Director, Prudential Risk Full Time

“Previously Startups of London has featured OakNorth in our article The Complete List of Unicorn Startups in the UK 2022.

You can also click on the company name above or go to their company page from here and learn more about their culture, business and management.

As for the role; OakNorth is looking for a Director, Prudential Risk, to join their company. Learn more about the role, requirements as well as benefits in the below description. Click on the Apply Now button to complete job application.”

– Startups of London Team

The Role:

To assure the processes to manage capital and liquidity in order to ensure that they are effective in managing the Bank’s risk, and fully compliant with Regulatory expectations. You will be reporting to the Senior Director, Prudential Risk and Credit Quality Assurance.

This is a key senior role in the ‘second line of defence’ of the Bank which exists to deliver vital outcomes in prudential risk oversight and challenge. 

You are responsible for providing independent, effective and proportionate ‘second line’ assurance of prudential risk in order to protect the assets, reputation, and sustainability of the bank, and delivery of the related V2MOMs. Your role is to provide consistent, independent, and documented assessments of the effectiveness of prudential risk management, i.e. assurance that capital and liquidity are being managed effectively and in accordance with Regulatory expectations  

Deliverables:

• Represent the ‘second line’ Risk function in ALCO and other internal committees to give independent input to key decisions and ensure compliance. Ensure that the ‘first line’ appropriately manages prudential risks including the identification, assessment, measurement, review, monitoring, and reporting of risks and issues 
• Review and assure key regulatory documents including ILAAP and ICAAP, including review of stress-testing  
• Oversee adherence to internal policies and controls to ensure consistency with regulatory requirements, with particular reference to those relating to capital and liquidity.  
• Oversee the design of risk appetite metrics for monitoring liquidity and capital and monitor their application. To include capital, liquidity, IRRBB, and basis risk.  
• Support prudential regulation Horizon scanning and assist the ‘first line’ in its interpretation 
• Oversee and assure the management of climate risk 
• Oversee and assure the management of model risk and organize the Model Risk Management Committee 
• Oversee and assure the management of provisioning, and organize the Reserve Adequacy Committee 
• Also accountable for managing the respective portions of the overall Risk Management Framework and Risk Register 
• Maintain the annual update of the Banks’ Recovery and Resolution Plans.  

Competencies:

• Energy, pace, and strong work ethic. Able to effectively manage and prioritize a substantial workload (Momentum) 
• Commitment to excellence (10x) 
• Ability to partner with stakeholders in different parts of the business (One Team) 
• Strong analytical, numerical, and problem-solving skills  
• Analytical skills, able to analyze complex issues in a systematic and structured way with appropriate attention to detail. Ability to interpret regulatory documents  
• Sound judgment to ensure that risk/compliance has a business focus and ensure the approach is always proportionate and pragmatic. 
• Logical thinking, the ability to get to the simplest answer as opposed to a convoluted one, and an approach to risk management that is proportionate (Challenge &Simplify) 
• Confidence to challenge the ‘first line business, apply influencing skills and hold fast to risk principles and standards. To do so firmly but not aggressively to achieve a good, cooperative working relationship (Trusted Partner) 
• Job SpecificIn-depth knowledge of the technical aspects of risk management in the financial services sector in prudential risk and regulatory areas, gained within banks and/or the Regulators, and in particular the ICAAP and ILAAP frameworks 
• Experience in prudential risk regulation specialisms (ILAAP, ICAAP) 
• Experience in liquidity and capital reporting 
• Knowledge of ALM models 
• Knowledge of Credit models would be an advantage