Job Description

Job Description

Job Description

Summary:

The Chief Risk Officer (CRO) holds a critical executive position within Sutton Bank responsible for identifying, assessing, mitigating, and monitoring all risks that could potentially threaten the institution's financial stability, reputation, and operations. As a strategic advisor to the Board and Senior Management, providing independent and objective insights into the Bank's risk profile and helping to navigate the complex and ever-changing risk landscape. By proactively managing risks and fostering a strong risk culture, the CRO plays a vital role in ensuring the Bank's long-term success.

Qualifications:

Education: Masters Degree in business or related field.

Licenses/Certifications:

Experience: Minimum of 10 years of enterprise risk experience in a financial institution setting. Knowledge of debit, credit and prepaid card programs, as well as, Bank and technology practices within the payments and Banking industry; and experience in dealing with federal and state Banking regulators.

Essential Functions:

A: Job Specific:

• Serves as the primary risk management contact between Bank management and the Board of Directors.
• Develops and implements a robust ERM framework to manage risks across the entire organization.
• Identifies and assesses potential risks, including credit risk, operational risk, market risk, liquidity risk, cyber risk and others.
• Assists in establishing risk appetite and limits in consultation with the Board of Directors Risk Committee and senior management.
• Develops and implements risk mitigation strategies to reduce potential losses.
• Monitors and reports on risk exposures and the effectiveness of risk mitigation strategies to the Board Risk Committee, senior management, and regulators.
• Ensures the Bank's compliance with applicable laws, rules, and regulations, including those related to capital adequacy, consumer protection, and anti-money laundering (AML/CFT).
• Stays up-to-date on regulatory changes and adapts risk management practices accordingly.
• Fosters a strong compliance risk culture throughout the Bank.
• Identifies, assesses, and mitigates risks associated with Banking as a Service (BAAS) partnerships. This includes ensuring compliance with regulations like Know Your Customer (KYC) and Anti-Money Laundering (AML), ensuring compliance with REG E, REG Z, and other consumer regulations, managing third-party risks associated with fintech partners, and safeguarding against reputational damage and financial risks.
• Develops of robust risk management frameworks, strengthening compliance protocols, and fostering a strong risk culture throughout the organization. This involves working closely with other senior executives and the Board of Directors to define risk appetite and ensure the Bank has the necessary resources to manage potential risks effectively.
• Stays informed about the evolving regulatory landscape and adapting risk management strategies accordingly for success in the BaaS ecosystem.
• Collaborates with other C-suite executives, including the CEO, CFO, COO, Chief Payments Officer, Chief Compliance Officer, Chief AML/CFT Officer, to integrate risk management into strategic decision-making and operational processes.
• Communicates the Bank's risk profile and risk management strategies to the Board, Senior Management and the Regulators.
• Leads and develops the risk management team, ensuring they possess the necessary skills and expertise to manage complex risks effectively.

Knowledge/Skills/Abilities:

• Strong understanding of emerging and virtual payments, including real-time payments.
• Understanding of privacy law and cybersecurity matters, and how those areas interface with Banking and payments businesses.
• Thorough knowledge of U.S. data privacy laws and major state regulatory schemes such as CCPA.
• Excellent communication skills with ability to negotiate at high levels.
• Strong writing skills and attention to detail.
• Ability to work under short deadlines and outside normal working hours with minimal advance notice and minimal supervision; self-sufficient and independent.
• Conceptual thinking in complex/completely new situations and ability to communicate ideas both internally and externally.
• Confidence in client- and customer-facing situations, presenting a positive and professional image.
• Excellent interpersonal skills.
• Technical writing, to include reports, procedure manuals, articles for publication.
• Ability to define problems, collect data, establish facts and draw valid conclusions. Ability to solve complex issues and deal with a variety of concrete variables in situations where only limed standardization exists. Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.
• Proven management and leadership skills.
• The ability to coach, counsel, develop, and motivate subordinates.

Sutton Bank is an Equal Employment Opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, age, national origin, sexual orientation, gender identity, disability, pregnancy or protected veteran status.

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