Massey Henry is pleased to support FinDev Canada with the recruitment for a Vice President & Chief Risk Officer (“CRO”). As Canada’s bilateral Development Finance Institution (DFI), FinDev Canada supports development through the private sector to support sustainable and inclusive growth in emerging markets and developing economies.
About FinDev Canada
As Canada’s bilateral Development Finance Institution (DFI), FinDev Canada supports development through the private sector by providing financing, investment, and blended finance solutions, as well as technical assistance and knowledge, to support sustainable and inclusive growth in emerging markets and developing economies (EMDEs) aligned with the Sustainable Development Goals (SDGs) and Paris Agreement commitments.
On the spectrum of DFIs, FinDev Canada occupies an intermediate space between development aid and traditional commercial investment. The corporation has a dual mandate to achieve both development impact and financial sustainability. Accordingly, it is commercially oriented to avoid distorting markets and has a higher risk appetite than traditional investment.
Working with and through the private sector – both within EMDEs and mobilizing international private capital into EMDEs – is critical given the scale of development challenges internationally.
Based in Montréal, FinDev Canada is a Crown Corporation and a wholly owned subsidiary of Export Development Canada (“EDC”), Canada’s export credit agency.
The Opportunity
Reporting to the Chief Executive Officer (“CEO”), the Vice President and Chief Risk Officer (“CRO”) will lead the Risk Management team, which encompasses the credit adjudication, portfolio oversight, and enterprise risk management functions of FinDev Canada.
The CRO’s responsibilities will include evolving the maturity of these functions while mentoring, coaching, and developing strong relationships with first and second-line professionals across the corporation. The CRO is an integral member of the executive leadership team and has a high level of exposure with other senior leaders across the corporation, as well as with the Board of Directors.
In addition to engaging as part of the executive leadership team on overall strategic direction and corporation-wide matters in a dynamic and high-growth environment, the position is responsible for setting the strategic plan for the Risk Management team, and delivering on the plan using exceptional leadership skills, as well as strong technical and business experience.
Success will be linked to the ability to lead effectively, think critically, solve problems, and balance the management of risks while supporting business opportunities aligned with FinDev Canada’s strategy.
Key Responsibilities
Transaction and Portfolio Risks
- Oversees the lending and equity investment activities of the corporation and ensures compliance with risk appetite, policies and guidelines, relevant regulations, and sound business practice.
- Oversees the adjudication of credit and restructuring proposals, waivers, amendment, and consents in compliance with the risk governance framework and within authority delegated by the CEO.
- Monitors the quality and soundness of the corporation’s loan and equity portfolios, including ensuring that appropriate provisions and allowances against losses are maintained.
- Fosters strong relationships between the Risk Management team and the first line of defence (i.e. underwriting and business advisory teams).
- Periodically reviews and recommends updates to financing and equity policies and guidelines, as well as risk appetite by way of acceptable risk tolerances in accordance with the capital position of the corporation.
Enterprise Risk Management
- Maintains and enhances the Risk Appetite Framework, including the development and evolution of risk appetite metrics, measurement, monitoring, and reporting.
- Stays abreast of emerging risks and trends within geographies and industries of business interest and ensure FinDev Canada’s practices are well adapted to them.
- Advances the thinking on the quantification of financial and non-financial risks (operational and strategic).
- Develops and monitors enterprise risk frameworks, policies, standards, and guidelines.
- Responsible for enterprise-wide risk reporting and monitoring against FinDev Canada’s risk appetite.
- Assists the CEO in working closely with senior management, relevant management committees, and the Board of Directors to ensure proper risk management and sound corporate governance.
- Coordinates FinDev Canada’s interaction with the internal audit team.
Leadership and Culture
- Continues to build-out the Risk Management team through identification and implementation of agreed hiring plans.
- Provides leadership to the Risk Management team ensuring that team members have the requisite skills, knowledge, and competencies.
- Fosters a positive work culture that attracts, retains, develops, and motivates team members, as well as promotes positive mindsets and behaviours, including inter- and intra-team collaboration.
- Chairs the Risk Management Committee of the corporation and participates as a member in the Investment Committee, Operations and Governance Committee, and other management committees.
- Advocates a corporate risk culture that is aligned with the business strategy of the corporation and promotes good analysis, judgment, flexibility, and balance between enabling the business and good governance.
- Participates in corporate strategy and budget formulation and assesses the underlying risks of the corporate strategy.
- Represents the corporation with external stakeholders, including in the international arena and at industry events.
The Individual
The Vice President and Chief Risk Officer (“CRO”) brings extensive leadership experience in a credit-related position within the financial services industry, ideally with exposure to international development finance in emerging markets and developing economies. With a proven track record of evolving enterprise risk maturity using a collaborative people leadership approach, the CRO is an exceptional communicator and relationship builder, able to engage with business areas across the corporation to define risk practices and solutions in alignment with FinDev Canada’s strategic objectives.
Key Qualifications
- Minimum 15 years of leadership in a credit-related position in the financial services industry, ideally with exposure to international development finance in emerging markets and developing economies across sectors of focus for FinDev Canada.
- Advanced knowledge of financial institution policies, procedures, practices, as well as financial and economic fundamentals.
- Strong credit skills, understanding business-related legal documentation, analytical skills, independent thinking, and sound judgment.
- Excellent leadership skills demonstrated through providing sound guidance and coaching to others (both within the Risk Management function and other client-facing teams), positively influencing organizational culture, and exhibiting high integrity.
- Superior oral and written communication skills and the ability to communicate complex subject matter clearly at all levels of the organization.
- Bilingualism in both official languages (English and French) preferred.
- Bachelor's degree in finance, accounting, banking, economics, or relevant field; MBA, CPA, and/or CFA designations would be a strong asset.