Chief Risk Officer - The Northern Trust Company Ireland Branch

About Northern Trust:

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.

Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Role/ Department:

As the Pre-Approval Controlled Function (“PCF”) Chief Risk Officer (PCF-14), the individual will be responsible for the development, and ongoing maintenance, of the Northern Trust Company Ireland Branch (“TNTC-IB” - *subject to CBI authorisation*) risk management framework and will have distinct responsibility for the risk management function, subject to Central Bank of Ireland (“CBI”) approval.

The role holder will be responsible for effective risk management policies, procedures and processes to identify, measure, manage and monitor risks across all risk categories, both financial and non-financial, ensuring that risks are managed within agreed appetite limits set, and reporting on those risks as appropriate. 

The key responsibilities of the role include:

• Execute the day-to-day responsibilities of the Chief Risk Officer for TNTC-IB, including the application of the Corporate risk management framework for the entity and ensuring continuous measuring, monitoring and controlling of risk is in place;

• Responsible for ensuring that the branch has effective processes in place to identify and manage the risks to which the branch is or might be exposed, including both Financial and Non-Financial risks;

• Coordinate and document risk management in accordance with laws, regulations and policies in accordance with the TNTC-IB business model;

• Oversee the development and implementation of risk management policies, where necessary to meet regulatory expectations;

• Risk oversight including development and embedding of an appropriate risk management framework, risk appetite statement, risk tolerance thresholds and related risk reporting for TNTC-IB;

• Oversee, plan and direct the activities for the risk management function, ensuring that objectives are being met;

• Provide counsel to business unit managers on risk management issues; 

• Participate in and/or present to senior management at the Branch Management Committee, and other working groups and committees that are part of the governance of the entity;

• Member of the Branch Risk Management Committee, providing second line challenge and oversight;

• Accountable to the management body for the activities of the independent risk management function of TNTC-IB;

• Monitors applicable legislative and regulatory changes and communicates changes to affected business units. Abides by all regulatory requirements and handling regulatory interaction as appropriate;

• Acts in accordance with the PCF 14 Statement of Responsibilities for TNTC-IB;

• Manage all aspects of function with due skill, care and diligence including effective controls, risk management and mitigation and delegation of activity to appropriate skilled and competent persons; 

• Comply with any applicable corporate policies, local standards and service agreements; 

Culture:

• Working with the TNTC-IB Management team, develop and maintain organisational culture, values and reputation in the market and with all partners, clients, suppliers, counterparties and regulatory bodies; 

• Set the tone from the top for TNTC-IB through creating a culture where everyone has ownership and responsibility for doing the right thing in accordance with the  Central Bank (Individual Accountability Framework) Act 2023 Conduct Standards; 

• Act as a role model and demonstrate behaviours in a way that is aligned to the global conduct framework and enforces the values and ethical standards of the business. 

Skills/Qualifications:

The successful candidate will benefit from having:

• Extensive risk experience, with the ideal candidate having experience within a credit institution with strong understanding on custody banking, transactional banking and broader ancillary operations;

• Thorough knowledge of Corporate, industry and Business Unit activities, compliance related requirements and risk mitigation techniques, is required to manage the function;  

• Knowledge of bus