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Director of Risk & Compliance

London

Director of Risk & Compliance, Permanent, London

The Director of Risk & Compliance is tasked with guiding and cultivating a team while ensuring strategic management and supervision of Pay.UK's Risk and Compliance policies. The appointed individual will be responsible for constructing and securing a comprehensive perspective on all risk factors affecting Pay.UK and the broader payments ecosystem, facilitating efficient risk mitigation strategies within the organisation.

Key Accountabilities

  • Develop and implement an enterprise wide, integrated risk and compliance strategy that is aligned with Pay.UK's Strategic Goals and will drive risk maturity across Pay.UK.
  • Design and implement a Risk Maturity Model for Pay.UK and regularly assess and report outcomes / areas of focus to the ExCo and Board RiskCo.
  • Create and roll out a comprehensive Risk Training & Communications Programme within Pay.UK to equip our team with necessary expertise, thereby enhancing our ability to proficiently identify and handle emerging risks.
  • Provide key strategic thought leadership in designing, implementing and aligning risk management across Pay.UK, ensuring the effective interaction of the three lines of defence across all aspects of the business, including business-as usual, technology, change management and Internal Audit.
  • Develop the Pay.UK Risk & Compliance function to implement Pay.UK’s risk management and compliance strategy as part of the second line of defence, ensuring the business operate within agreed Risk Appetite.
  • Oversee the implementation and oversight of an integrated Risk Management system and deliver valuable risk insight & analytics across Pay.UK.
  • Elevate and establish the risk management framework to support a comprehensive risk culture and assure its relevance to Pay.UK's ongoing changes and professional standards.
  • Influence and obtain buy-in from the Board, ExCo and Directorate senior leaders and stakeholders for delivery of the risk and compliance strategy and supporting programme plans, including oversight of Operational Resilience and the New Payments Architecture.
  • Report a complete and accurate picture of Pay.UK’s risk profile to Executive Management, Risk Committee and Board of Directors.
  • Communicate and monitor adherence to Pay.UK Policies and to the enterprise risk management framework (ERMF).
  • Provide senior advice and challenge related to the risk management framework, deputising for the CRO at senior committees as required.
  • Engage and strengthen relationships with key stakeholders internally and externally (in particular; Pay.UK Executive, Pay.UK Board and its sub-committees, Internal Audit and Critical suppliers) demonstrating the credibility of the Risk Function.
  • Support the CRO in relation to the management and control of principal risks, and related liaison with the Bank of England and other regulatory bodies, participant firms and other key third parties, including key areas of focus such as operational resilience, business continuity and recovery and resolution.
  • Advise the CRO and the Department Heads on risk and compliance strategy, priorities, plans and programme status.
  • Responsible for developing and delivering against a robust and approved Compliance Monitoring Plan to monitor and report on the effectiveness of compliance controls across Pay.UK.
  • Ensure Pay.UK Principal Risks and associated controls are clearly articulated, understood and tested / assured against. Ensure effective controls are in place across Pay.UK and provide assurance over those deemed ‘critical’ to the organisation to ExCo and Board RiskCo.
  • Lead and contribute to ad-hoc projects as required by the CRO, including any urgent emerging risk task force planning and delivery.
  • Guide, inspire, and cultivate growth within a varied and welcoming Risk and Compliance team, ensuring robust goals and related growth strategies are established for every team member.
  • Other obligations:
  • Ensure compliance with all Pay.UK policies and procedures and complete required compliance training in a timely manner.
  • Comply with Pay.UK’s Data Protection Policy and all associated procedures and processes and communicate any data protection risks to the Data Protection team without delay.
  • Advance diversity and inclusion in all areas of Pay.UK to establish a workforce that is indicative of those we assist while ensuring a level playing field for every staff member.

Qualifications, Skills and Experience

  • Significant experience in a risk management leadership position (second line of defence (2LoD)) in Financial Services.
  • Risk related professional qualification – CISI, ICA, CII, Institute Risk Management or similar professional body.
  • Demonstrated experience in developing and implementing risk programmes within a 3LoD environment, including risk management technology.
  • Risk analytics experience.
  • Experience working with senior management to advise, challenge and influence enterprise risk management activities.
  • Familiarity with UK regulatory requirements related to risk management and an understanding of operating a risk and control framework in an regulated business.
  • Skilled at articulating thoughts and ideas effectively through speech and writing.
  • Proficient in organising tasks by importance and handling several responsibilities simultaneously.
  • Proficient in developing relationships and persuading others effectively.
  • Ability to work effectively in time-sensitive and crisis situations. Skilled in overseeing and progressing risk specialist teams.
  • Proven interpersonal abilities to effectively engage with a diverse group of stakeholders, encompassing board members and regulatory officials.
  • Significant leadership and people management skills
  • Proficient in negotiation techniques and effective at engaging with stakeholders.
  • Proficient abilities in communication and presentation to articulate intricate and abstract ideas, including the development of reports for executive review.
  • Ability to shape and define new programmes of work and think laterally and strategically to deliver results.
  • Expertise in steering both project initiatives and enterprise-wide transformation efforts that facilitate change management.

At Pay.UK, we value diversity and inclusivity. Research has shown that candidates from underrepresented groups may hesitate to apply unless they meet all the requirements listed. We encourage all qualified candidates to apply, regardless of how closely their skills and experience match the requirements. We are committed to supporting accessibility needs and creating a welcoming environment for all employees. Become part of our team and contribute to the creation of an inclusive work environment that values everyone's unique input.

 

About Us

Pay.UK maintains and develops the UK retail payment systems and standards that are core to the economy being able to function on a day-to-day basis.

From Bacs to Faster Payments and cheques – we act as the single operator for all UK retail payments. We put the needs of consumers and businesses at the heart of everything we do, working in the public interest to ensure that the systems the country relies on for its banking transactions are safe, open, innovative and resilient.

Our payment systems underpin the services that enable funds to be transferred between people and institutions. In 2023, the UK's retail payment systems processed 11.4 billion transactions worth £9.3 trillion through Bacs Direct Credit, Direct Debit, Faster Payments, and cheques, and our Current Account Switch Service has facilitated over 10.2 million switches since its launch in 2013.

Every day, people and businesses use the services we provide to get their salaries, pay their bills and make online and mobile banking payments. Our vision for the future is to enable a vibrant economy, with Pay.UK delivering the best-in-class payment infrastructure and standards for the benefit of consumers and businesses nationwide.

 

 

Benefits & Additional Information

  • 12% Non-contributory pension
  • Discretionary annual bonus 
  • 30 days annual leave (excluding bank holidays)
  • Private medical insurance, life assurance, income protection, health cash plan, dental insurance, Bupa medicals etc
  • Employee assistance programme
  • Cycle to Work Scheme
  • Season ticket loan
  • Annual fitness subsidy of up to £500 per annum
  • Working from home policy - minimum 40% in the office (eg. 2 days in the office over a 5 day working week)

Please note: Benefits for FTC roles may vary 

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We're committed to making Pay.UK a place where everybody can thrive regardless of their background. Championing a diverse, inclusive workplace underpins our people mission: 

"We are powered by our people.

We respect and enable everyone to thrive and feel valued to make a significant difference to the UK economy."

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