- Financial Risk Policy and Compliance interprets financial risk policies standards and limits monitors how well the business adheres to them and assesses where practice and policy have drifted apart
- The role covers credit liquidity funding and capital related policy requirements and acts as a practical point of guidance for first line teams
- Policies are written in general terms the situations they govern are specific
- The role is expected to decide with reasons whether a practice the policy did not anticipate falls inside or outside it and whether an exception is a one off or a symptom of a control that is not working
- These are the cases the role exists to get right
- Policy ownership exception approval and breach determination remain
- The role assesses documents and recommends
Key Responsibilities:
- Policy Interpretation and Advisory
- Interpret financial risk policies standards and limits for first line teams and give explicit written guidance that can be relied on later
- Support the annual policy review cycle benchmark against regulatory expectations and industry practice draft proposed changes and track approvals
- Maintain the policy inventory and the mapping of policy requirements to procedures and controls
- Monitoring and Adherence Assessment
- Execute the monitoring plan that tests adherence to financial risk policy requirements and limits
- Review exception requests and policy deviations and document an assessment and recommendation for approval
- Track limit breaches and exceptions through to resolution and confirm the agreed remediation actually happened
- Judgement and Assessment
- Distinguish a technical breach from a material weakness and say which it is and why
- Look across individual exceptions for patterns that point to a policy that is unclear unworkable or not being followed
- Reason from the intent of the policy where its wording does not cover the situation and record the reasoning so it can be reviewed as precedent
- Issues Reporting and Governance
- Log findings with root cause agree remediation with owners and track to closure
- Prepare adherence reporting and committee material that leads with what needs attention
- Support internal audit and regulatory requests with evidence and clear narrative
Technical Requirements:
- Required Skills and Experience
- Working knowledge of credit liquidity funding and capital risk concepts and how policy limits are set and monitored
- Experience drafting or maintaining risk policies standards or procedures
- Experience executing monitoring or testing against policy requirements and documenting conclusions
- Sound judgement on ambiguous cases able to reach and defend a position where the policy wording runs out
- Assessed at interview through a case exercise
- Precise plain written English
- Preferred
- Familiarity with OSFI guidance on liquidity capital and enterprise risk management and FCAC expectations where they touch financial risk
- Professional designation such as FRM PRM CRM or CPA
- Experience with a GRC platform
- Experience in a fintech card issuer or consumer lending environment