Reliance Bank believes that the way we choose to bank can mirror the way we choose to live – by putting ethical business and people before profit, it gives money meaning.

That’s why Reliance prioritises its business lending to organisations delivering positive social impact and is proud to be the bank owned by the Salvation Army, having started ethical banking back in 1890. The Salvation Army is a significant customer and receives a proportion of the profits.

The Bank provides loans and day-to-day banking services for charity and SME clients domiciled in the UK, as well as savings accounts and residential mortgages to personal customers. All lending is secured on property apart from a small portfolio of personal loans and overdrafts in run-off.

In the financial year 2022/3, Reliance Bank reached £119m of lending, launched its new internet banking proposition and increased its headcount to 50. The Bank is proud of its personal service levels with a dedicated multi-skilled customer services centre, which has achieved recognition in the Charity Finance Banking Survey every year since 2020. The bank is regulated by the PRA and FCA.

More details on the Bank's performance and most recent accounts are here.

The new Non-Executive Director will be a member of the Bank’s Board, which is collectively responsible for setting the strategic aims of the Bank, ensuring that the financial and human resources are in place to meet its objectives, reviewing the performance of the Executive team against the strategic plan, and determining the framework to ensure risk is accurately assessed and measured. They will also become the Chair of the Conduct Risk & Compliance Committee and will also be a member of the Audit Committee.

Non-Executive Directors who are not Chairs of sub-committees are Certified under the SMCR regime and registered with the PRA and FCA as ‘notified NEDs’. Committee Chairs are subjected to a higher standard of scrutiny by the regulators and the Bank will apply for a Senior Management Function (SMF) approval. Where the successful candidate is not already a SMF10 holder, this may involve an interview with the PRA but the process is fully supported by the Bank, including regulatory interview preparation as required.

Specific responsibilities of the Risk Committee Chair are to:

• Ensure that the Committee maintains high standards of corporate governance and works within its terms of reference as approved by the Bank’s Board
• Collaborate with the Chair of the Board, Chair of Audit Committee and the Executive Directors to agree the Committee’s agenda and ensures that adequate time is set aside for discussion of all agenda items
• Set the style and tone of meetings to promote a culture of openness and beneficial debate, facilitating the effective contribution of all committee members and attendees
• Review meeting minutes after Committee meetings prior to circulation for approval
• Oversee the design and operation of the Bank’s Risk Management Framework and Conduct and Compliance activities including embedding plans for Consumer Duty and Operational Resilience
• Ensure that credit risk management and monitoring is effective - the Committee approves lending proposals in excess of management limits and monitors treasury credit risk
• Hold separate meetings with the Chief Risk Officer and external specialist providers of risk management services (e.g. cyber crime), to seek reassurance of the independent nature of the work undertaken and on any other matter, regardless of the level of concern
• Report to the Board on behalf of the Committee summarising issues detailed in meeting minutes and drawing Board members’ attention to key issues and events raised and discussed in the Committee meetings
• Recommend for Board approval the risk management framework, key risk management policies, 2LOD monitoring plans, ICAAP, ILAAP, Recovery Plan and other regulatory documents reviewed by the Committee
• Contribute to the discussions on any changes (appointment and removal) of the CRO SMF4, MLRO SMF17 and Head of Compliance SMF16
• Work closely with the Chair of Audit Committee to ensure sufficient co-ordination between the Internal and External Auditors and the 2LOD risk function

Due to an upcoming retirement, Reliance Bank is seeking a Non-Executive Director to chair the Board's Conduct Risk & Compliance Committee. Candidates will bring current or recent financial services experience, with knowledge of the current regulatory environment and a strong understanding of risk management.

While applicants may come from across the financial services sector, some previous exposure to banking would be useful. Their knowledge of risk management could have come through a functional role (e.g. as a Chief Risk Officer) or through broader general management positions whose remit includes risk oversight; an understanding of a broad range of risk types, including operational and credit, would be particularly welcome.

While previous experience working with charities or purpose-led organisations is not needed, it is important that the new Non-Executive Director is aligned to Reliance Bank's mission as an ethical bank. The successful candidate will therefore demonstrate a commitment to the Bank's ethos, an appreciation of how this influences wider strategy, and an understanding of how to balance this effectively with success in competitive markets. While mindful of its Christian owner in The Salvation Army, the Bank is open to those of all faiths and none who are sympathetic with these values.

Applicants do not need to have been a Non-Executive Director before, but should have good knowledge about the role of governance and non-executive responsibilities, for example from regular attendance at Board Risk Committees. They also do not need to have held previous regulatory approved positions, but should be familiar with the Senior Manager & Certification Regime (SMCR), understand how this applies to them, and know of no reason why they would not be approved.

This role is unremunerated, but reasonable, pre-agreed travel expenses will be reimbursed. The appointment is initially for a three-year term.

The Board meets six times per year, in London, and this particular NED will chair at least four BCRC meetings a year as well as attending the Audit Committee meetings, all of which may be held via Teams. Beyond this, there is a one-off induction day, an AGM and Board strategy day, with the need to commit sufficient time to understand the prevailing issues contributing effectively to any Board or Committee discussion.

You can find out more about the current Executive Directors and Non-Executive Directors here.

This organisation is based in London and meetings will take place in person or virtually. Candidates will therefore be UK-based.