BUSINESS UNIT DESCRIPTION: CIBC’s Risk Management is led by the SEVP and Chief Risk Officer (CRO) and is accountable on matters relating to the independent oversight of the management of risks inherent to the activities of CIBC, its subsidiaries and affiliates. These risks include but are not limited to ensuring that effective processes are in place for the identification, management, measurement, monitoring and control of credit, market, operational, reputation and legal, regulatory, investment and liquidity risk, incurred by CIBC’s retail, wealth and wholesale businesses, infrastructure and corporate governance groups. The US Wealth Management Risk Management Team follows practices established by CIBC and develops those that are necessary to ensure a sound second line of defense as it relates to the US Wealth Management business.
JOB PURPOSE: The Risk Manager, US WM Risk Team is accountable for the design and implementation of activities necessary for 2nd Line of Defense (Line 2a and 2b) activities related to investment offerings and client portfolios, counterparties, fiduciary and operational risk within the US Wealth Management business. Leadership of certain risk management activities is also anticipated.
KEY ACCOUNTABILITIES: Provide leadership and effective management of business unit staff to influence employee commitment to the organization, to the team, and to their job by; Setting appropriate context when assigning work to ensure that individuals’ roles support the achievement of the business unit’s priorities and CIBC’s overall goals; Building team and individual capabilities by providing development opportunities such as job shadowing, special projects, and training; Managing performance by providing fair and accurate formal and informal feedback, identifying and removing obstacles to performance and by explaining how performance expectations align with business priorities; Creating a positive work environment and being an effective role model by championing CIBC’s mission, vision and values; Ensuring compliance with policies, standards, guidelines and controls by applying the policies and controls fairly and consistently so employees understand what to expect, and; Hiring the right people in the right jobs to align individual capabilities with job requirements and business unit goals.
Effective management of 2a and 2b activities requires a working knowledge of the US Wealth Management business, OCC, SEC, FDIC and FRB regulatory requirements and include the following areas:
Investment Platform and Client Portfolios: Markets and Investment Strategies Client portfolio activity 12 CFR Part 9 (“Reg. 9”) Suitability Off list holdings Concentrated positions and hedging strategies Unique asset management Valuations Restricted securities Techniques that may be utilized to hedge risk of concentrated positions Sponsored Funds Mutual Funds Structured notes Stress testing Conflicts Counterparties, trading partners, due diligence Participate in the counterparty selection and termination process, providing oversight and independent challenge to the PWM Investment Team Assist in the analysis of counterparty financial statements (i.e., ratio analysis), incorporating rating agency information, external financial data and economic research to challenge conclusions regarding counterparty risks Monitor counterparty risk exposures and concentrations, escalating issues as appropriate Monitor 3rd party due diligence reviews and ongoing monitoring with respect to counterparty risk
Operational and Fiduciary Activities: Trusts and Investment Management Account requirements Internal and external custody Fiduciary responsibilities Unique asset administration Estate Settlement and Wealth Strategies activities
The Manager, US WM Risk Team must demonstrate and express a holistic view of the business, evaluate, summarize and report results, evaluate remedial activities, communicate findings to Senior Management and assess the strength of the control environment within the US Wealth Management business. He/she is also expected to share knowledge of market activity and geopolitical activity so as to identify current and emerging risks of the business and strengthen the skills of the US Wealth Risk Team and CIBC Colleagues.
Attention to detail, independence, organizational skills and professionalism are essential.
CROSS-FUNCTIONAL RELATIONSHIPS: The job collaborates both with members from within the Wealth Management Risk Management Teams, across CIBC and with external parties.
Professionalism, strong organizational and communication skills are needed in order to successfully build relationships with members of Senior Management, RM Professionals in the US and Canada, Client Service Teams, Enterprise Support and other members of the CIBC organization. The job interacts regularly with each of these for the purpose of providing and obtaining critical, confidential data. Discretion and professional judgment are paramount.
COMPLIANCE REQUIREMENTS/RESPONSIBILITIES: As an employee of CIBC, the incumbent must comply with all applicable CIBC and Line of Business policies, standards, guidelines and controls. As a manager of people, this job must ensure all employees within the business unit comply with all applicable CIBC and Line of Business policies, standards, guidelines and controls.
AUTHORITIES/DECISION RIGHTS: As both an individual contributor as well as a manager of people, this job has the authority to assign tasks to employees within their span of control, select individuals for hire, assess individual performance, make employee compensation decisions and take disciplinary measures up to and including termination.
JOB DIMENSIONS: The Manager, US WM Risk Team primarily supports the US Wealth Management business with offices throughout the United States. Travel is required, including periodic trips to Canada.
KNOWLEDGE AND SKILLS: Minimum of Bachelor’s Degree and 10-12 years of risk, audit, compliance or similar experience is needed and previous management experience is desired. Knowledge of the Wealth Management Business including Investments, Counterparty Relationships, Trust Administration and Client Portfolio Management duties are necessary in order to design, implement and evaluate the results from the various programs across the 1st and 2nd lines of defense. In addition, working knowledge of Microsoft Office is necessary for performing tasks, recording findings and communicating results. Successful candidate must be a self-starter who can work collaboratively, can maintain confidences, communicate effectively and demonstrate good judgment. CFA, CPA, MBA, JD or other comparable, relevant advanced credentials are desired.
WORKING CONDITIONS: This role operates in a normal office environment with little exposure to adverse working conditions. Light lifting is required.