APPOINTMENT OF CHAIR June 2021 - Global Open Finance Centre of Excellence: Chair - Saxton Bampfylde
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Global Open Finance Centre of Excellence: Chair APPOINTMENT OF CHAIR June 2021
Global Open Finance Centre of Excellence: Chair
CONTENTS
1. Introduction
2. About the Centre
3. The role
4. The person
5. Terms of Appointment
6. How to apply
“We improve
people’s lives by
safely unlocking the
potential of financial
data to enable
research, innovation
and talent
development in FS
and FinTech.”
Global Open Finance Centre of Excellence: Chair
Global Open Finance Centre of Excellence: Chair Welcome! Thank you for showing interest in taking up this vital post at the Global Open Finance Centre of Excellence. The University of Edinburgh is excited to be a partner in this new Centre to unlock financial data for research, innovation, skills development and to help drive the successful adoption of Open Finance globally. The opportunities are vast, exciting and largely untapped. The Covid pandemic has highlighted the importance of near real-time economic analysis to support Government policy, and the post pandemic economic recovery will need Financial Services and FinTech to remain a strong part of our economy as highlighted by the recent Kalifa review. We are committed to working with the successful candidate to build on the strong foundations already in place to deliver the mission and ground-breaking societal and economic impacts including addressing the Poverty Premium and improving financial inclusion amongst young people, women and disadvantaged communities. This appointment is timely and important as the Centre evolves from being hosted as a start-up within the University to spinning-out into a Not for Profit company. The Centre is vital to us not just for the normal reasons you might expect of a leading research-intensive university – enabling exemplary research and enabling acquisition of new skills in the workforce - important though those factors are. It goes further than that to the global mission and impacts the Centre can deliver, and our role as a global University to help make that happen. The Centre is seeking someone who can create a highly interdisciplinary and skilled team capable of working across many different areas of social, economic and environmental challenges and engaging with industry, government, regulators, charities and academics in the process. We believe the intersections of finance with health and the environment will deliver significant challenges in the next decade, with data driven innovation being the key to unlocking this. The University is a strong partner offering support from a range of major data-related research institutes, for example offering opportunities for collaborative working with machine learning and Artificial Intelligence (AI) technologists as well as sciences relating to the environment and sustainability, business, law, policy, the social sciences and health. Similarly, we can offer analysis and commentary on contemporary issues relating to data, AI and ethics which will be important to build public trust in Open Finance and beyond, as this evolves to Smart Data. We believe the Centre can play an active role in the development of new national and global ethical and regulatory frameworks for the future of AI in Open Finance. Work to address these challenges is already underway and many foundation stones are in place – cornerstone funding, an initial set of market propositions, financial data supply, safe & secure data infrastructure, and relationships with Financial Services, FinTechs, government and charities. Your role will be to build on these foundations to take the Centre to the next level of delivering on its mission and secure financial sustainability. You will contribute to the strategic direction, ensuring strong governance, management and market focus. If these challenges motivate you, if you have ideas and experience to bring to the table, and if you would relish engaging with stakeholders including businesses, entrepreneurs, consumers, governments and regulatory experts, as well as working with my academic colleagues, on these agendas, we want to talk with you. We’re not expecting any one person to address these issues alone; you would be joining a multidisciplinary team in the Centre and the wider academic community with strong expertise and passion for helping the world tackle these challenges and deliver practicable solutions. The Centre will be located in the Edinburgh Futures Institute which will be a stunning and invigorating environment in which to lead this work to make a difference in the world. I hope that we will have the opportunity to share thinking and ideas with you. Peter Mathieson Principal and Vice-Chancellor, University of Edinburgh
Global Open Finance Centre of Excellence: Chair ABOUT THE CENTRE Our mission is to improve people’s lives by safely unlocking the potential of financial data The Global Open Finance Centre of Excellence (GOFCoE) is a collaboration between the University of Edinburgh, Financial Data and Technology Association (FDATA) and FinTech Scotland to build a data innovation environment serving public, private and third sectors. Currently hosted by the University of Edinburgh, the Centre is in the process of becoming an independent not for profit entity. GOFCoE aims to unlock financial data to develop and deliver world-class research, innovation and education that will enhance financial services and deliver social and economic benefits. It will provide a trusted environment to address pressing societal challenges and research around Open Finance, working to build innovation in financial markets in the interest of consumers and deliver long-term research insights into public earning, spending and saving. GOFCoE provides leadership, coordination, research, and capability to develop the benefits of Open Finance and to help safely unlock the potential of appropriate consumer financial data as a force to improve lives. Through its close collaboration between the University of Edinburgh, FDATA and Fintech Scotland, the Centre will provide the foundation for projects operating at local, national and global levels, focusing on areas of the market that can only be really solved through collaboration. Whilst the medium-term ambition of the Centre is to operate internationally, in its start-up phase it will build upon expertise from across Scotland’s universities, financial services and financial technology sectors. It will establish responsible and ethical research & innovation capabilities, train new talent to expand the sector, and build local, national and international partnerships. GOFCoE also helps businesses, universities, public bodies, and charities to share data safely. The facilities and services provided by the centre help partners work together on projects while keeping data safe and
Global Open Finance Centre of Excellence: Chair
protecting their privacy. By creating a safe haven, the Centre enables financial services companies and their
customers the confidence to share data securely.
The Centre will deliver on its goals, through its work on six key areas:
• An Open Finance Innovation environment that will enable faster, richer, and more collaborative
innovation cycles to unlock the power of open finance and open data at an accelerated pace.
• A Global Economic Observatory, powered by The University of Edinburgh Financial Data Safe Haven,
that allows for the longitudinal study of how people spend, save, and earn their money and creates
collaborative space for deep exploration of economic and societal trends. The observatory has
already helped the UK government to study financial behaviour during the coronavirus pandemic,
informing UK policy development.
• A Technical Standards capability that encourages global collaboration and advancement of standards
in API security, digital identity, and other technical infrastructure.
• A Customer Data Protection Research Unit that explores how to better protect consumers from harm
and advances the removal of algorithmic bias to ensure the benefits of open finance are available to
all.
• An Economic Crime Research Unit that encourages international collaboration to identify and fight
economic crimes such as fraud, identity theft and money laundering through large-scale data pattern
recognition.
• Designing and enabling a series of Talent Programmes that enable the skills needed to help UK
Fintech and Financial Services advance innovation in Open Finance.
Global Open Finance Centre of Excellence: Chair
Finances and Staff
The Centre has received £22.5m in funding
from the Strength in Places fund (SIPF) to
develop and grow over the next 5 years,
FDATA is a not for profit global association for financial services companies
building on the early seed funding it received operating in Open Banking and Open Finance.
from the Data Driven Innovation programme
and the City Region Deal. Its mission is to open up the worldwide financial sector to allow every
customer to leverage the benefits of financial data and technology and, to
GOFCoE’s team brings together experts ensure that financial services are delivered in a fair, ethical, compliant, and
robustly competitive landscape.
from a variety of fields, including financial
services, fintech, consultancy, and In leading the campaign for Open Finance, FDATA advocates for the end
academia with a high level of consumer’s absolute choice to select their service provider and in doing so,
entrepreneurialism, academic excellence advocates on behalf of its members as it works with government, policy
and commercial ability. makers, and regulators to implement best practices to promote healthy
competition.
Currently an Executive Steering Group
FDATA’s members are committed to improving the speed, security, and
comprised of representatives from the
scale of service. From technical standardisation to access to data, to fair
University of Edinburgh, FDATA and Fintech processes that encourage innovation and customer choice, FDATA is
Scotland, along with other external committed to promoting customer-centric regulation built on fair and ethical
stakeholders provide external governance Open Finance for both the consumer and those organisations delivering
for the interim Management team. financial services.
Kevin Collins is currently the interim CEO
and will step back to The University of
Edinburgh upon the appointment of his
successor, expected in Q3 2021. Centre
currently has 35 core staff and 15 seconded FinTech Scotland is an independent not for profit body established by the
staff from its partner organisations. financial services sector, universities and Scottish Government to ensure
that Scotland seizes the FinTech opportunities and achieves positive
The current strategic plan will see the economic and social outcomes by encouraging financial innovation,
Centre develop from its current complement collaboration and inclusion as part of the country’s broader digital economy
to a permanent full time team and a target objectives. The organisation acts as a strategic enabler and cluster
for a £13 million annual turnover by 2025. management body focused on leveraging the potential economic (i.e.
The ambition is for the Centre to be productivity, business creation, employment) and social (i.e. financial
inclusion, well-being and accessibility) benefits arising from becoming a
financially sustainable through a mix of
leading global centre focused on FinTech innovation.
different private and public sector funding
purposes. FinTech Scotland’s objectives are to develop an innovative community of
FinTech firms, generate impactful collaborations between firms of all sizes
and foster an inclusive cluster which is globally recognised.
In January 2020, FinTech Scotland was formally recognised for the
development for the FinTech cluster in Scotland and accredited with the
bronze label for Cluster Management Excellence by the European
Secretariat for Cluster Analysis.
FinTech Scotland was initially founded in January 2018 as a joint initiative
by Lloyds Banking Group, HSBC, University of Edinburgh, Scottish
Government and Scottish Enterprise. The organisation is now supported by
a broad range of global financial services, technology and professional
services firms as well as The University of Edinburgh and University of
Strathclyde, the Financial Conduct Authority, Scottish Government and
Scottish Enterprise.
Global Open Finance Centre of Excellence: Chair
Early Successes
Infrastructure Social Impact Research
• Physical and virtual workplace • Building coalition and
• Edinburgh Parallel Computing programme design around
Centre (EPCC) data haven Poverty Premium
• Built robust set of data • Innovative research in Saving
ingestion and governance and Ageing
controls • Unlocking new projects at
• Built new organisation during intersection of Finance/Health
lockdown
• Commercial orientation to
match this funding and become
self-sustaining
Finance / Climate GEO MVP
• Exploring user-cases beyond • GOFCoE have delivered an
financial data economics insights dashboard
• Delivered project with to GOV.UK
Icebreaker One, University • Covid-19 insights to tackle
College Dublin (UCD), United issues around policy
Nations Environment interventions supporting
Programme (UNEP) economic recovery
• Support cities, regions and • Delivered citizen-focused
countries to recover from insights, now addressing
Covid-19 and Build Back Better SME’s
Global Open Finance Centre of Excellence: Chair
THE ROLE
Job Purpose
The Chair of the Board will provide independent leadership of the Board, working closely with the Chief
Executive Officer (CEO), Board members and key stakeholders. The Chair of the Board will help provide
strategic direction to the GOFCoE executive committee as it transitions to a new, not for profit entity, ensuring
rigorous governance is implemented. Working with the CEO, the Chair of the Board will drive the delivery of
the GOFCoE mission through a robust understanding of the business, calling on a broad and diverse external
network to support strategic fundraising.
Main responsibilities
Establishment of the GOFCoE Board of Directors
• Responsibility for the Board terms of reference and annual review of effectiveness of the
Board.
• Appointment and succession planning for the role of Chief Executive Officer.
• Appointment of Board members, including non executive, ensuring an appropriate mix of
skills and experience (including data, financial services, risk, audit and ethics).
• Responsibility for setting the ongoing agenda for the Board in collaboration with the CEO.
Global Open Finance Centre of Excellence: Chair
Leadership and Direction
• Provide independent, neutral leadership and strategic support to the CEO and Board.
• Plan, preside over, and facilitate board and key committee meetings; partnering with the
CEO to ensure that board resolutions are carried out.
• Ability to manage complex relationships across a variety of internal and external
stakeholders pre-empting potential issues to build consensus and strategic direction.
Implementation of Corporate Governance
• Ensure that the boards statutory duties and responsibilities are carried out.
• Ensure compliance with the legal responsibility of University of Edinburgh, Funders and
partners.
• Planning, presiding over, and facilitating board and committee meetings and provide
oversight to ensure successful implementation and ongoing management of corporate
governance.
• Ensuring clear decision making of the Board including governance and record keeping.
• Review and sign off of CEO and Executive pay and remuneration on an annual basis.
• Responsible for the Conflicts of Interest and Whistleblowing Policies.
Ensuring strategy is established and delivered
• Support the CEO through strategy development and effective implementation.
• Hold board members to account to ensure GOFCoE’s ongoing performance and
sustainability.
• Assess impact reports and metrics to evaluate GOFCoE’s performance and sustainability
against the strategic plan.
• Review the overall direction of GOFCoE and advise the CEO and Executive team on
priorities and strategic direction based on the changing political, policy or economic
landscape.
External Stakeholder engagement
• Develop and manage external relationships with stakeholders to further the GOFCoE
mission and help to identify further new sources of funding.
• Manage the relationship with external partners and stakeholders as required.
Equality Diversity and Inclusion
• Create an inclusive boardroom environment that fully harnesses the benefits of a diverse
Board and encourages all Board members to contribute and constructively challenge
assumptions and perspectives.
• Ensure that the Board itself is diverse through creative efforts to build the Board candidate
pipeline; and eliminating bias from the ideal Board member profile.
• Set the Equality, Diversity and Inclusion tone across the organization by keeping it on the
Board agenda, asking the right questions and monitoring the relevant data.Global Open Finance Centre of Excellence: Chair
Global Open Finance Centre of Excellence: Chair
THE PERSON
Candidates invited to interview will need to evidence that they meet the following essential criteria:
Skills and Experience
The successful candidate will have achieved leadership stature in data services, financial services, fintech,
Government and/or academia.
Ideal candidates will have the following experience and knowledge:
• Extensive professional experience and success as a board member and/or board chair with
significant executive leadership including corporate governance.
• Experience of advising on and setting up appropriate governance frameworks.
• Track record of engagement with industry, Government and/or academia.
• Ability to cultivate relationships and convene, facilitate, influence and build consensus among diverse
individuals.
• Excellent communication and networking skills with the ability to build trust and credibility at all levels.
• Existing strong network in Data Services, Financial services, Fintech, Government and regulators
and/or academic communities, at a national or ideally, international level.
• Personal qualities of integrity, credibility, and a passion for improving lives through innovation.
Personal Attributes
Ideal candidates will also have the following personal attributes:
• The energy, drive and commitment to develop and lead the Centre’s Board to fulfil its ambitious
strategy, with the ability to dedicate sufficient time to fulfil this role.
• A commitment to open finance and its capacity to improve people’s lives.
• Excellent communication skills, both written and oral and an affinity and enthusiasm for public
speaking.
• Personal qualities of integrity, credibility, independent judgement and a passion for improving lives
through innovation.
• The ability to build connections, influence and persuade a range of internal and external stakeholders
including University leadership and academic staff.
Dimensions
• It is expected that this role will require greater commitment in the setup stage and we would welcome
the opportunity to discuss the initial and ongoing time commitment with appropriate candidates.
• The Chair of the board will be contracted for a two-year initial term.
Additional Information
• Further additional information is available to potential candidates on the GOFCoE website
www.globalopenfinance.comGlobal Open Finance Centre of Excellence: Chair
Global Open Finance Centre of Excellence: Chair TERMS OF APPOINTMENT Time Commitment: At least one day a week. Term: The Chair of the board will be contracted for a two-year initial term. HOW TO APPLY Saxton Bampfylde Ltd is acting as an employment agency advisor to Global Open Finance Centre of Excellence on this appointment. Candidates should apply for this role through our website at www.saxbam.com/appointments using code XAEUG. Click on the ‘apply’ button and follow the instructions to upload a CV and cover letter, and complete the online equal opportunities monitoring* form. The closing date for applications is noon on Monday 28th June 2021. * The equal opportunities monitoring online form will not be shared with anyone involved in assessing your application. Please complete as part of the application process.
Global Open Finance Centre of Excellence: Chair Saxton Bampfylde LONDON 9 Savoy Street London WC2E 7EG EDINBURGH 46 Melville Street Edinburgh EH3 7HF saxbam.com Partners in Panorama - Search around the world panoramasearch.com
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