Deputy Director, Reserves Management at Central Bank of Kenya

Job Purpose

• This position supports the Director, Financial Markets Department to implement monetary policy decisions, manage the country’s foreign exchange reserves and act as a fiscal agent in Domestic Debt Management.
• The role holder is also responsible for Portfolio Management, Compliance and Policy and Risk Sections, ensuring that the functional responsibilities of these sections are carried out in a safe, effective, and efficient manner. He/she ensures that the Forex Reserves are invested in line with the Forex Reserves Management objectives, which are safety, liquidity and return, subject to the first two objectives and that the investments comply with the law, policy, and guidelines.

Key Duties and Responsibilities

Strategic Responsibilities

• Provide leadership and expertise to a team in the execution of the mandates. He/she will be required to work closely with Heads of other business functions and the Executive to define forward looking best practice strategic initiatives for the function.
• Contribute as appropriate to the performance of other functions and to the overall achievement of the Departmental and Bank’s strategic objectives.
• Work effectively as part of the team to deliver on the Key Result Areas and demonstrate competencies of his/her role.

Technical and Operational Responsibilities

• Implement the decisions of the Forex Reserves Investment Committee on the investment of Forex reserves.
• Oversee the investment of foreign exchange reserves in:
  • Fixed income securities.
  • Money market products.
  • Other eligible instruments as approved by Management/Board.
• Responsible for the efficient and effective management of operations and resources in the division.
• Lead and direct the division to contribute and achieve the Department strategic goals.
• Work as part of the senior leadership of Financial Markets Department to deliver on key initiatives as may be required from time to time.
• Ensure that the management of foreign exchange reserves portfolios are within the approved policies & guidelines and provide leadership to the functional operations of the Front Office Portfolio Managers, Portfolio Performance, Risk, Compliance and Reserves Policy Management sections.
• Evaluate and maintain the Division’s Business Continuity Plan (BCP) and documentation thereof as per the required standards and guidelines.
• Regularly review and recommend updates to the forex reserves investment policy, guidelines, and Strategic Asset Allocation (SAA).
• Support development and implementation of new investment instruments or products to support the Bank’s strategies.
• Lead the secretariat and discussions within the Foreign Exchange Reserves Investment Committee (FRIC) (Bank and Departmental) on developments in the investment environment for forex reserves and make recommendations on appropriate strategies for the reserves.
• Ensure risks inherent in forex reserves investments are well-managed, documented and mitigated, including portfolio performance and attribution.
• Responsible for recommending, for approval, the optimum risk appetite by setting and proposing standards on credit risk, interest rate risk and exchange rate for forex portfolio management to management.
• Facilitate market intelligence in forex reserves investments.
• Responsible for training of staff within the sections on risk management and adherence of the same.
• Continuously improve the risk environment with regard to Reserves Management and appraise the supervisor on the risk status regularly.
• Assess reports on the exposure of forex reserves portfolio to credit and market risks as well as all other risks inherent in forex reserves management.
• Responsible for reviewing and reporting portfolio stress-testing scenarios to Senior Management.
• Responsible for carrying out due diligence on counterparties, securities issuers, and other external forex reserves service providers.
• Implement and complete KYC requirements for counterparties – this includes both inbound and outbound KYC requirements.
• Continuously improve processes with the intention of adding value to the Department while introducing practices that are fit for purpose in line with business strategy.
• Liaise with other Divisions and external parties on policy and operational forex reserves management issues.
• Work as part of the senior leadership of the Financial Markets Department to deliver on key initiatives as may be required from time to time.
• Mentor, coach, provide support to assigned teams to achieve high productivity and objectives for the section.
• Oversee staff training, capacity building, succession planning in the section for staff development and business continuity.
• Any other assigned duties and responsibilities.

Qualifications

• Bachelor’s Degree in Accounting, Business, Finance, Economics or Banking or similar field from a recognized institution.
• Master’s degree in Accounting, Business, Finance, Economics or Banking or similar field or Professional qualification in relevant field study is an added advantage.

Work Experience

• At least twelve (12) years’ work experience in a relevant field; three (3) of which should be in a managerial position.
• At least two (2) years leading and driving Treasury Management (in a reputable Bank), Financial Institution, Investment and Fund Management or any other related field.
• International working experience in Financial Markets Institutions or multi-layered think tanks.
• High level networking at national, regional, and global levels.
• Experience in managing a professional team of Senior Financial and Market analysts.
• Demonstrated capacity in strategic and analytical thinking, sound policy judgement in areas of Financial and Capital Markets as well as debt issues.