Chief Risk Officer
Job Title: Chief Risk Officer
Department: Executive
Location: Onsite, Miami, FL (USA)
Reports To: Chief Executive Officer
Type: Full-Time
FLSA: Exempt
About BMG Money
Our mission is to provide affordable and responsible credit to help everyday people overcome life’s unexpected expenses and build a stable financial foundation. We all share one vision— to champion the overlooked by using technology to create a path to financial freedom.
Job Summary
The Chief Risk Officer (CRO) is the strategic executive responsible for the leadership, innovation, and oversight of the organization’s Enterprise Risk Management (ERM) framework. This role serves as a critical partner to the CEO and Board of Directors, balancing the organization’s growth objectives with the protection of assets and reputation. The CRO oversees all risk verticals—including Credit Risk, Collections & Recovery, Operational Risk, and Fraud Prevention—ensuring that the company maintains a robust risk culture while optimizing loan portfolio performance and adhering to complex financial regulations.
Supervisory Responsibilities
- Executive Leadership: Directly manages the heads of Credit Risk, Collections, Compliance, and Fraud/Operational Risk.
- Staff Development: Mentors and develops a high-performing risk management team, fostering a culture of accountability and continuous improvement.
- Recruitment: Oversees the hiring, performance management, and succession planning for the Risk department.
Duties/Responsibilities
Enterprise Risk Strategy
- Develops and maintains the organization’s Risk Appetite Statement and ERM framework in alignment with strategic business goals.
- Identifies, assesses, and monitors emerging risks (market, credit, operational, strategic) and reports material risks to the CEO and Board of Directors.
- Chairs the internal Risk Committee and serves as the primary liaison to the Board Risk Committee.
Credit Risk & Collections Oversight
- Oversees the entire credit lifecycle, including underwriting policy, credit scoring models, portfolio monitoring, and loss mitigation strategies.
- Directs the Collections and Recovery function, ensuring optimized outreach strategies, vendor management (if applicable), and liquidated asset recovery.
- Monitors portfolio performance against KPIs (delinquency, roll rates, default rates, loss severity) and implements corrective actions when necessary.
- Leads the development and validation of loss forecasting models (e.g., CECL) and provision for loan losses.
Operational Risk & Fraud Prevention
- Oversees the Fraud prevention strategy, ensuring robust controls are in place to mitigate application fraud, identity theft, and account takeover.
- Establishes internal controls to minimize operational errors and technology risks.
- Partners with Tech and Data teams to enhance cybersecurity posture and data privacy protections.
Required Skills/Abilities
- Strategic & Analytical Leadership: Deep expertise in consumer lending, credit scoring, collections strategy, and portfolio risk management.
- Data Driven: Ability to translate complex data and risk concepts into actionable business strategies for the Board and Executive Team.
- Regulatory Knowledge: Expert-level knowledge of consumer finance and debt collection regulations (FDCPA, Truth in Lending, Fair Lending, etc.).
- Executive Competencies: Unimpeachable integrity and the ability to stand firm on risk decisions while maintaining productive business partnerships.
Education and Experience
- Bachelor’s degree required; Master’s degree (MBA, Finance, Economics) or JD highly preferred.
- Minimum of 10–15 years of progressive experience in risk management within the financial services or fintech industry, with minimum 1 year of experience in the “sub-prime” consumer lending market.
- Minimum of 5–7 years in a senior leadership role (VP, SVP, or C-Level).
- Demonstrated experience overseeing the full credit cycle, including collections and default management, is required.
Physical Requirements
- Prolonged periods of sitting at a desk and working on a computer.
- Must be able to lift 15 pounds at times.
- May require travel to board meetings, industry conferences, or operational sites.
