Independent Non|Executive Director |INED|

Job description
Location: Bank of Ceylon (UK)

Board Position: Board of Directors, Bank of Ceylon UK

Reports to: Board of Directors

Committee Role: Chair of the Risk Committee

Contract Type: Part-time, Time commitment of 15 days per annum

Remuneration: £40,000 Per Annum

Introduction

Bank of Ceylon (UK) Limited, a subsidiary of the largest Sri Lankan bank, has been serving the UK since 1+4+, offering retail and commercial banking services, including commercial lending, treasury services, mortgages, and savings accounts. With a strong focus on digital expansion, BOCUK will launch a new digital banking app this year, enhancing customer experience.

Bank of Ceylon UK is currently seeking an experienced Independent Non-Executive Director (INED) to join its Board and chair the Risk Committee. This role involves overseeing governance, risk management, and strategic direction, with the appointment expected immediately after regulatory approval.

Key Responsibilities
• Board Contribution: Actively participate in the strategic decision-making process as a member of the Board of Directors, offering independent oversight and advice on key operational and financial matters.
• Chair of Risk Committee: Lead the Bank's Risk Committee by providing strong, independent oversight of the Bank's risk management framework, ensuring that risks are adequately identified, assessed, and managed.
• Corporate Governance: Uphold the highest standards of corporate governance, ensuring compliance with all relevant regulations and promoting transparency and accountability within the Bank.
• PRA/FCA Liaison: Ensure the Bank’s adherence to regulatory requirements, particularly those of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), providing an independent voice on regulatory matters.
• Risk Oversight: Work closely with the Chief Risk Officer and the Risk Management team to oversee the Bank's risk profile and ensure effective risk mitigation strategies are in place.
• Performance Monitoring: Evaluate the performance of the Bank, particularly in relation to risk management, financial performance, and regulatory compliance.
• Ethics and Integrity: Ensure that the Bank’s operations adhere to high ethical standards and foster a culture of integrity and accountability.
• Stakeholder Engagement: Provide independent advice and input to ensure effective stakeholder management, including customer satisfaction, shareholder engagement, and regulatory relationships.
• Strategy Review: Provide independent analysis of the Bank’s strategic objectives, offering constructive feedback and ensuring alignment with risk appetite.

Person Specification

Essential Qualifications and Experience:
• Independence: Must meet the regulatory definition of independence as defined by the PRA/FCA, with no previous financial or familial connections to the Bank of Ceylon UK.
• Financial Services Expertise: Extensive experience in the UK financial services sector, preferably within banking, with in-depth knowledge of risk management, corporate governance, and regulatory requirements.
• Board-Level Experience: Demonstrable experience serving on the Board of a UK-regulated financial institution, with a proven ability to contribute to high-level strategic discussions.
• Risk Management Experience: Expertise in chairing or being a senior member of a Risk Committee, with an understanding of key risks facing UK banks, such as credit risk, liquidity risk, market risk, operational risk, and regulatory risk.
• PRA/FCA Regulations: Strong working knowledge of PRA/FCA regulations and frameworks, with experience engaging directly with regulators.
• Governance: A strong commitment to best practices in corporate governance and regulatory compliance.

Desirable Attributes
• Leadership: Demonstrated leadership qualities, with the ability to challenge and influence senior management effectively.
• Analytical Skills: Strong analytical and decision-making skills, with the ability to assess complex information quickly and accurately.
• Communication: Excellent interpersonal and communication skills, capable of building relationships and influencing at all levels.
• Risk Culture: Ability to foster a robust risk management culture within the organisation.

Additional Requirements
• Must be available to attend at least quarterly Board meetings and any Risk Committee meetings.
• Willingness to undergo PRA/FCA regulatory approval for Senior Management Function (SMF) roles as required.

Application Process

Interested candidates are invited to submit their CV and cover letter via LinkedIn or email sanjeewa@bankofceylon.co.uk. The Bank is committed to diversity and welcomes applications from all qualified candidates.