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Chief Risk Officer, LMI

4 weeks ago

Sydney, New South Wales, Australia Arch Mortgage Insurance Company (Arch MI) Full time

Join to apply for the Chief Risk Officer, LMI role at Arch Mortgage Insurance Company (Arch MI).

With a company culture rooted in collaboration, expertise and innovation, we aim to promote progress and inspire our clients, employees, investors and communities to achieve their greatest potential. Our work is the catalyst that helps others achieve their goals. In short, We Enable Possibility℠.

Job Summary

The Chief Risk Officer (CRO) is a broad and important role and is a key member of the Executive Committee. The CRO is responsible for assisting the Board and Senior Management in maintaining the Risk Management Framework of the Company. The role is positioned as the second line of defence with a strategic focus, understanding the enterprise risk, monitoring changes in the risk profile, and ensuring risk is aligned within the company's risk appetite and tolerances.

The CRO has senior executive responsibility for the day-to-day management of a number of Accountable Functions of Arch, including:

  • Enterprise-wide risk management, including risk controls
  • Compliance
  • Breach reporting
  • Whistleblowing
  • Recovery and resolution planning

The CRO provides risk advice, oversight, reporting and counsel regarding guidelines, regulatory obligations, frameworks, policies, procedures and methodologies to develop a strongly performing insurance book of business. This includes ensuring control systems are appropriate and effective. The CRO reports directly to the CEO and Country Head of Arch LMI and has direct access to the Board and Board Committees, the Global Internal Audit and Legal functions, and participates in regulatory sessions with the Board and its Committees. These include the Board Risk Committee, Board Audit Committee, and Board Technology Committee as standing invitees. The CRO also has functional responsibility for the Compliance Function supported by the Head of Compliance.

Accountable Details

Reports to CEO and Country Manager

Accountable Function Risk and Compliance

Board Committee Memberships AFHA, Arch Indemnity and Arch LMI:

  • Board Risk Committee (standing invitee)
  • Board Audit Committee (standing invitee)
  • Board Technology Committee (standing invitee)

Executive Committee Memberships

  • Chair of: Management Risk Committee
  • Member of: Executive Committee, Management Technology and Privacy Committee, Management Underwriting Committee
Responsibilities

Responsibilities under the FAR Act and related minister rules include senior executive responsibility for the Accountable Function of Arch in areas such as:

  • Enterprise-wide risk management including risk controls
  • Compliance function
  • Breach reporting
  • Whistleblowing

Key functions include:

  • Financial and regulatory reporting (regulatory reporting only)
  • Operational risk management
  • Recovery and exit planning and, where applicable, resolution planning
  • Training and monitoring of relevant representatives and staff

Strategic leadership across general management, risk management and compliance activities, including:

  • Strategy and business planning aligned to the Board-approved strategy and risk appetite
  • Organisational structure, governance, and management of the Accountable Function
  • People and culture, training, performance management, and governance of staff
  • Risk management and culture, including risk identification, assessment, mitigation, monitoring and escalation
  • Compliance frameworks, training, incident management and breach reporting
  • Operational risk management, business continuity planning, and oversight of service providers
  • IT and information security alignment with business objectives
  • Data management in line with data governance policies
  • Reporting, escalation and advisory to the Board and executives
  • Regulatory engagement and relationships with regulators and external auditors
Functional Responsibilities
  • Propose risk management strategy and risk appetite to the Board
  • Develop, maintain and monitor the RMF and provide second-line oversight
  • Support first line risk management with tools, training and advice
  • Monitor Arch's risk profile relative to risk appetite and report to CEO, Executive Committee and the Board (via Board Risk Committee)
  • Prepare the CPS 220 attestation for Board approval
  • Develop enterprise-wide risk management and compliance training
  • Develop and monitor Arch's Model Risk Management Policy and conduct independent reviews of risk modelling validation
  • Coordinate with Internal Audit for risk-based internal audit planning
Other Key Areas
  • Risk culture framework development and monitoring
  • Compliance framework development and monitoring, including incident management and breach reporting
  • Data governance, reporting and regulatory changes tracking
  • Whistleblower policy development and oversight
  • Recovery, exit and resolution planning

Limitations and Exclusions
The CRO role must align with Arch's global governance framework and comply with Australian legal and regulatory obligations.

Job Specifications

Knowledge & Skills

  • Knowledge in mortgage credit risk, LMI and structured financial transactions
  • Technical knowledge of APRA capital rules and Basel II/III
  • Understanding of drivers of residential mortgage credit losses including macro factors
  • Project management and ability to deliver under deadlines
  • Strong communication and leadership of second-line risk and compliance staff
  • Credibility and ability to work in an international team
  • Integrity and fit-and-proper credentials

Education & Experience

  • Typically MBA or degree in finance/economics or related field with 10-15 years of risk management experience
  • Senior actuarial qualification (FIAI/Australia)
  • Advanced data platforms, tools and methodologies
Working Conditions
  • Hybrid work schedule; occasional travel required
  • Normal office environment with reasonable accommodations

Disclaimer
Incumbent may be asked to perform other duties as required.


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