Head of Internal Audit & Risk in London

An established UK-regulated banking institution is seeking an experienced senior Risk professional to lead its Risk Management function and undertake the SMF4 – Chief Risk Function, subject to regulatory approval. The Head of Risk will provide independent leadership and oversight of the organisation's Risk Management framework, ensuring that principal and emerging risks are appropriately identified, assessed, monitored, managed and reported in line with the organisation's strategy, Risk Appetite Framework, regulatory requirements, and the nature, scale and complexity of its operations. The role will provide independent challenge to Management and business functions and support the Board and relevant governance committees in maintaining an effective Risk Management and control environment. The successful candidate will report to the Chief Executive Officer and Board Risk Committee and will have appropriate access to other Board and Management governance forums.

Key Responsibilities

• Lead the implementation and ongoing management of the organisation's Risk Management policies, frameworks and procedures.
• Develop, maintain and periodically review the Risk Management Framework (RMF), ensuring alignment with business strategy and evolving statutory and regulatory requirements.
• Develop and maintain the Risk Appetite Framework and provide appropriate recommendations to senior Management, relevant committees and the Board.
• Maintain effective policies, systems and procedures for identifying, assessing, managing, monitoring and controlling the key risks to which the organisation is or may become exposed.
• Review strategies, policies, systems and procedures for managing, monitoring, controlling and mitigating material risks.
• Ensure the Internal Audit plan appropriately reflects the key risks to which the organisation is exposed.
• Ensure appropriate systems and procedures are in place to produce timely and relevant Management Information, risk statements, Key Risk Indicators, dashboards and reports for Management, governance committees and the Board.
• Provide appropriate second-line oversight of technology, information security and cyber risks and controls.
• Develop, implement and maintain the organisation's Business Continuity Plan and associated risk arrangements.
• Lead the development and annual maintenance of the organisation's ICAAP.
• Lead the development and annual maintenance of the organisation's ILAAP.
• Develop and maintain the Recovery and Resolution Plan and oversee the associated internal governance processes.
• Manage internal stress-testing processes, ensuring appropriate methodology, accuracy and timely completion.
• Ensure capital, liquidity and other prudential risks are appropriately incorporated within the overall Risk Management framework.
• Oversee the identification, assessment, monitoring, management and reporting of climate-related financial risks and their integration into the Risk Management Framework and governance arrangements.
• Monitor relevant PRA, FCA and other regulatory developments and ensure appropriate Risk-related regulatory submissions, information requests and remediation actions are completed accurately and within required timelines.
• Maintain effective engagement with relevant regulatory authorities on Risk matters.
• Lead the implementation, embedding and periodic review of the Risk Management Framework and Risk Appetite Framework.
• Monitor and escalate material risk appetite breaches and emerging risks.
• Provide independent and constructive challenge to Management and business functions.
• Provide independent Risk input and challenge in relation to business strategy, new products, material transactions and significant changes to the operating environment.
• Maintain appropriate second-line oversight across credit, market, liquidity, capital, operational, technology, cyber, climate-related and other material financial and non-financial risks.
• Provide high-quality Risk MI and reporting to senior Management, relevant governance committees and the Board.
• Coordinate with Internal Audit, external auditors and other assurance functions on Risk-related matters and monitor implementation of relevant remediation actions.
• Attend relevant Board and Management governance forums as required.
• Support the effective operation of the Board Risk Committee, including appropriate governance responsibilities.
• Promote a strong Risk culture throughout the organisation.

Leadership Responsibilities

• Lead and develop the Risk function, ensuring appropriate capability, resources, succession and resilience.
• Provide leadership and direction to Risk professionals across the organisation.
• Promote effective understanding and ownership of Risk across the business while maintaining the independence of the second line of defence.
• Build effective relationships with senior Management, Board members, regulators and other key stakeholders.

Competencies & Skills

• Strong Risk Management judgement, analytical capability and independent decision-making.
• Strong understanding of Enterprise Risk Management and Risk Appetite Frameworks.
• Strong knowledge of prudential Risk Management, including capital and liquidity risk.
• Strong practical knowledge of ICAAP, ILAAP, stress testing, recovery planning and resolution.
• Strong understanding of credit, market, operational, technology, cyber and climate-related risks relevant to a regulated banking environment.
• Strong understanding of PRA, FCA and SMCR requirements.
• Ability to provide credible and effective independent challenge to senior stakeholders.
• Ability to communicate complex Risk matters clearly to senior Management, Board Committees and the Board.
• Strong stakeholder-management, presentation and report-writing capabilities.
• High integrity, sound judgement and a commitment to maintaining the independence of the second line of defence.

Qualifications & Experience

• Degree in Finance, Economics, Risk Management, Business, Accounting or a related discipline, or equivalent relevant professional experience.
• Relevant professional Risk or financial-services qualification would be desirable, including FRM, PRM, CFA, ACCA, CIMA or equivalent.
• Significant senior-level Risk Management experience within a regulated banking or financial-services environment.
• Demonstrable experience across Enterprise Risk Management and Risk Appetite frameworks.
• Strong practical experience of ICAAP, ILAAP, capital and liquidity Risk Management, stress testing and recovery planning.
• Experience identifying, assessing, monitoring and reporting material financial and non-financial risks.
• Experience presenting Risk matters to senior Management, Board Committees and/or Boards.
• Experience engaging with the PRA, FCA or other relevant regulators would be highly desirable.
• Good understanding of the Senior Managers and Certification Regime (SMCR) and the responsibilities associated with an SMF4 position.
• Demonstrable leadership experience, including managing and developing Risk professionals.

Governance Positioning

The Head of Risk is intended to undertake the SMF4 – Chief Risk Function, subject to regulatory approval. The position will operate as a senior member of the organisation's second line of defence, maintaining appropriate independence from the business and Compliance functions. The role will have direct access to the Chief Executive Officer, Board Risk Committee and Board as appropriate and will discharge applicable responsibilities allocated through the organisation's approved governance and Senior Management arrangements.