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David Shepherd
Bridgetown
Summary
Accomplished C-Suite leader with a proven track record in enhancing risk management frameworks, corporate governance and building high performing teams towards creating enduring value for stakeholders. Transformational, strategic, analytical, and proactive leader with over 20 years of experience, of which 15 years has been in risk management, with over 14 years in senior leadership positions. Uniquely diversified in the areas of strategic planning, enterprise risk management (ERM), finance & accounting, regulation, and auditing. Achieved significant reductions in risk deficiencies and operational losses; improved companies' enterprise risk profiles over time; and led companies ably through crises ensuring adequate capital and liquidity levels were maintained based on the risk profile.
Overview
21
21
years of professional experience
2
2
Certification
Work History
Risk and Finance Consultant
Self-employed
08.2021 - Current
- Developed and recommended enterprise risk management frameworks, risk appetite and tolerance limits; and risk policies for adoption and implementation which resulted in improving the risk/reward relationship profiles of entities within 3 to 6 months.
- Developed and implemented risk management frameworks that improved risk identification, measurement, and reporting efficiency by 75%.
- Conducted thorough residual risk assessments, ranked risks, and developed risk responses adequate to mitigate risk to acceptable levels, leading to moderate risk profiles.
- Improved corporate governance and internal control operating effectiveness by reducing deficiencies by 30% through appropriate risk responses.
- Trained and mentored client staff, fostering a culture of continuous improvement in the areas of conducting risk assessments, risk reporting and internal control evaluations, thus building capacity for the medium to long term.
- Advised on suitability of information systems and provided recommendations which led to an enhanced security posture and internal control environment.
Chief Risk Officer
Sagicor Bank Barbados Limited
06.2022 - 09.2023
- Developed, led, and implemented the ERM framework, risk policies, risk limits and risk appetite.
- Oversaw the development and implementation of risk appetite and provided leadership resulting in the Bank being onside 90% of its tolerance levels.
- Provided proactive leadership and oversight over the credit risk portfolio, ensured credit exposures were approved within policy provisions, which led to a moderate credit risk quality.
- Implemented prudent lending policies which yielded a moderate credit risk portfolio and low expected credit losses, approx. 0.8% of the loan book as compared to industry averages of 2.3%.
- Championed the oversight of financial and non-financial risks; which led to monitoring for early warning or emerging risk matters and realigning the strategy as necessary.
- Developed and implemented the Liquidity Risk Policy, established risk limits, and monitored for compliance to internal established limits and regulatory guidance, with zero (0) breaches observed.
- Spearheaded the implementation of the bank’s operational risk framework leading to enhanced monitoring of internal controls and financial losses within 1% - 2% of revenue i.e. risk appetite tolerance.
- Established a regulatory compliance framework and implemented systems that (a) achieved timely 100% compliance to laws, regulations, guidelines, and best practices; (b) facilitated timely reporting on compliance to internal and external stakeholders; and (c) resulted in compliance risks being within acceptable risk tolerances.
- Fostered a culture of risk awareness, training, and collaboration across departments which led to the proactive implementation of (a) the risk and control self-assessment process; (b) loss event management and (c) deficiency management and remediation.
- Coordinated the development and execution of the crisis management and business continuity plans during natural disasters or other events resulting in adequate risk responses completed within agreed SLAs with minimal impact.
- Collaborated with the Chief Information Security Officer and conducted a cyber-risk security assessment. Attested to the findings of the ISO27001 and SOC 2 information technology security audits that led to the bank’s 100% compliance and implementation of a robust security environment.
Director Risk Reporting & Analytics
CIBC Caribbean
03.2017 - 07.2021
- Led risk reporting of US$9Billion credit portfolio providing insightful analytics on risk performance which resulted in focused risk-growth strategies in specified product types and sectors thus contributing to enhanced loan growth and revenues of 4% and 5% respectively.
- Supported the review of credit assessments to ensure (i) common group exposures are in-line with limits; (ii) risk rating is aligned to common group where there is dependency on cash-flows; (iii) sector concentration compliance at portfolio level; (iv) risk ratings are up to date and reflective of any forward-looking indicators.
- Improved recovery rates of significant exposures at High-Risk Committee meetings, moving recovery rates from 31% to 42%; and proposed restructuring options to cure credits.
- Directed and coordinated the enterprise-wide stress testing program (including scenario analysis) along with the Internal Capital Adequacy Assessment process “ICAAP” ensuring adequate stressed capital buffers (50% – 75% above regulatory limit) and action plans based on various risk scenarios (Basel considerations) were in place.
- Spearheaded the development and implementation of compliant IFRS 9 credit loss provisioning as determined from independent model validation assessment (e.g. Probability of Default “PD”; Loss Given Default “LGD”; Exposure at Default “EAD”) and ensured integrity and reasonableness in the estimation of losses thus promoting financial stability.
- Led team responsible for estimation of credit losses, and have a proven track record of working closely with external auditors which resulted in clean audits and no material management letter points.
- Coordinated and spearheaded the Change Initiative Risk Assessment Process for the early adoption of IFRS 9 in 2017 and other risk management projects which resulted in an evaluation of all inherent risk implications with appropriate risk responses put in place before implementation / go live.
- Fostered a culture of risk awareness, training, and collaboration across departments which led to a 60% increase in proactive self-identification of deficiencies along with effective and efficient risk mitigation strategies timely implemented, thus improving the operational risk and overall risk profile of the Bank.
- Maintained a satisfactory internal control environment within department based on self-identified reviews, internal audits, external audits, and regulatory examinations.
- Cultivated a positive work environment that fostered employee engagement, increased retention rates, and boosted overall team morale.
- Reorganized and transformed the organizational structure of the department, increased team complement by 30%, built team capacity over time, which led to a reduction of reliance from CIBC by 100% and improved quality in work.
Deputy Chief Executive Officer (ag)
Financial Services Commission of Barbados
12.2016 - 02.2017
- Led the macro-prudential and supported the micro-prudential oversight of the non-bank financial sectors in Barbados, resulting in implementation of measures to support greater resiliency at an entity-level and macro-economic level.
- Collaborated with other senior leaders and acted as a champion for change thus improving the overall regulatory framework.
- Worked collaboratively with the industry to advocate for change to support ease of business facilitation and supported the implementation of guides aimed at adapting to technological advances.
Director Risk Analytics
Financial Services Commission of Barbados
06.2012 - 11.2016
- Championed the money laundering / terrorist financing “ML/TF” Risk Assessment process for the non-bank financial sector by reviewing compliance of ML/TF to legislation, guidelines, registrant’s policy/programs; with an improvement in risk management practices of 35% seen over a two-year period through follow-up reviews.
- Maintained engagement with registrants and served as a senior point of contact for all regulatory matters thus establishing strong credible and collaborative relationships.
- Acted as a champion for change by implementing examination risk-focused procedures which was a major shift away from the compliance check-box regime. Led to 90% coverage of registrants’ evaluation of risk management practices which resulted in improved (a) corporate governance, (b) risk resiliency and (c) entities risk profiles.
- Mentored team members as part of succession planning which led to internal promotions up to senior leadership positions.
- Kept abreast of all global, regional and local regulatory developments from international associations and for higher risk emerging matters ensured timely adoption by registrants through (a) legislation or guideline and/or (b) best practice.
Chief Internal Auditor
Barbados Public Workers' Co-operative Credit Union
01.2010 - 03.2012
- Improved the internal control framework through regular testing of financial and operational controls and reduced operational losses by 37%.
- Coordinated the conduct and review of possible fraudulent incidents and recommended improvements in internal control processes and governance which led to 80% reduction in incidents within 12 months and a moderately rated operational risk profile within 18 months.
- On a special project, advised on the acquisition of a company, performed due diligence work which led to the acquisition; prepared opening consolidated balance sheet; and assessed goodwill.
Education
Bachelor of Science - Accounting
University of West Indies
Cavehill Campus, Barbados06.2003
Skills
- Enterprise Risk Management
- Financial Risk Management
- Credit Risk Management
- Regulatory Compliance
- COSO
- FATF Standards
- Microsoft Office
- Tableau
- Crisis Management
- Strategic Leadership
- Stakeholder Engagement
- Collaborative
- Integrity
- Empathy
Affiliations
- Association of Certified Anti-Money Laundering Specialist "ACAMS"
- Association of Chartered Certified Accountants "ACCA"
- Institute of Chartered Accountants of Barbados "ICAB"
Certification
- [Certified Anti-money Laundering Specialist] [Association of Certified Anti-money Laundering Specialist] [2016 June]
- [FCCA] [Association of Chartered Certified Accountants] [2005 February]. Qualified 18 months of enrolment.
References
Mr. Rawdon Adams
Chairman of Risk & Compliance Committee
Sagicor Bank Barbados Limited
Email: rawdon@caribbeanstrategicadvisers.com
Mr. Patrick McKenna
Chief Risk Officer
CIBC Caribbean
Email: patrick.mckenna@cibcfcib.com
Mr. Warrick Ward
Chief Executive Officer
Financial Services Commission of Barbados
Email: wward@fsc.gov.bb
Software
Microsoft Excel
Microsoft Powerpoint
Tableau
E-Views
Interests
Thought leader in risk management
Languages
English
Advanced (C1)
Work Availability
monday
tuesday
wednesday
thursday
friday
saturday
sunday
morning
afternoon
evening
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Quote
The way to get started is to quit talking and begin doing.
Walt Disney
Timeline
Chief Risk Officer
Sagicor Bank Barbados Limited
06.2022 - 09.2023
Risk and Finance Consultant
Self-employed
08.2021 - Current
Director Risk Reporting & Analytics
CIBC Caribbean
03.2017 - 07.2021
Deputy Chief Executive Officer (ag)
Financial Services Commission of Barbados
12.2016 - 02.2017
Director Risk Analytics
Financial Services Commission of Barbados
06.2012 - 11.2016
Chief Internal Auditor
Barbados Public Workers' Co-operative Credit Union
01.2010 - 03.2012
Bachelor of Science - Accounting
University of West Indies
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