Job Title: Enterprise Chief Risk Officer
Reports To: Executive Director
Department: Executive Services
Division: Executive Services
FLSA Status: Exempt
Number of Positions: 1
Accepting Applications: 12/13/12 until filled
SUMMARY: This position is responsible for leading, directing, planning, administering, and managing the strategic level enterprise risk management function, to assist the Executive Director with tasks and activities that promote and enhance prudent risk management, accountability and compliance with OPERS policies, rules, regulations and laws.
This position is expected to exercise significant independent judgment and report to the Executive Director, while coordinating, as necessary, with other units.
1. Develops the enterprise risk management program.
2. Provides an independent, cross-functional assessment of financial, compliance, operational, reputational, strategic, and other risks.
3. Ensures that management’s risk approach is in alignment with OPERS’ enterprise strategic goals and objectives.
4. Develops a program that measures and monitors the risk-adjusted performance of the fund (includes defined benefit fund, defined contribution fund and health care fund).
5. Assesses the overall investment risk, and working in conjunction with the CIO, develops alternatives for consideration.
6. Develops an independent, comprehensive and integrated risk management framework that aggregates risk across all investment asset classes and strategies including stress testing, counterparty monitoring, etc..
7. Works in cooperation with the Board Investment Consultant(s) to develop a comprehensive risk profile for the Fund.
8. Uses extensive risk analytics to provide a framework to assess the risk associated with investments in varying markets.
9. Provides risk oversight to ensure comprehensive results and portfolio results do not exceed policy and guideline limits.
10. Reviews new investment products and/or strategies before they are implemented.
11. Prepares risk-related reports and presentations for the Investment Committee as required.
12. Serves as an independent source of evaluating and reporting the risk level associated with strategies as well as the likelihood of negative outcomes.
13. Oversees the development and implementation of compliance policies and procedures.
14. Provides oversight of Compliance and Risk departments.
15. Creates and/or oversees the preparation of risk, compliance, performance, and benchmarking reports including analytical tools designed to provide enhanced risk and compliance monitoring.
16. Identifies, responds, and adequately addresses all risk and compliance incidents that are identified by or brought to the attention of the risk management area.
17. Monitors ongoing legislation and regulatory changes that affect OPERS.
18. Reviews risk management, compliance, performance, and benchmark related audit findings by external and internal auditors, and provides assistance (where needed) to staff to address the findings.
19. Provides risk/compliance assessments, risk/compliance monitoring, risk/compliance reporting, and assistance with establishing risk appetite and tolerances.
20. Works closely with the Executive Director and/or CIO in assessing the OPERS short- and long-term asset allocation strategy.
21. Leads risk evaluations.
22. Provides education in support of the development and continuation of a risk conscious culture.
23. Directs and manages strategic risk management and compliance staff.
24. Performs other duties as assigned
REQUIRED KNOWLEDGE, SKILLS, AND ABILITIES
Knowledge of internal control standards and investment risk models required
Knowledge of legal, regulatory and compliance issues related to the investment industry required
Knowledge of accounting and auditing standards required
Ability to effectively communicate with senior staff and Trustees required
Bachelor’s degree in a Accounting, Finance or a related field required
Minimum 10 year progressively complex accounting or auditing experience required
Minimum 10 years experience in an upper management position required
Experience with an investment organization required
Experience in developing policies, procedures and reports for a risk/compliance function preferred
CPA, CFA or FRM preferred
DISCLAIMER: The above statements are not intended to be construed as an exhaustive list of all duties, skills and responsibilities required.