Purpose of the Job:
The Enterprise Risk Management Specialist is responsible for maintaining Meridian’s Enterprise Risk Management (“ERM”) Framework and implementing ERM strategy. This role will:
- Perform and support risk measurement to ensure that risk is being managed within Meridian’s Risk Appetite and regulatory requirements are being met;
- Support lines of business in all aspects of enterprise risk management and for ensuring specific enterprise risks are covered across multiple lines of business; and
- Builds and maintains relationships with internal business partners and helps to ensure risk management is embedded in Meridian’s fundamental business processes.
- Comprehensively analyze the ERM framework, policies & procedures and strategic review on an on-going basis.
- Maintain the ERM framework through identification of key risk controls, KRI's and measurement and reporting of tangible risks affecting the organization .
- Supports the Vice President and Chief Risk Officer in the oversight of Meridian’s Enterprise Risk Management strategy and provision of support to the CEO & Executive Leadership Team in developing strategic decisions which align with Meridian’s risk appetite and profile.
- Ensures the ERM Framework, policies & procedures meet all regulatory requirements.
- Lead and manage Meridian’s Stress Testing and Internal Capital Adequacy Assessment Process programs in conjunction with the Board of Directors, Senior Leadership and Second Line of Defence business partners. Perform scenario-based analysis on alternative strategies to determine range of potential outcomes with respect to exposures and the impact on various risk measures;
- Develop, maintain, and support quantitative risk models. Work closely with internal stakeholders to validate and refine modeling results, identify key risks, and propose alternatives to analyze these risks;
- Provide leadership in the interpretation of regulatory developments and expectations, along with maintenance of risk policies to ensure compliance and consistency across the organization.
- Partner with credit, market and operational risk areas and actively contribute to the development of enterprise wide risk policies, frameworks and mandates. The incumbent will build effective relationships across the organization and liaise with business units, risk subject matter experts, control functions leaders and external parties and regulatory bodies to promote consistency and requisite content in risk policies and support guidelines and procedures.
- Coordinate the quarterly ERM risk review process with risk owners and the Leadership team.
- Maintain the ERM application and related database and coordinate enhancements to the application and/or its reporting with IT partners.
- Assist with the preparation of reports related to the quarterly ERM risk review process.
- Act as a trusted business advisor to internal partners with respect to risk management practices, processes and procedures.
- Recommend or review design changes to business processes that will eliminate the source of material control weaknesses.
- Identify new and emerging risks to the Credit Union and work with the appropriate internal partners through the ERM process or operationally to assess the risk and put plans in place to mitigate the potential impacts.
- Prepare monthly management reports related to Meridian’s risk appetite and risk measures.
- Develop and maintain a benchmarking program for the Credit Union’s ERM program to formulate plans on how to make improvements or adapt specific best practices with the aim of increasing some aspect of performance.
- Provide oversight and guidance related to Financial Model used by the Credit Union for accounting and reporting processes. Maintain Financial Model guidance.
Knowledge, Skills and Experience:
- Expert knowledge of Enterprise Risk Management methodologies, practices and measurement systems.
- Expert knowledge of manipulating data using Excel and SQL
- Experience in addressing regulatory expectations whilst employed at a regulated financial institution
- Knowledge of OSFI and Basel requirements and guidelines would be considered an asset.
- Strong understanding of deposit and lending products within a financial institution.
- Knowledge of asset liability management and measurement in Treasury operations is desirable;
- Professional, subject matter expert with experience to become a highly effective internal consultant.
- University degree in one of the following quantitative fields: statistics, quantitative finance, quantitative economics, or mathematical finance;
- Certifications such as FRM, CFA, and/or CPA are not required but desirable.
- 5+ years of quantitative experience within the financial service industry.
- Outstanding analytical skills and the proven ability to retrieve and work with large data sets.
- Possess strong analytical and problem-solving skills, and demonstrated knowledge in credit, market risk and operational risk measurement and management.
- Extensive work experience within financial services, preferably in risk management, internal audit and/or exposure to multiple business lines.
- Experience with enterprise risk management frameworks such as COSO ERM and ISO 31000.
- Experience working in a banking environment with a well-developed risk management culture and infrastructure or comparable experience working as a/an consultant/advisor to financial services companies.
- Experience working with the Basel II regulatory capital requirements for the wholesale, commercial and retail portfolios would be an asset.
- Business oriented, strategic, disciplined thinker.
- Strong analytical and problem solving abilities. Ability to quickly prioritize and resolve critical issues as they arise.
- Strong interpersonal skills – able to interact independently (with minimal supervision) and competently with all levels of management and staff.
- Knowledge of risks faced by a financial institution in the areas of business processes, financial reporting, treasury management, credit risk management, legislative compliance, information technology, and business continuity management.
- Outstanding skills in risk assessment and effective project management.
- Exceptional written and oral communication skills.
- Proficient in Microsoft Office (Word, Excel, Outlook, Powerpoint).
Inspired. Engaged. Impactful.
Thank you for your interest in Meridian Credit Union. Please note that due to the volume of applications, only those under consideration will be contacted for an interview
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