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Sonali Bank: Case Study

THE CLIENT

Sonali Bank (UK) Limited was established in 2001 to provide banking services to members of the Bangladeshi Community. It is the UK’s only Bangladeshi Bank authorised by the PRA; services offered include current accounts, trade finance and remittance.

THE CHALLENGE

New Street was retained by Sonali Bank to deliver a Chief Risk Officer in a newly created Board role. The CRO is responsible for oversight of all aspects of risk and is also accountable for the general operations and support processes of the Bank within a legal and regulatory regime.
The remit includes oversight of the Bank’s risk appetite in addition to reporting, monitoring and managing the overall risk profile. The CRO is an Executive member of the Board.

THE SOLUTION

After creating a detailed target candidate profile and attraction document and gaining approval from the client, our in-house research function designed a specific search strategy in order to identify and engage target candidates within the desired organisations. Through a process of identification, engagement and assessment using our search methodology we were able to interview and assess a long list of seven candidates and present a shortlist of four candidates to the client with our recommendation.

THE RESULT

Following a multi-stage interview process with the CEO, CFO and Chairman a Chief Risk Officer was appointed. The new CRO has the required technical, regulatory and executive leadership skills to deliver the mandate and enable the organisation to enhance their relationship with the Regulator whilst driving business critical improvements to the Risk function.

 

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