Role Overview for VP, Enterprise Risk Strategy with a Public Bank – Chicago, IL
JRG Partners is proud to partner with a premier, publicly-traded financial institution in their search for a visionary and strategic Vice President of Enterprise Risk Strategy. Located in the heart of Chicago’s vibrant financial district, this is a critical leadership role reporting directly to the Chief Risk Officer (CRO). The successful candidate will be the architect and steward of the bank’s enterprise-wide risk management framework, responsible for shaping the institution’s risk appetite and ensuring its strategic objectives are pursued within a sound and resilient risk structure. This is not merely a compliance function; it is a strategic imperative. You will be at the forefront of identifying, assessing, and mitigating a complex spectrum of risks—from credit and market risk to operational, technological, and emerging threats like climate and cybersecurity risk. In an era of increasing regulatory scrutiny and dynamic market conditions, this role is pivotal to safeguarding the bank’s assets, reputation, and long-term sustainability. The VP of Enterprise Risk Strategy will serve as a key advisor to the executive leadership team and the Board’s Risk Committee, providing the critical insights and forward-looking analysis necessary to navigate uncertainty and capitalize on opportunities. You will lead a dedicated team of risk professionals, fostering a culture of risk awareness and accountability that permeates every level of the organization. This position demands a unique blend of quantitative acumen, strategic foresight, exceptional communication skills, and the executive presence to influence decision-making at the highest levels. If you are a seasoned risk leader passionate about building robust, forward-thinking risk frameworks that enable sustainable growth, we invite you to explore this exceptional opportunity.
Key Responsibilities of VP, Enterprise Risk Strategy with a Public Bank – Chicago, IL
ERM Framework Development and Oversight
Spearhead the continuous evolution and implementation of the bank’s Enterprise Risk Management (ERM) program. This includes refining risk governance structures, policies, and procedures to align with industry best practices and regulatory expectations. You will ensure the framework is not a static document but a living, breathing part of the bank’s operational DNA, effectively integrated into strategic planning and daily decision-making processes. Your leadership will ensure our approach is comprehensive, covering all material risks across the enterprise.
Risk Appetite and Tolerance
Lead the annual process to define, articulate, and cascade the bank’s Risk Appetite Statement. Work collaboratively with the board and executive management to establish quantitative and qualitative tolerance levels and limits for key risks. Develop and maintain a robust suite of Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs) to effectively monitor the bank’s risk profile against its stated appetite, providing timely reporting and escalating breaches as necessary.
Strategic Risk Assessment
Facilitate comprehensive risk identification and assessment processes, including top-down and bottom-up approaches. This involves conducting scenario analysis, stress testing (including CCAR/DFAST where applicable), and horizon scanning to identify emerging risks and assess their potential impact on the bank’s strategic objectives, capital, and liquidity. You will be responsible for translating complex risk data into actionable strategic insights for senior leadership.
Governance and Reporting
Prepare and present high-impact reports and presentations for the Chief Risk Officer, the Management Risk Committee, and the Board Risk Committee. Your materials will provide a clear and concise view of the enterprise risk profile, highlighting key trends, emerging issues, and the effectiveness of mitigation strategies. You will also serve as a key point of contact for regulators (e.g., OCC, Federal Reserve, FDIC) on all matters related to enterprise risk management.
Cross-Functional Collaboration and Leadership
Act as a central point of coordination for all risk-related activities across the organization. Foster strong partnerships with leaders in Credit Risk, Market Risk, Operational Risk, Compliance, Internal Audit, Finance, and all business lines. Your role is to break down silos and promote a holistic, integrated view of risk management that supports the bank’s overall strategy.
Team Mentorship and Development
Lead, mentor, and develop a high-performing team of enterprise risk professionals. Cultivate an environment of continuous learning, critical thinking, and professional growth. You will be responsible for setting clear objectives, providing regular feedback, and managing the team’s resources effectively to meet the department’s goals.
Cultivating a Risk-Aware Culture
Champion a strong, proactive risk culture throughout the organization. Develop and implement training and communication programs to enhance risk awareness and accountability at all levels. You will be an evangelist for the principle that sound risk management is everyone’s responsibility and a key driver of long-term value creation.
Requirements for the VP, Enterprise Risk Strategy with a Public Bank – Chicago, IL
Educational Foundation
A Bachelor’s degree in Finance, Economics, Business Administration, Accounting, or a related quantitative field is required. An advanced degree such as an MBA or a Master’s in Finance or Risk Management is highly preferred.
Extensive Industry Experience
A minimum of 12-15 years of progressive experience in risk management, audit, or a related field within the banking or financial services industry. A significant portion of this experience must be in an enterprise risk, operational risk, or strategic risk capacity at a large, complex financial institution.
Regulatory Expertise
Deep, demonstrable knowledge of the U.S. banking regulatory landscape, including heightened standards for large financial institutions. Direct experience interacting with regulatory agencies such as the OCC, Federal Reserve, and/or the FDIC is essential.
Technical Risk Acumen
Profound understanding of risk management principles and frameworks, particularly the COSO ERM framework. Expertise in risk appetite development, stress testing methodologies, risk and control self-assessments (RCSAs), and risk reporting is mandatory.
Leadership and Influence
Proven track record of leading teams and driving change in a complex, matrixed organization. Must possess exceptional executive presence, with the ability to communicate complex risk concepts clearly and persuasively to diverse audiences, including executive management and board members.
Strategic and Analytical Mindset
Superior analytical, problem-solving, and critical thinking skills. The ability to connect the dots between market trends, regulatory changes, and the bank’s strategic direction to anticipate future risks and opportunities.
Certifications
Professional certifications such as Financial Risk Manager (FRM), Professional Risk Manager (PRM), or Certified Public Accountant (CPA) are strongly desired and will be a significant differentiator.
Benefits & Perks Offered
Our client is committed to investing in their most valuable asset: their people. As a key member of the leadership team, you will be rewarded with a highly competitive and comprehensive compensation and benefits package, including:
Competitive Base Salary and Performance Bonus
An attractive base salary complemented by a significant annual incentive plan tied to individual and company performance.
Long-Term Incentives
Participation in the company’s equity program (e.g., Restricted Stock Units or Stock Options), aligning your long-term success with that of the bank.
Comprehensive Health & Wellness
A full suite of benefits including medical, dental, and vision insurance with low premiums, as well as Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA).
Retirement Planning
A robust 401(k) plan with a generous company match to help you plan for your future.
Work-Life Balance
A generous Paid Time Off (PTO) policy, including vacation, sick days, and company holidays, supporting a healthy work-life integration.
Professional Development
A dedicated budget for continuous learning, including support for attending industry conferences, pursuing certifications, and other career-enhancing opportunities.
Family Support
Comprehensive parental leave policies and other family-friendly benefits.
Additional Perks
Employee wellness programs, commuter benefits, employee assistance program (EAP), and potential for a hybrid work schedule.
How to Apply
This is a retained search being conducted exclusively by JRG Partners. To be considered for this confidential opportunity, please submit your resume and a cover letter detailing your qualifications and strategic vision for enterprise risk management. We encourage you to apply promptly as interviews are being scheduled on an ongoing basis. For more information about our expertise in this area, please visit the JRG Partners’ Financial Services & Risk Management practice page. We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
