Enterprise Risk Management (ERM) Manager at Fairmoney Microfinance Bank

FairMoney Microfinance Bank is building the leading mobile bank for emerging markets. We started with a digital microcredit application on Android, and currently roll out additional financial services (current account, savings, debit card) while expanding the product to Western Africa and South-East Asia.

We are recruiting to fill the position below:

Job Title: Enterprise Risk Management (ERM) Manager

Location: Lagos
Employment Type: Full-time

About the Role

• The Enterprise Risk Manager is responsible for developing, implementing, and overseeing the bank's Enterprise Risk Management (ERM) framework.
• This role involves identifying, assessing, monitoring, and reporting on all key risks across the organization to ensure that the bank's risk exposure is managed within its risk appetite.
• The Enterprise Risk Manager will work closely with senior management and the Board to foster a strong risk management culture and support strategic decision-making.

Responsibilities

• Conduct a daily / weekly / monthly review of the bank's overall risk profile, including operational, financial, strategic, and compliance risks, and advise management on the progress of risk mitigation efforts.
• Deliver weekly and monthly risk management reports, including metrics such as Key Risk Indicators (KRIs), risk appetite compliance, and the status of risk mitigation plans.
• Develop and prepare an annual enterprise risk assessment and plan using historical data, market trends, and projections.
• Monitor and coordinate all risk management activities for all products and business units.
• Identify and analyze emerging risks and trends, providing insights and recommendations to management.
• Prepare regulatory risk reports on a monthly basis to ensure compliance with prudential guidelines.
• Identify and advise on all high-risk areas that require immediate attention or legal proceedings on a regular basis.
• Prepare regular risk reports for Senior Management and the Board to aid in strategic decision-making.
• Ensure that all operational and risk management policies and procedures are adhered to by all stakeholders.
• Develop and implement effective risk reports for all the different products and business units to give insights to management for decision-making.
• Using data analytics tools, prepare and analyze data to identify risk patterns, trends, and the overall performance of the risk management framework, and develop action plans to address identified issues.
• Develop and execute strategic risk mitigation plans to reduce the bank's overall risk exposure and enhance resilience.
• Ensure that all operational and risk procedures and controls are strictly adhered to, including the review of risk registers and monitoring of risk mitigation plans.
• Prepare and present detailed dashboards, risk heat maps, and performance analytics to senior leadership, leveraging data insights on the bank's risk profile.
• Establish and maintain relationships with external risk management consultants, auditors, and other relevant service providers as needed.
• Collaborate with cross-functional teams such as legal, finance, and customer service to resolve complex or escalated risk-related issues.

Key Performance Indicators

• Maintain the bank's overall risk exposure within the board-approved risk appetite.
• Achieve a target reduction in operational losses by a specified percentage annually.
• Ensure a minimum of 95% compliance with all regulatory risk management requirements.
• Deliver weekly and monthly risk management reports, including metrics such as KRI breaches, risk appetite monitoring, and the status of risk mitigation plans, with 100% accuracy and timeliness.
• Monitor risk mitigation processes and make recommendations for management action, with a target of 90% of recommendations being implemented.

Qualifications and Experience

• A Bachelor's Degree in Finance, Economics, Business Administration, or a related field. A Master's degree or professional certification in risk management (e.g., FRM, PRM) is highly desirable.
• 5-7 years of experience in enterprise risk management, preferably within the microfinance or banking sector.
• Proven experience in developing and implementing ERM frameworks.
• Strong knowledge of risk management principles, practices, and regulatory requirements.

Skills and Competencies:

• Strong analytical and problem-solving skills.
• Excellent communication and interpersonal skills.
• Proficiency in data analytics tools and risk management software.
• Ability to work independently and as part of a team.
• Strong leadership and influencing skills.
• High level of integrity and ethical standards.

Benefits

• Private Health Insurance
• Pension Plan
• Training & Development
• Hybrid work
• Paid Time Off.

Application Closing Date
Not Specified.

How to Apply
Interested and qualified candidates should:
Click here to apply online

Recruitment Process:

• A screening interview with one of the members of the Talent Acquisition team for 30 minutes.
• Technical Interview with the member of the Credit Risk team for 45-60 minutes.
• Hiring Manager Interview for 45-60 minutes.