetite and tolerance statement that defines and measures acceptable risk. FCC’s risk management objectives and supporting priorities are focused on building a bright future for Canadian agriculture.
The mandate of the Vice-President, Operational Risk Management, as an experienced formal leader, is to provide senior leadership as well as strategic and operational direction pertaining to the effective management of FCC’s key operational risks, which are broad, complex, and continuously evolving. This role also oversees and advances the organization’s operational risk management (ORM) practice and control framework.
The role engages with the FCC Board of Directors, Executive Management Team and external auditors/reviewers, has representation on many senior management committees, and must employ creative problem solving and original thought due to a lack of rules and precedents for ORM in a mandate-driven, commercial crown corporation. The role has latitude to design and implement original solutions to respond to strategic priorities and/or address risk.
Leads the Organization’s Operational Risk Management Division
- Establishes and leads operational risk oversight functions while also providing effective challenge to organizational operational risk management practices. All are to be appropriately aligned with financial institution regulations and industry standards for operational risk management, taking into account FCC’s mandate and the operational risk categories of relevance to the organization given FCC’s lines of business and offerings.
- Leads with an inspiring vision and sets strategic direction that aligns with organizational strategy. Leads a team of diverse professionals within the Operational Risk Management division with a vision of maintaining a balanced, customer-focused approach to operational risk management while continuously leading change to ensure operational risk practices evolve to meet a changing business strategy and business environment.
- Leads the development of risk practices and oversees the posture of technology, information and third-party risk outward into the organization.
- Leads the development of sound operational risk governance practices for key senior leadership and Board of Directors Committees.
- Networks with industry peers of Canadian and American financial institutions and other Crown lenders to discuss operational risk management issues of strategic importance.
Oversees and Advances the Organization’s Operational Risk Management Practice and Control Framework
- Uses influence and clear communication to evolve organizational and divisional practices in response to rising threats and / or regulatory expectations, employing effective challenge and tools such as risk and control self-assessment and lines of defense rigor.
- Delivers ORM governance, including Board Operational risk policy and comprehensive operational risk measurement and reporting practices.
- Designs and evolves an enterprise policy and control compliance testing function.
- Evolves risk standards through capability assessments and challenges current practices to evolve to match strategic challenges.
Sets Strategies and Leads the Organization’s Risk Management Practices Over Technology Risk and Third-Party Risk
- Leads the development and execution of an industry standard technology and information risk management function, including the formulation and ongoing maintenance of technology/information risk appetite, policy, frameworks, and key risk indicators. Leads ongoing risk oversight of first-line activities to monitor compliance to established risk appetite, including the performance of complex risk assessments over functions, systems and processes.
- Collaborates closely with the first line of defense to generate effective and complete technology and information risk reporting to various senior management and Board Risk Committees.
- Leads the development and execution of an industry standard third-party risk management function, including the development of enterprise-wide policies, frameworks, risk assessments and practices to enable the monitoring, mitigation and reporting of risk inherent in the 3,500+ third parties engaged with FCC.
- Uses influence and clear communications to coordinate activities with other internal functions (Procurement, Legal and IT Vendor Management) to drive process efficiency and effectiveness as well as manage third-party risk in accordance with risk appetite.
Leads the Organization’s Model Risk Management and Validation Functions
- Leads the execution of an industry standard model risk management function, including the development and maintenance of model risk policies, frameworks, and guidelines as well as ongoing risk measurement and reporting to enable and engage in sound model risk governance with other senior leaders and the Board of Directors.
- Establishes and leads a model validation function, including the maintenance of an enterprise-wide model inventory, model risk-rating scale, validation standards, agile prioritization and third-party outsourcing arrangements.
Sets Strategies and Maintains the Organization’s Governance, Risk and Compliance System and Intake Processes
- Sets the strategy for the organization’s Governance Risk and Compliance (GRC) system, partnering with IT to enable system enhancements and the necessary data tables.
- Leads the team in the development of clear enterprise-wide information collection processes and requirements to enable the GRC system, which is used to generate effective risk control management reports to enterprise leaders and the Board of Directors.
- Provides key risk indicator development expertise for operational process risks to augment reporting.
DECISION MAKING AUTHORITY
- As a member of SLT, makes decisions from both a divisional and enterprise perspective regarding talent and staffing, divisional operational budget and all aspects necessary to ensure the effective operation of the division.
- Makes decisions regarding the strategic direction of the division, initiatives, and measures in support of divisional objectives and the corporate plan.
- Influences other executives across the enterprise to manage operational risks effectively, while supporting strategic priorities, preserving FCC’s reputation, respecting risk appetite, and achieving alignment with diverse regulatory requirements.
- Approves processes to provide effective challenge to the first line of defense and provides effective challenge to key operational risk management activities.
- Approves operational risk treatment plans to close gaps in processes.
FCC COMMITTEE MEMBERSHIP
- Senior Leadership Team – mandate is to execute the corporation’s strategy and operations to realize business objectives in fulfilling FCC’s mandate, to ensure that all aspects of the business are aligned, and that the customer experience is optimized.
- Enterprise Risk Management Committee – mandate is to oversee the effective management of all risks at FCC. This includes providing input and where appropriate approving risk policy and practices, risk appetite and tolerances, reviewing risk reporting and advising the CRO.
- Operational Risk Management Committee Chairperson – mandate is to oversee the efficient and effective management of FCC’s operational risk; the risk that results from people, process, and systems. The objective of the committee is to challenge operational risk management practices, elevating the management of the operational risks to be consistent with risk appetite, and overall governance of operational risk domain areas.
- Modelling Governance Committee — mandate is to approve risk and finance models for implementation and monitor risk throughout the model life cycle, consistent with the risk appetite of the organization.
- Is a member of various other corporate governance committees as assigned by Enterprise Management Team.
- Communicate a clear vision and expectations for the division and enable divisional performance and results while considering an enterprise perspective. Provide leadership and guidance to support leaders in achieving the corporate initiatives and measures, identify areas for innovation and enhancement to our customer and employee experience, and sustain an engaged, high performing work environment.
- Ensure workforce plans and succession plans are in place for the division in support of the divisional strategy and FCC’s corporate plan.
- Lead and champion culture and leadership to support and maintain FCC’s employee experience, resulting in a motivated, engaged and high-performing workforce.
- Create an environment and divisional perspective that promotes and leverages talent across the division including coaching, developing and providing opportunities to increase the capabilities of employees and encouraging continued career growth.
- Build committed, cross-functional partnerships with the Senior Leadership Team, senior leaders, and leadership teams to support and enable the work of the division and the greater good of the organization.
FIRST YEAR DELIVERABLES / MEASURES OF SUCCESS
Success in the first year will be determined by the candidate’s ability to:
- Become successfully embedded in the Risk Management Leadership team, while establishing healthy and productive relationships with the SLT members;
- Take ownership of ORM team, ensuring there are plans in place to implement any structural changes, including development, succession, growth and employee retention/attraction plans;
- Achieve, via the strength of their team, the short term operational and performance goals as mandated by the EVP & Chief Risk Officer; and
- Create and share strategic and evolutionary ideas to ensure the Operational Risk Management function within FCC is continuously evolving.
The successful candidate will have the following:
- A bachelor’s degree in commerce or business administration is required.
- Certification as a Chartered Financial Analyst, Chartered Professional Accountant, or Financial Risk Manager (FRM) is required.
- Minimum10 years of experience in finance-related senior leadership roles (or an equivalent combination of education and experience).
- Relevant knowledge and expertise including a control, audit, or financial background that understands how a system of controls works together to create a sound organization.
Skills and Attributes
- Relationship builder with the ability to build strong partnerships with internal and external stakeholders to promote understanding of issues, impacts, opportunities and best practices, and ensure a customer focus that balances effective risk management with growth and strategic execution priorities.
- Strategic thinker who will support corporate strategic priorities through Operational Risk Management activities.
- Judgment and a customer focus to balance effective risk management with growth and strategic execution priorities.
- Communication and influence skills to relay complex trends to/from the Board and executives and inspire timely action.
- Knowledge of operational risk management practices in financial institutions and the ability to apply these concepts/processes/techniques in an integrated manner using judgment, original thought, discretion, and strategic thinking.
- Rapid evolution in risk management practices given changes in the regulatory and financial services environments requires the role to continually update knowledge and keep abreast of these progressive changes.
- Conceptual, analytical, and problem-solving skills, sound business judgment, innovation, and collaboration in working with internal and external stakeholders is essential.
- Customer Experience: Creates opportunities to broaden customer, partner and/or co-worker relationships. Identifies significant opportunities to contribute to their success. Finds ways to cultivate deeper relationships.
- Initiative: Continually focuses on achievement and always balances what has been accomplished relative to how it is accomplished.
- Learning & Innovation: Encourages creativity in others by highlighting the benefits of innovation and change. Supports others to focus on continuous learning. Has the broad ability to effectively understand, communicate and share information.
- Agility: Has a clear sense of both narrow and broad-based implications when taking action. Makes and supports decisions that benefit the organization overall, even if they are unpopular or controversial, yet can readily change plans to achieve better intended outcomes.
- Solution Focus: Acknowledges the realities of resolving problems over an extended time period. Actively works to guide and support realistic, consistent problem resolution.
- Teamwork & Partnership: Links strategies and objectives with team or partner goals and communicates positive expectations in achieving goals to support broader objectives and strategies.
Farm Credit Canada is committed to equity, diversity and inclusion and recognizes that a diverse team benefits and enriches our work and is essential to operational excellence. We welcome applications from all qualified individuals and encourage women, members of racialized communities, Indigenous persons, persons with disabilities, and persons of any sexual orientation or gender identity to confidentially self-identify at time of application. In accordance with provincial legislation, accommodation will be provided by Optimum Talent and Farm Credit Canada throughout the recruitment, selection and/or assessment process, upon request, to applicants with disabilities. All qualified candidates are encouraged to apply.
Closing date for submitting applications: Friday, February 11th, 2022
How to Apply:
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