Chief Officer Financial Control and Risk in Central Bank of Malta Valletta, Malta

Website Central Bank of Malta

This job listing is about Central Bank of Malta in Valletta, Malta 2022 exclusively on


The role of Chief Officer: Financial Control and Risk is focused on two critical functions at the Bank: (i) Financial Control and (ii) Risk Management. More specifically, these roles entail full responsibility and oversight of the Finance Department encompassing the Bank’s accounting and financial reporting function, and the Risk Management Department encompassing operational and financial risk management.

In addition, this role is a member of the Bank’s Executive Committee, the Investments Policy Committee, the Risk Committee and the Financial Stability Committee.

The role primarily reports to the Deputy Governor Financial Stability of the Central Bank. This is a senior management position, and the incumbent is expected to be flexible and to contribute his/her time according to work exigencies. The incumbent will also be expected to represent the Bank in local and overseas fora and in this respect he/she must be willing to travel abroad.

The position is for a fixed-term contract of three years which may be renewed.

Upon termination of appointment the incumbent would need to seek a no objection from the Board of Directors to take up employment, contract of service, or appointment with a licensed credit or financial institution or a commercial entity directly related to the Bank in any period of six months after the termination of employment, resignation or retirement from the Bank.


The requirements listed are representative of the knowledge, skills and experience required for the successful performance of the job:

Experience and Qualifications:

• Proven experience in managing teams and projects requiring senior management responsibility.

• An outstanding track record of achievement, demonstrated through tangible results.

• Ability in leading and motivating employees to accomplish the responsibilities that are required of this role.

• Strong business orientation in achieving the Bank’s strategic objectives.

• Comprehensive knowledge of international accounting and risk management standards.

• Advanced command of English with proven professional drafting ability.

• An academic or professional qualification from a reputable learning institution/university in Accounting at MQF Level 7 or higher together with 8 years experience in the field of finance and accounting at senior management level, preferably in a central bank.

Consideration will be given to candidates who have a postgraduate degree at MQF Level 7 together with 8 years experience in the field of risk management at senior management level, preferably in a central bank.

• Skills:

• Ability to provide senior level advice, insight and analysis to the Governors.

• Strong leadership skills with an enterprise-wide orientation and ability to identify the overarching issues, opportunities and threats for the Bank, thus ensuring a collaborative environment.

• Quick in comprehension with the ability to give the right advice on emerging issues.

• The ability to communicate with and understand the needs of stakeholders, business partners, and

Bank staff.

• Ability to collaborate with peers in the European System of Central Banks (ESCB) and develop overarching strategies and policies for the Bank.

• Upholds a service-oriented attitude supported by strong business negotiation and ability to gain trust and convince on the merits of a recommended line of action.

• Strong principles and methods of planning, management, organization and analysis.

• Strong organisational skills to manage staff, information and resources, as well as coordinate concurrent initiatives with a view to managing costs and risk.

• Strategic as well as pragmatic.

• The ability to deliver motivating and quality presentations as required to senior management of the Bank and other fora including foreign-related seminars


1. Develop a set of strategic objectives for the Division that links to the Bank’s overarching strategic direction and that is supported with a plan of action for accomplishing these stated objectives.

2. Be an active and constructive contributor to the Bank’s Executive Committee, the Investments Policy Committee, the Risk Committee and the Financial Stability Committee, taking a genuine interest in strategic issues across the Bank and contributing work content, expertise and knowledge sharing to the process.

3. Be responsible for the timely publication of annual and interim financial statements of the Bank prepared in accordance with the accounting and financial reporting provisions established by the Governing Council of the European Central Banks (ECB) and in accordance with the Central Bank of Malta Cap204 (the Act).

(i) To ensure that the Bank’s ESCB and statutory accounting and financial reporting obligations are met timely and accurately.

(ii) To ensure that daily financial statements within the parameters and deadlines set are submitted to the ECB.

(iii) To ensure that monetary income calculations as compiled by the ECB are thoroughly checked and verified correct.

(iv) To ensure that adequate data information regarding the Bank’s participation interest in the ECB and related reporting requirements are correctly kept and maintained.

4. Be responsible for the finalisation of the annual financial statements and the relevant disclosures for approval by the Bank’s Board of Directors (the Board) within the deadlines of the Act.

(i) To ensure that the annual financial statements give a true and fair view of the state of affairs of the Bank as at the financial year end and the net profit for the year.

(ii) To ensure that the financial statements are compiled in accordance with the related ECB Accounting Guideline, in accordance with the requirements of the CBM Act Cap. 204 and, where applicable, in accordance with the IFRSs as adopted by the EU.

(iii) To ensure that the financial statements are submitted to the ECB within externally established deadlines (usually by the end of February).

(iv) To ensure that the financial statements and the relevant disclosures are submitted for approval by the Bank’s Board of Directors, before being forwarded to the Minister responsible for Finance by the end of March following the end of the financial year.

5. Be responsible for management information and reporting.

(i) To ensure that timely, accurate and complete management accounts are compiled and submitted to the Bank’s Board of Directors.

(ii) To ensure that timely, accurate and complete financial reporting analyses are compiled and submitted to various internal committees / offices / government agencies including the IPC, the LIM, the Bank’s Statistics Department, the NSO, etc.

(iii) To ensure that proper reconciliations are carried out in a timely and economical way to safeguard the Bank’s financial assets and that appropriate follow-up control measures are in place.

6. Be responsible for the Budget compilation and financial forecasts for presentation to the Board of Directors. This includes analysing the Bank’s operating results in terms of performance against budget, reporting variances and implementing corrective measures, where necessary.

(i) To ensure that an adequate proper budgetary process is in place complemented with timely reporting and follow up action.

(ii) To ensure that the annual budget and any revised budget provide the best possible estimate of the Bank’s income, expenditure and the resultant net profit.

(iii) To support a budgetary discipline at top, middle management and especially at office levels.

7. To support Business Development.

(i) To ensure that the chart of accounts is adequately managed and maintained to address the Bank’s evolving needs.

(ii) To ensure that control measures on the automated processes generated by the accounting system are in place to ensure correctness of data.

(iii) to ensure that new business needs are met effectively and efficiently

8. Be responsible to oversee the financial and operational risk management for the Bank. This includes:

(i) To ensure that the responsibilities of Financial Risk Management Office (FRMO) are carried out in a timely and efficient manner.

(ii) To improve collaboration between Financial Risk Management Office and Investments Department.

(iii) Increase awareness on operational risks.

(iv) Increase the scope and quality of Operational Risk Management.

(v) Review and improve Management of Crisis Situations

(vi) Be jointly responsible with the Chief Officer Financial Markets in the compilation of the yearly Bank’s Strategic Asset Allocation (SAA) for the Board of Directors’ approval.

9. Review periodically Information Security Standards in line with ISO Standards 27002 and the ESCB, identify policies to be prepared by the Information Systems Security Officer (ISSO) and communicate the information to staff members.

10. Provide strategic recommendations to the Governors and members of the executive committee.

11. To assume the role of Chief Risk Officer of the Bank.

12. To perform any other duties which may be assigned from time to time.

Company: Central Bank of Malta

Vacancy Type: Full Time 

Job Location:  Valletta, Malta

Application Deadline: N/A

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