Head of Risk & Compliance
Report to: CEO/Board Audit Committee
Application deadline for the position is December 8, 2022
Guided by Karandaaz vision, we believe that every Pakistani deserves to be Financially Included and Economically Empowered. Our mission at Karandaaz is to foster economic growth and create jobs through financial inclusion of unbanked individuals and unserved enterprises.
Karandaaz Pakistan is a not-for-profit organization, based out of Islamabad, registered with the Securities and Exchange Commission of Pakistan under Section 42 of the Companies Act 2017. We are supported by Foreign, Commonwealth & Development Office (FCDO) and Bill and Melinda Gates Foundation (BMGF). Karandaaz is governed by an eminent board that sets the strategy of the organization and steers it towards achievement of its objectives.
The incumbent is expected to lead and manage a team of risk professionals that is responsible for the development and implementation of risk management strategy for Karandaaz, encompassing credit, market, operational and other risks, along with Compliance.
These responsibilities are carried out with the objective to safeguard assets health, credit underwriting, ensure timely identification/prevention/mitigation of financial/reputational risks through counter measures, and close risk exposure within the limits of organization’s policies, SOPs, SBP/SECP regulations, approvals from concerned authorities, directions/guidelines from the CEO/Board, and directives from the Government.
Credit, Equity & Market Risk.
- Conduct due diligence of investment proposals/credit deals/disbursements proposed by the Corporate Investments and Credit (CIC) team. Scrutinize associated risk matrix and provide recommendations.
- Review contracts and legal documentations and validate alignment with statutory/regulatory requirements. Identify and assess gaps followed by determining appropriate action plans for mitigation.
- Ensure that the organization’s product/customer portfolio is acceptable and free of major risks.
- Monitor and review portfolios’/products’ performance on monthly basis and ensure effectiveness of implemented controls for optimum results.
- Oversee management and maintenance of credit book i.e. non-performing loans
- Present investment notes along with risk analysis report to Investment Committee
- Analyze overall exposure of the organization to various risks. Examine and ensure liquidity level of the organization is at an acceptable level.
- Ensure alignment of risks with market conditions and other dynamic factors
- Determine impacts of economic indicators on the organization, compile results and share with Board/relevant Committees to develop visibility on the overall situation.
- Provide input for the Board Audit Committee
Strategic Operations & Directions
- Analyze business objectives/long-term plans and accordingly outline Risk Management Framework, Risk Mitigation Tools and Control Mechanism.
- Set directions for risk management and ensure implementation of credit discipline as per defined regulations, and internal guidelines.
- Design related policies and procedures aligned with organizational goals and provide directions for effective implementation. Share plans with Board and relevant Committees for approval.
- Oversee performance of strategic investments, verify conformance with investment plans and highlight anomalies (if any). Recommend rectification measures accordingly.
- Collaborate with key stakeholders to ensure effective implementation of risk management mechanism/tools, clarify desirable results, business impact and related expectations.
- Review potential strategic investment options and conduct comparative analysis of associated risks and profitability margins
- Lead development of Risk Analytics and Risk Assessment tools
- Develop and enhance risk methodology for market, credit, liquidity and operational risks (risk appetite and other internal risk metrics).
- Spearhead efficient execution of Risk Management Framework and Risk Mitigation plan
- Validate accountability of all financials and ensure elimination of any leakages
- Administer compliance with IFRS 9 standards and guidelines for Financial/Credit Modeling
- Review quarterly reports and recommend on rectification of anomalies
Policy Formulation & Implementation
- Stay abreast with the market dynamics and local/international best practices
- Analyze risk assessment procedures, identify gaps and improvement areas.
- Develop new and improve existing Policies, Standard Operating Procedures (SOPs), and performance metrics and KPIs.
- Facilitate effective implementation of policies, SOPs, mechanisms and related controls for timely and efficient identification of financial risks.
- Ensure seamless implementation of policy framework in subsidiaries and strategic investments
Education & Experience
- Masters degree or equivalent education with majors in Finance/Economics/Business Administration required.
- Candidates with either Chartered Financial Analyst (CFA), or Financial Risk Manager (FRM) certification are preferred.
- A minimum prior experience of 10 years in Risk Management in Financial Services industry is essential. Experience of Private Equity/Investment Banks will be given more weightage.
- Should have adequate knowledge of credit risk, and how it is evaluated on an entity, and portfolio level.
Knowledge, Skills and Abilities
- Knowledge of money laundering and terrorist financing rules and regulations to ensure compliance with local and international laws and cover organization’s risk arising from dealings with current and potential partners, vendors etc.
- Detailed knowledge of Financial/Credit Modeling
- Comprehensive knowledge of Policy Development
- Adequate knowledge of Enterprise Risk Management
- Knowledge of SECP/SBP regulations
- Comprehensive knowledge of Risk Analytics
- Strategic Thinking skills
- Analytical & Problem-Solving skills
- Negotiation skills
- Fluency in written and spoken English, including proven effective presentation and report writing skills.
- Proven ability to work within a complex multi-dimensional organizational environment with strong interpersonal skills and cultural sensitivity
- Ability to interface with and manage stakeholders at senior level
- Ability to manage conflicts effectively
- Ability to work with multiple and tight deadlines with a commitment to quality, accuracy and attention to detail.
- Ability to lead and mentor
Culture and Values at Karandaaz
Karandaaz Culture is guided by our values of Innovation, Collaboration, Accountability, Respect and Equity (ICARE). These values shape our choices on what we do and how we do it, both with colleagues internally and partners externally. We also believe that we are all responsible for creating a great place to work and are constantly looking to hire individuals who bring the same level of passion and commitment to the purpose of the organization.
If you believe in Karandaaz vision and values and feel excited about the work we are offering, please send us your resume for this position to firstname.lastname@example.org clearly mentioning the position title in the subject line.
Karandaaz is an equal opportunity employer. All population groups are encouraged to apply.