Chief Risk Officer

The Scottish National Investment Bank is a development investment bank, established and funded by Scottish Ministers on behalf of the people of Scotland.

Development banks seek to invest where the private sector is not providing sufficient investment to businesses or projects that support the development of a country’s economy.

The Bank has been established to operate commercially, and is operationally independent from government.

The Bank invests in Scottish business, projects and communities to deliver environmental, social and financial returns for the people of Scotland.

Investments in debt and equity are made on commercial terms based on the needs of individual projects or businesses. The Bank seeks to invest widely and diversely, and approaches every opportunity on an individual basis, so that the financing offered is tailored to the needs of the individual business or project seeking support.

The Bank invests in businesses based in Scotland, projects based in Scotland, or businesses seeking to move to Scotland. Typically the Bank will invest in businesses and projects seeking more than £1m in investment support (debt or equity).

All investments must deliver both commercial returns and mission impact returns that support at least one of the Bank’s missions.

The Bank’s missions have been designed to address the long term, persistent challenges facing Scotland. The missions have been set by the Scottish Government.

The Chief Risk Officer is a member of the Bank’s Executive Committee and leads the Risk and Compliance function across Investment Risk, Operational Risk and Compliance.

The role is a key contributor to investment strategy and decision-making, and is accountable for maintaining a proportionate, effective risk-management framework aligned to the Bank’s purpose, strategy, investment activity and operating environment.

A key priority is to strengthen investment risk capability across a diverse portfolio, ensuring risk appetite enables the Bank to take appropriate risk in pursuit of its Missions and development bank mandate.

The Executive Director – Risk provides independent advice, oversight and constructive challenge to the Chief Executive, Executive Committee, Board and relevant Committees on the Bank’s risk profile, risk appetite and material or emerging risks.

Executive and Strategic Leadership

• Contribute to the strategic leadership, direction and performance of the Bank as a member of the Executive Committee.
• Act as principal risk adviser to the Chief Executive, Executive Committee, Board and relevant Committees.
• Provide independent, constructive challenge to strategic, investment and operational decisions.
• Embed risk considerations in strategy, business planning and the Bank’s evolving operating model.
• Promote a culture in which risk is understood, owned and managed effectively across the Bank.

Risk Strategy, Framework and Risk Appetite

• Define, maintain and develop the Bank’s Risk Management Framework and Risk Appetite Framework.
• Ensure risk appetite statements, limits, tolerances and key risk indicators are established, monitored and reviewed
• Provide integrated, forward-looking assessment of the Bank’s risk profile, including material, emerging and interconnected risks; Lead horizon scanning, thematic reviews and scenario analysis to inform risk insight and challenge.
• Maintain clear first- and second-line accountabilities, with ownership of risk embedded within the business.

Functional Leadership – Investment Risk, Operational Risk and Compliance

•  Lead the Bank’s Investment Risk, Operational Risk and Compliance activities as an integrated second-line function with clear accountabilities.
• Maintain proportionate, risk-based frameworks, policies, methodologies, monitoring and reporting across the three disciplines.
• Strengthen second-line challenge across equity, debt, blended structures, funds and other investment activities throughout the investment lifecycle.
• Oversee portfolio-level investment risk, including concentrations, credit quality, sector exposure and emerging risks, and ensure these inform portfolio strategy, pipeline management, investment decisions and risk appetite reporting.
• Provide second-line oversight of significant operational risks, including people, process, systems, third-party, change, resilience and business continuity risks.
• Oversee risk and control self-assessment, ensuring material weaknesses, control failures, incidents and emerging risks are identified, challenged, escalated and used to improve controls.
• Ensure regulatory obligations and changes are identified, understood and reflected in policies, processes, controls and compliance monitoring.
• Provide independent advice and challenge on significant compliance and regulatory-risk matters, working with the General Counsel & Company Secretary to ensure clear accountabilities.
• Commission thematic or forward-looking reviews where market, economic, sector, operational or regulatory developments may materially affect the portfolio, control environment or risk profile.
• Maintain appropriate engagement with regulators and relevant external bodies.

Board, Committee and Risk Reporting

• Provide independent input and challenge to the Executive Committee, Board and relevant Committees on strategic, regulatory, policy and risk matters.
• Ensure risk reporting gives clear insight into exposures, trends, concentrations, emerging risks and areas outside or approaching appetite.
• Attend relevant Board, Executive and investment governance forums, providing independent risk advice and challenge.
• Maintain access to the Chair and relevant Committee Chairs to support second-line independence and effectiveness.

Functional Leadership and Management

• Lead, develop and maintain an effective, integrated Risk and Compliance function.
• Set functional strategy, priorities, standards and performance expectations across Investment Risk, Operational Risk and Compliance.
• Ensure the function has the capability, capacity, resilience and infrastructure to discharge its responsibilities effectively.
• Develop senior risk leaders and maintain appropriate succession and development arrangements.

Essential

• Significant senior leadership experience of risk management within investment, banking, asset management, development finance or a similarly complex financial-services environment.
• Experience of second-line risk activities, providing Executive and Board-level advice, oversight and constructive challenge.
• Deep understanding of investment risk across private-market activities, including equity, debt, blended structures and funds.
• Broad understanding of operational risk, compliance, risk appetite, control environments, key risk indicators and senior risk reporting.
• High degree of commercial acumen and risk judgement, balancing financial, impact, regulatory and public-purpose considerations.
• Ability to translate complex information into clear risk insight and recommendations for senior decision-makers.
• Track record of identifying emerging risks early and influencing strategic or investment outcomes.
• Proven ability to challenge independently while maintaining constructive senior relationships.
• Experience leading specialist professional teams and developing senior capability.
• Appropriate professional qualification and/or equivalent professional experience.

Desirable

• Experience in a development bank, private-capital investor, asset manager or publicly owned investment institution.
• Experience of regulated investment-management activities or group structures containing regulated and unregulated entities.
• Experience overseeing Compliance within a regulated financial-services environment.
• Experience of third-party capital, fund management or investment-management structures.
• Sound understanding of the UK financial-services regulatory environment.

Leadership Capabilities

The successful candidate will:

• Exercise sound, independent judgement and challenge constructively at senior levels.
• Maintain second-line independence while remaining pragmatic, commercial and proportionate.
• Take an enterprise-wide view of investment, operational, regulatory and strategic risks.
• Communicate complex risk matters clearly to Board, Executive and non-specialist audiences.
• Navigate complexity and uncertainty, making balanced judgements where information is incomplete.
• Build strong relationships without compromising professional independence.
• Contribute positively to collective Executive Committee decision-making.
• Demonstrate commitment to the Bank’s purpose, missions, values and stewardship of public capital.