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US Enterprise Risk Management Programs, Director
Canadian Imperial Bank of Commerce
Chicago, IL, United States
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Description
Risk Management is led by the Senior Executive Vice-President and Chief Risk Officer (SEVP & CRO) and is accountable for the independent oversight of risks inherent in CIBC’s activities and for the leadership and management of CIBC’s Risk Management department.
The US Risk Management function carries out the mandate of CIBC Risk Management at the regional level, ensuring compliance with applicable Parent Bank policies, while complying with local laws and regulations governing the Region and its individual legal entities.
Enterprise Risk Management Programs, US Region (“ERM”) develops, implements, and maintains a risk management governance framework and related policies and procedures for the US Region and its individual legal entities. This involves the regional implementation of global CIBC programs, where applicable, and includes: US Risk Management Framework and Policies, US Risk Appetite, Identification of Material and Emerging risks, Recovery and Resolution Planning, Stress Testing Governance, and Risk Culture.
JOB PURPOSE
The Director, US ERM Programs is accountable for supporting the Executive Director, Head of US ERM Programs in the development of the following:
• Risk Identification Framework – building the foundation for sound risk management and identification of material risk through ongoing collaboration with local Lines of Business.
• Risk Policy and Governance – developing and maintaining risk policies in alignment with the ever-changing regulatory landscape.
• Risk Appetite – building and monitoring Risk Appetite Statements tailored to local strategy as well as risk capacity and constraints.
• Risk Reporting – develop and standardize processes for regular and ad-hoc reporting.
• Recovery and Resolution Planning – developing and testing recovery and resolution planning leveraging knowledge of local operations and business model.
• Capital Stress Testing – develop Stress Testing model(s) that ensure adequate tailoring to local exposures and unique operating environment.
• Risk Management Projects – tracking performance around risk management programs to build and ensure effective operationalizing of requirements.
KEY ACCOUNTABILITIES
• As Lead Risk Identification Steward, the Director will support the Executive Director in ensuring compliance with the regional Risk Identification Framework and associated processes. This includes the advancement of regional policies and procedures for Risk Identification, maintenance of the Risk Taxonomy, and ensuring robust and high quality documentation of annual Risk ID processes.
• Driving and participating in continual improvement projects across various ERM Workstreams to meet regulatory expectations.
• With respect to US stress testing, including DFAST, ensure compliance with Enterprise Wide and US Stress Testing Policies, while advancing framework, governance and process documentation. Work with the DFAST stakeholders to facilitate the governance process for capital stress testing.
• Working closely with the Risk Policy group in Toronto, coordinate and support the ongoing integration and maintenance of other US risk policies, creating and maintaining regional policy supplements where required.
• Support the Head of ERM in ensuring ongoing region-wide compliance with the US Risk Appetite Framework and monitoring of RAS metrics. Manage data quality and facilitating the ongoing documentation, enhancement, and refinement of regional risk appetite statements aligned with the Parent Bank and regulatory expectations.
• Coordinate US resolution planning, providing a key Risk Management interface with Legal, Treasury and Financial Crisis Management Group in drafting and revising resolution plans and associated reports and presentations.
COMPLIANCE REQUIREMENTS/RESPONSIBILITIES
• As an employee of CIBC, the incumbent must comply with all applicable CIBC and Line of Business policies, standards, guidelines and controls.
• As a manager of people, this job must ensure all employees within the business unit comply with all applicable CIBC and Line of Business policies, standards, guidelines and controls.
AUTHORITIES/DECISION RIGHTS
• As a key contributor to the business unit, this job has the authority to recommend changes to business processes in order to enhance operational efficiency and effectiveness.
• As a manager of people, this job has the authority to assign tasks to employees within their span of control, select individuals for hire, assess individual performance, make employee compensation decisions and take disciplinary measures up to and including termination.
KNOWLEDGE AND SKILLS
• Successful candidates must exhibit CIBC’s values of trust, team work, and accountability
• Graduate degree in Finance, Business or Economics
• Strong risk management experience, including solid knowledge of the financial markets and regulatory environment
• Previous experience in policy development
• Excellent oral and written communication skills
• Strong research skills and analytical capabilities
• Ability to assimilate and interpret analysis and trends in order to reach conclusions regarding the type and magnitude of risk across all risk types and businesses for strategic decision making purposes
• Strong relationship management skills and team-orientation
• Superior time management skills, with ability to effectively prioritize
WORKING CONDITIONS
• This role operates within a normal office environment with little exposure to adverse working conditions.