20 Oct
Martis Search
London
The Role
Senior Risk Manager (must have ICARA experience) – Boutique City of London based Asset Manager/ Ethical investments: Part Time (Either 2-3 days pw, or 14-hours pw)
**Rare Risk Manager opportunity – Part Time**
Our client is also flexible for someone to either work 2-3 days per week, or 14-hours per week, with at least x 2 visits to their London office per month.
Martis Search are representing a City of London based, boutique Asset Management company to hire a permanent “Senior Risk Manager (ICARA).”
The position reports into their Head of Compliance (SMF 16 & SMF 17) with a dotted line into their CEO and you will be fully responsible for all “Risk Management” responsibilities (Investment Risk,
Liquidity Risk Management).
The funds structures are vanilla “Equity Long” strategies and there will be no direct reports and the team will be made up of the chosen incumbent and the Head of Compliance. The current Head of Compliance is not a Risk expert, nor has the time to commit to both Compliance and Risk Management, so needs someone to take on the Risk Management responsibilities.
The role is a stand-alone role, but has a chance to become the “Head of Risk Management.”
The Head of Compliance will face-off to the FCA and other Regulators, but they need help with all related Risks tasks. Any new Compliance areas that you might not have covered, will be taught and the busy Head of Compliance is willing to offer full “on-the-job” training. When the Head of Compliance is away, or on holiday, the chosen incumbent will be required to be their “Deputy Head of Compliance.”
One of the most important things for this hire to the clients is having a genuine reason for working “Part Time”,
or “reduced hours” on a full-time basis. For example, being a Risk Manager with a young family whereby you cannot commit to working x 10-hour days x 5-days per week – this role would suit you.
If you are an ex-Risk Manager/ Head of Risk Management and having been out of the market due to having children and you want a role back – this role would suit you.
If you are retired/ semi-retired, or are getting to the end of your Risk career or have a young family, but still want to work in Risk, but not have the stress and long hours of a normal full-time job – this role would suit you.
Summary
- The Risk Manager will be responsible for identifying, monitoring and reporting on all risks in the statutory board and their Asset Management company.
This includes the capital adequacy monitoring and reporting for the Asset Manager.
- The Risk Manager will ensure that all risks are sufficiently mitigated to meet the agreed levels of risk tolerance within the statutory board and their Asset Management company.
- The Risk Manager will also act as the Deputy Head of Compliance and the Deputy Money Laundering Reporting Officer. In the undertaking of these functions, the Risk Manager will have matrix reporting to the Head of Compliance.
Key Responsibilities
Description of role
The Asset Manager is regulated by the Financial Conduct Authority and manages the assets of both professional and retail clients. The Risk Manager will ensure that appropriate controls,
mitigation and reporting are in place throughout the organisation to ensure that it meets all of its regulatory responsibilities and conducts itself in a manner consistent with the values of the statutory board.
Reporting
The Manager will report to the Chief Executive Officer. S/he will also report to the statutory board, and the Audit, Risk & Governance Committee (the Governing Bodies) on all risk related matters as required by those governing bodies. The Manager will provide on a full and timely basis such data and information as reasonably requested by any member of the Governing bodies.
If the Manager wishes to escalate any matter, the Chair of the board, Chair of the Asset Manager are appropriate points of escalation.
The role includes the following tasks:
Identification of Risk appetite
The Manager will guide the governing bodies as they identify and agree the risk appetite of the organisation. This will include, but is not limited to, financial, operational, investment, regulatory and reputational risk. The Manager will ensure that the governing bodies are fully informed on the environmental, organisational and financial conditions in agreeing their appetite for risk. This risk appetite will be reported in the “Risk Management Policy”. The Manager will be responsible for the maintenance of this policy, presenting it to the Governing bodies for annual review or as appropriate.
Monitoring, reporting and mitigation of Risk
The Manager will have ownership of the organisation’s Risk Register and subsequent reporting thereof to the Audit Risk & Governance ARG) Committee and the other governing bodies as instructed. The Risk Register to be circulated to the Executive Committee monthly for review and update. The Manager to ensure that the Executive have understood and appropriately considered legacy and new risk matters. The Manager to advise the Executive on the residual status of the risk after the proposed mitigating action(s) and whether this residual risk lies within the risk tolerance of the organisation.
This oversight of risk will include all matters to do with Investment risk. The Manager will maintain and update all investment risk polices (including Fund Risk and Liquidity Risk)
ensuring that they are appropriate to the regulatory and market environment and are adequate for the organisation’s investment activities. The Manager will undertake all investigation and reporting of investment breaches and incidents
Oversight of the Asset Manager’s Internal Capital Adequacy & Risk Assessment monitoring and reporting.
The Manager will prepare the company’s Internal Capital Adequacy and Risk Assessment (ICARA) and ensure that it aligns with MIFIDPRU rules and meets the company’s need.
The Manager is responsible for ensuring appropriate stress testing and scenario planning is appropriately designed and completed by the organisation.
The Manager will submit a full ICARA and related recommendations to their board at least once year.
Where there are sudden changes to the investment environment or the financial position of the organisation, the Manager will also undertake interim calculations of the ICARA. The Manager will work with the Head of Finance to regularly update the Board on the company’s capital position and its relation to the required capital to be held under the ICARA. The Manager will immediately inform the Chairs of the governing bodies if s/he is concerned that a material risk to the Company’s capital position has not been appropriately resolved by the Executive.
Policies & Procedures
The Manager shall have responsibility for all policies and procedures relevant to the Risk Function. The Manager shall ensure that these documents are current, sufficient and appropriate to the size and activities of the organisation. For the avoidance of doubt this list includes:
- Risk Management Policy
- Fund Risk Policy & report
- Fund Liquidity Policy & report
The Manager shall also ensure that all the policies and procedures in place in the organisation mitigate all known risks such that the residual risk for each activity or process is within the risk tolerance approved by the Governing bodies. This will be achieved by requiring a separate Risk Manager sign off of all investment, operational, compliance and other procedures.
Audit, Risk & Governance Committee (ARG)
The Manager will organise and support the Audit, Risk & Governance Committee. This will include the following tasks:
- Co-ordinating with the Chair on the date and timings of meeting
- Agreeing the annual work planner with the Chair
- In advance of the meeting, agreeing the agenda with the Chair
- The collection of meeting papers and the upload of them onto Board Intelligence
- Arranging for appropriate secretarial support to be available and co-ordinating between them and the Chair on the review and circulation of minutes.
- Updating the status of action points arising from the ARG meetings
- Submission of such reports relating to risk as requested by the Committee
Deputy Money Laundering Reporting Officer
The Manager will provide support and cover for the Money Laundering Reporting Officer, including the receipt and reporting of suspicious transaction reports in the MLRO’s absence. In addition, the Manager will:
- In the absence of the MRLO, the Deputy MLRO will provide a sign off for Anti Money Laundering (AML) client risk assessment forms
- Provide advice to the business on Anti Money laundering questions when required.
- Assist with the updating of AML policies and procedures.
Skills & Qualifications
These will include:
- A strong understanding of risk in an asset management company and how it can be mitigated
- Familiarity and understanding of the ICARA process.
- Competence in other aspects of regulation such as the Conduct of Business Sourcebook and anti-money laundering regulation.
- A strategic approach to regulation, anticipating material changes in the regulatory environment.
- The Manager is expected to challenge the Executive in risk related matters. Preference for a Level 6 Diploma in Investment Compliance from the Chartered Institute for Securities & Investment (CISI). In the absence of appropriate qualifications, the Manager will be expected to study for Level 2 and Level 3 CISI Compliance & Risk Qualifications
Salary
£30 k - £35 k pa pro-rata’d based on agreed reduced contractual hours (so the salary would be £75 k pa - £87.5 k pa if working x 5-days per week), with negotiation, plus an outstanding good pension, amazing holiday entitlement,” cycle to work” scheme”, free annual MOT health check.
▶️ Senior Risk Manager (must have ICARA experience) – Boutique City of London based Asset Manager/ Ethical investments: Part Time (Either 2-3 days pw, or 14-hours pw)
🖊️ Martis Search
📍 London