EEA Chief Risk Officer
Paysafe is a leading global provider of end-to-end payment solutions. Our core purpose is to enable businesses and consumers to connect and transact seamlessly through our industry-leading capabilities in payment processing, digital wallets and online cash solutions. Delivered through an integrated platform, our solutions are geared towards mobile-initiated transactions, real-time analytics and the convergence between bricks-and-mortar and online payments.
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With over 20 years of online payment experience, a combined transactional volume of US$98 billion in 2019 and over 3,000 staff located in more than 15 global locations, Paysafe connects businesses and consumers across 200 payment types in over 40 currencies around the world.
Paysafe has expanded in Ireland, having established a base from which it operates its regulated European businesses. Paysafe currently operates in Ireland through 2 legal entities, Paysafe Payment Solutions Limited (“PPSL1”) and Paysafe Prepaid Services Limited (“PPSL2”), each licensed and regulated as an Electronic Money Institution by the Central Bank of Ireland (each a “Regulated Entity”). PPSL1 and PPSL2 are both passported across the EEA to deliver Paysafe’s products and services to our customer base.
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Overview:
The EEA Chief Risk Officer (“CRO”) is a second line of defence (2LoD) appointment, reporting to the PPSL1 and PPSL2 CEOs with a dotted line to Paysafe Group SVP of Consumer and Enterprise Risk. They will have responsibility for regulated entities in Europe, with a primary focus on PPSL1 and PPSL2.
Relations with the entities’ regulators are critically important and the CRO will play a key role in ensuring that governance and risk management culture in the entities is seen to be strong and in line with the regulatory framework and guidelines of the Central Bank of Ireland (CBI).
For regulatory and governance purposes the EEA CRO will be accountable to and have direct access to the Regulated Entity Boards. They will have oversight responsibility for the Regulated Entities’ risk management covering all enterprise risk categories pertinent to business activity conducted.
The CRO is responsible for ensuring that effective processes are in place to identify and manage the risks to which the Regulated Entities are exposed. They will need to have thorough knowledge and understanding of the entities’ risk appetite and, within this, outsourcing and operational risk. They will leverage the Group ERM team’s frameworks, tools and resources and customise them for the regulated entities.
The CRO will maintain effective dialogue with a wide range of senior stakeholders across the regulated entities (including regulators, with primary reference to the CBI) in order to deliver focused continuous improvement of risk management practices, as well as ensuring high quality routine and regular risk reporting and analysis.
Areas of Responsibility:
Act as PCF-14 “Chief Risk Officer” for our Irish regulated entities, Paysafe Payment Solutions Limited and Paysafe Prepaid Services Limited.- Manage the team member(s) responsible for risk management of other European entities (currently three UK entities).
- Oversee, localise as required, and implement the Group Risk Management Framework as it applies to Paysafe’s global regulated entity structure.
- Oversee the identification, assessment, management and reporting of risks for all regulated entities.
- Work with 1LOD risk owners, with support from the Group ERM team, to develop a robust framework of Enterprise Risks & Controls as recorded in the risk register.
- Implement and oversee the Risk Management Programme with quarterly reporting to the regulated entity boards.
- Educate management to ensure that they fully recognise, understand and execute their responsibility for risk management as owners of first line of defence accountability.
- Ensure the risk appetite statements are complete, refreshed annually (or more frequently if required), and metrics are monitored and reported appropriately for all regulated entities.
- Provide support to the CEOs and Boards in formulating strategy in the context of the Regulated Entities’ Risk Appetite.
- Act as liaison for regulatory engagement pertaining to risk management inquiries or reporting.
- Create and drive a strong risk culture by embedding risk performance metrics across the regulated entities and provide robust risk training across all levels of the entities.
- Report to the Boards on the adequacy of controls and recommend improvements, modifications, and new procedures to mitigate risk and address inadequate or weak controls across the regulated entities.
- Accountable for the outsourced services of the Irish entities in respect of i) Enterprise Risk Management and ii) Operational Resilience Programme. Oversee the risk management and operational resilience readiness of the regulated entity intragroup outsourcing arrangements through regular key performance indicators.
- Evaluate regulated entity compliance and provide assurance to the Board that risk management policies, procedures and processes meet all relevant legal and regulatory requirements.
- Recommend improvements, modifications, and new procedures to mitigate risk and address inadequate or weak controls.
- Attend regulated entity Boards and lead the Risk Committee meetings as required and ensure all Management Information and risk related board papers are targeted, informative, relevant and timely.
- Identify, schedule and deliver the risk-related regulated entity requirements in a consistent and timely manner. The quality of delivery should be considered suitable for Board and external party review.
- Ensure follow up on all applicable significant risk issues identified by Internal Audit and 2LOD assurance reviews, and External Auditors within agreed timelines.
- Maintain technical and professional knowledge by attending educational workshops and training, obtaining relevant professional certifications, reviewing professional publications and books, establishing personal networks, participating in professional associations, and staying informed of any legal, policy and procedural changes relating to enterprise risk management.
- Keep informed of industry changes, trends, and best practices, and assess the potential impact on processes and procedures.
Key competencies required to be effective in this role:
o Develops strategic perspective
- Clear understanding of the group’s business strategy and translation into the needs of the entities and their regulators and other stakeholders
- Balance the short-term and long-term needs of the entities
o Communicates powerfully and broadly
- Ensure the role of the entities are well understood and supported by their external stakeholders and that the needs of the entities are understood by group functions
- Give clear, understandable instructions to employees and others
- Help people understand how their work contributes to broader business objectives
- Break down communication barriers between teams and departments
o Collaborates and fosters teamwork
- Promote a spirit of cooperation with other members of the work group
- Develop cooperative working relationships with others in the company
- Proactively address conflicts and disagreements that affect effectiveness
o Focuses on results
- Build commitment in others for their individual and team objectives
- Hold others accountable for achieving results
- Lead or champion efforts to increase productivity and goal accomplishment throughout the organization
o Builds relationships
- Handle difficult situations constructively and tactfully
- Maintain and utilize relationships outside the company through which resources or information can be generated
- Deal effectively with people in order to get work accomplished
Equal Employment Opportunity
Paysafe is an equal opportunity employer. We value diversity and are committed to providing a work environment of mutual respect to everyone without regard to race, color, religion, national origin, age, gender identity or expression, or any other characteristic protected by applicable laws, regulations and ordinances.
