Central 1

Central 1 cooperatively empowers credit unions and other financial institutions to deliver banking choice to Canadians. Central 1 provides critical services at scale to enable a thriving credit union system. We do this by collaborating with our clients, developing strategies, products and services to support the financial well-being of their more than 5 million diverse customers in communities across Canada. For more information, visit www.central1.com.

What we offer:

• Work-life flexibility 
• Hybrid work environment 
• One time allowance to set up your office for remote first employees
• Variable annual incentive plan
• Generous annual vacation allotment
• Top-notch flexible benefits plan 
• Retirement Plan, matched contributions at 6%
• Access to a learning platform and educational assistance support
• Career development opportunities
• Wellness Flex Fund to support personal interest and activities
• Day off to volunteer in your community and other paid time off options
• Corporate discounts
• subject to employment agreement

Job Summary:

Central 1 Credit Union is looking for One (1) Head of Capital, Market & Liquidity Risk for Central 1 Credit Union and Chief Risk Officer for Central 1 Trust

Central 1 Credit Union is a financial institution that acts as a central and trade association for credit unions and small banks. Central 1 provides treasury, payments and technology products and services to its members at economies of scale they would not otherwise have access to.

As a subsidiary of Central 1 Credit Union, Central 1 Trust provides trust and administrative services on Assets under Administration (e.g. Registered Retirement Savings Plans, Tax-Free Savings Accounts) for members of the BC, Alberta, Ontario and Manitoba credit union systems. Central 1 Trust's executive team oversees and guides operations to ensure ethical and regulatory requirements are adhered to.

Central 1 Trust outsources its services to the Trust Services team, employed by Central 1 Credit Union. Head of Capital, Market & Liquidity Risk for Central 1 Credit Union also acts as Chief Risk Officer for Central 1 Trust.

As the Head of Capital, Market & Liquidity Risk, the successful candidate will report directly to the Chief Risk Officer (“CRO”) of Central 1 Union, serving as a second line of defence and Subject Matter Expert (SME) in identifying, assessing, measuring, analyzing, mitigating and reporting market and liquidity risks as they relate to the business activities of Central 1. The successful candidate will partner with senior leadership to ensure impacted stakeholders develop, apply, and understand the appropriate market or liquidity risk policies, methods, standards, processes, and training. In addition, the successful candidate will act as the Chief Risk Officer (CRO) of Central 1 Trust, which is appointed by the Board of Directors of Central 1 Trust. This position focuses on the independent risk oversight function by monitoring and reporting on adherence and consistency of strategic initiatives with the Board-approved risk appetite framework, risk tolerances, and risk profile.

Main function/duties:

• Head of Capital, Market & Liquidity Risk of Central 1 Union
• Responsible for Central 1 Union’s Middle Office function.
• Act as a Subject Matter Expert (SME) to identify, assess, measure, analyze, mitigate, and report market and liquidity risks as they relate to the business activities of Central 1 Union.
• Partner with senior leadership to ensure impacted stakeholders develop, apply, and understand the appropriate market or liquidity risk policies, methods, standards, processes, and training.
• Led the Market Risk, Liquidity Risk and Middle Office teams, providing coaching and mentorship to ensure the effectiveness of middle office, capital, market, and liquidity risk management frameworks at Central 1 Union, including policies, limits, training, monitoring, and reporting.
• Oversee and challenge the market and liquidity risk management at Central 1 Union.
• Ensure effective monitoring and reporting of market and liquidity risk information at all levels of Central 1 Union, including risk profiles, key risk indicators, and performance against risk appetite limits.
• Promote a broad understanding of risk controls and ensure they are communicated accurately to the target audience.
• Continuously develop, enhance, and embed the Market and Liquidity Risk Management Frameworks by partnering with CFO, CIO, Payments, Treasury Operations, and other relevant stakeholders to help deliver effective market and liquidity risk management to Central 1 Union.
• Provide independent oversight of Central 1 Union’s portfolio to ensure compliance with limits established by the Board of Directors and regulatory guidance.
• Proactively and frequently contribute to the Asset/Liability Committee (“ALCO”), and the Risk Review & Investment and Loans Committee (“RRILC”).
• Provide an independent and effective challenge and oversight of the investment portfolio, including FX and interest rate swaps; asset/liability management, funding, and liquidity functions; and security-based lending.
• Collaborate across the organization, research industry best practices and provide the best solutions in achieving growth targets safely, gain buy-in from stakeholders including Senior Management.
• Evaluate the quality of the capital, market and liquidity risk management and monitoring throughout Central 1 Union.
• Develop and evaluate market and liquidity risk stress tests and scenarios.
• Lead the preparation of the ALCO packages and contribute to preparing the RRILC meeting packages and reports, including Capital, Market and Liquidity Risk Dashboards.
• Chief Risk Officer (CRO) of Central 1 Trust
• Oversee the enterprise-wide risk management strategy and framework that effectively translates the risk appetite framework into informed decision-making practices that support Central 1’s unique business model.
• Oversee the risk management framework, including compliance, credit and counterparty, liquidity and market, and operational risk and provide quantitative analytical support to the lines of business in risk measurement, modelling and reporting.
• Responsible for identifying known and emerging risks, measuring, monitoring, and reporting on Central 1 Trust’s risk profile to the Audit & Risk Committee and the Board of Directors, including a focus on trends, exceptions, emerging risks, significant events and issues.
• Responsible for the maintenance of risk corporate policies.
• Support the culture of informed risk-taking, heightening awareness and using appropriate risk management practices through educational programs, training processes, and personal mentoring with management and employees.
• Led the facilitation, implementation and monitoring of effective risk management practices, ensuring operating policies and procedures are complied with throughout the organization.
• Maintain an in-depth understanding of the financial services industry and the credit union system.
• Maintain up-to-date knowledge of trends and advances in risk management and ensure that relevant information is shared with the management.
• Act as a key member of senior management, providing input for the long-range strategic plan for the organization, including engaging key members of the senior management team and direct reports.
• Perform specific and delegated duties as assigned by the President and CEO and the Board’s Audit & Risk Committee.

Terms of Employment:

• Job Title: Head of Capital, Market & Liquidity Risk and Chief Risk Officer
• Salary rate range depending on relevant skills and experience: $70.50 - $88.00 per hour
• Work hours: 35 hours per week
• Remote work hours available
• Permanent, Full-Time
• Start date: Immediately
• Benefits: Flex Extended Health and Dental plan/Group Insurance Benefits and Pension matching program; Discretionary incentive pay available

Skills Requirements/Qualifications:

• Language of work: English
• Education: A bachelor’s degree in business administration, finance, economics, mathematics, accounting, or financial engineering is required
• A postgraduate diploma or master’s in business administration or finance is a strong asset
• A financial designation (CA, CFA, FRM) is desirable, and a minimum of CFA level II is required.
• Experience:
• 10+ years of combined experience as a Market Risk Officer (in the second line of defence) and in a Front Office Capital Markets role (i.e., Bank Treasury, ALM and/or Funding).
• 10+ years’ experience with fixed-income products and analytics, specifically MBS, CMOs, CMBS, CLOs and municipal bonds.
• Deep understanding of Bank ALM, liquidity and funding principles, including NII & EVE, non-maturity deposits analysis, stress testing and various assumptions. This should include a deep understanding of model creation and validation and prior experience with regulatory liquidity modelling and reporting.
• Understand market, liquidity, and interest rate risk thoroughly. Prior experience with value-at-risk, fixed-income derivative valuations.
• 6+ years’ experience in role-creating, using, and improving the second line of defence market and liquidity risk frameworks.
• Exceptional verbal and written presentation/communication skills to present to a broad range of audiences and oversee communication deliverables. 
• 7+ years of experience developing and maintaining risk governance documents (e.g., risk policies, risk appetite statements, risk standards).
• Demonstrate forward and independent thinking to identify emerging regulatory/industry requirements and how we can be agile in our response to them.
• Demonstrate flexibility and creativity in problem-solving, including strong innovation and pathfinding.
• 10+ years of experience actively devising and implementing market and liquidity risk frameworks, oversight processes, risk policies and risk reporting.
• 10+ years of people management and leadership, including a demonstrated ability to influence the actions of others within and outside of his/her areas of responsibility.
• Proven background in effectively managing interpersonal relations across functions and entities in conflicting/competing environments.

Work environment:

• May be required to work non-standard business hours in the incident and Central 1’s declared emergency scenarios.
• Must ensure assignments are completed within assigned timeframes, sometimes requiring the need to work beyond the usual end-of-regular-day hours.
• The work often requires one to be seated but some activities may require physical exertion.
• Frequent visual attention is required.

Business address: 1441 Creekside Drive, Vancouver, BC, V6J 4S7

Location of employment: 908-120 Adelaide St W, Toronto ON, M5H 1T1

2021 NOC: 00012 - Senior managers - financial, communications and other business services

All qualified candidates are encouraged to apply; however, Canadians and permanent residents will be given priority. To submit your application, please send a cover letter and résumé to humanresources@central1.com and title your email ‘Head of Capital, Market & Liquidity Risk and Chief Risk Officer (CRO) for C1 Trust’.

Central 1 is an equal opportunity employer and committed to building an inclusive workforce by creating an environment where everyone feels like they belong and has the opportunity to be successful. We welcome of all applicants to join our diverse workforce and we will provide an accessible candidate experience including, but not limited to accommodations to interview sites and alternate formats upon request to our Recruitment team.