Risk Director (6495D34)

Referment; Greater London; Hybrid; GBP 150,000 - 210,000; Full time

Job summary

Referment, based in London, seeks an experienced Risk Director to own and oversee the enterprise risk management framework. You will calibrate risk appetite, maintain risk controls across payments and FX, and report to the Executive Committee and Board.

The role is hybrid and requires collaboration with the Compliance Director and Finance, with leadership of two risk team members. The role emphasizes independent risk oversight in a fast-moving cross-border payments and FX environment, ensuring

Qualifications

• Senior risk management experience within an FCA-regulated financial services firm.
• Knowledge of FX and MiFID products (MiFID-exempt FX).
• Ability to operate independently from compliance within a three-lines-of-defence model.
• Proven ability to engage with Boards, senior management and regulators on risk matters.
• Collaborative, growth-minded, and resilient under pressure.
• Experience leading risk teams and risk frameworks.

Responsibilities

• Own and maintain the Enterprise Risk Management framework in line with the business model and scale.
• Define and embed risk appetite, tolerances and escalation thresholds with Board approval.
• Ensure risk identification, assessment, mitigation and monitoring across payments and FX.
• Provide independent oversight of FX trading risks, stress testing and liquidity arrangements.
• Oversee operational risk framework, outsourcing, ICT/cyber risk and incidents tracking.
• Report risk to Executive Committee, Board and Audit & Risk Committee with clear escalation.
• Lead the Risk function and manage two team members in collaboration with senior management.

Skills

Senior risk management

FCA-regulated experience

MiFID experience

Three-lines-of-defence

Board/stakeholder engagement

Regulatory reporting

Job description

Referment is working with an FCA-regulated cross-border payments and foreign exchange business that issues electronic money. This role is responsible for the design, ownership and effective operation of the firm's enterprise-wide risk management framework, providing independent second-line oversight of the material non-financial and financial risks arising from electronic money issuance, payment services and FX trading.

Regulatory compliance, interpretation and day-to-day compliance monitoring sit with the Compliance Director, so the two work in close coordination to align risk appetite, regulatory expectations and the control environment without duplicating accountability. You'll also support strategic initiatives, including regulatory licence applications for group entities, and take on risk responsibilities for newly authorised entities once they are operational.

The Role

• Own and maintain the Enterprise Risk Management framework, keeping it proportionate to the business model, scale and complexity.
• Define and embed the firm's risk appetite, tolerances and escalation thresholds, subject to Board approval.
• Ensure consistent risk identification, assessment, mitigation and monitoring across all activities, including payments and FX trading, and maintain the firm-wide risk register.
• Provide independent oversight of FX trading risks including market, liquidity, settlement and counterparty exposure, and review and challenge treasury, hedging and liquidity arrangements through stress testing and scenario analysis.
• Oversee prudential and financial resilience risks relevant to electronic money institutions, including capital adequacy, safeguarding risk and wind-down planning, in coordination with Finance.
• Oversee the operational risk framework, including outsourcing and third-party risk, ICT risk, cyber resilience, fraud risk and business continuity, and review material incidents and near misses so root cause analysis and remediation are tracked.
• Provide risk oversight of payment processing infrastructure, FX execution platforms and critical systems.
• Assess conduct and reputational risks arising from products, customer journeys, pricing and FX execution, and help embed a risk culture consistent with FCA principles, Consumer Duty and Treating Customers Fairly.
• Provide clear, independent risk reporting for the Executive Committee, Board and Audit & Risk Committee, including emerging risks, appetite breaches and stress scenarios, and offer effective challenge to senior management on strategic decisions and material business changes.
• Act as the senior management contact for risk-related FCA matters, supervisory reviews and thematic work, deferring regulatory interpretation and compliance policy to the Compliance Director.
• Lead and develop the Risk function, line managing two team members, and work with the Compliance Director, Finance Director, MLRO and other Senior Managers to keep a coherent second-line framework.

What We're Looking For

• Senior risk management experience within an FCA-regulated financial services firm, ideally an EMI, payments institution or FX provider, with MiFID experience.
• Strong understanding of FX-related market, liquidity and counterparty risks within a regulated environment, and knowledge of both MiFID and MiFID-exempt FX products.
• Demonstrable experience operating independently from compliance functions within a three-lines-of-defence model.
• Proven ability to engage effectively with Boards, senior management and regulators on risk matters.
• A collaborative team player with a strong work ethic, growth mindset and commitment to continuous improvement.
• Adaptable and resilient, able to perform effectively under pressure.

Where the Role Sits

The Risk Director owns the firm's risk framework and oversight activities, but not regulatory interpretation or ownership of FCA rules, day-to-day compliance monitoring, testing or advisory work, regulatory policy drafting, or AML/CTF and sanctions compliance, which sit with the Compliance Director and MLRO. The role retains oversight of the risk impact of regulatory and financial crime issues.

This could suit an experienced risk leader from an EMI, payments or FX environment who wants to own a firm's second-line framework and work directly with the Board and regulators. The role is hybrid and based in London.