Mark Thundercliffe
Summary
With 38 years of transformative experience, I have gained extensive knowledge in corporate, retail, and business banking across 30+ countries, building a diverse career that spans continents and industries.
- Global Financial Services: Spearheaded the development and acquisition of financial services companies, products, and customer propositions, driving revenue growth and proven track record in expanding market share
- Payments and Analytics: Globally recognized expert in payments and analytics, leveraging data-driven insights to optimize transaction processing, reduce costs and improving payment security through advanced analytics.
- Risk Management: International authority in risk, credit, financial crime, regulatory compliance, IRB, M&A, and due diligence, with a focus now on integrating AI and technology to enhance risk management and compliance. Successfully implemented AI-powered risk management models to detect and prevent financial crime.
- Global Credit and Economic Crime expert, teaching and advising in South America, South Asia, South Pacific, China, Russia, Nigeria, and across CEE. Developed and delivered training programs for financial institutions, regulatory bodies, and law enforcement agencies.
- Audit and Risk Specialist: Proven track record of reviewing Banking businesses in Spain, Italy, Turkey, USA, India, Japan, Philippines, and across CEE, CIS, EMEA, and South Pacific. Conducted comprehensive risk assessments, identified areas for improvement, and implemented effective risk mitigation strategies.
Overview
38
38
years of professional experience
2021
2021
years of post-secondary education
Work history
Senior Advisor to Chairman & CEO
Bermuda Commercial Bank (BCB)
, Bermuda
2025.03 - Current
- Advising the board and CEO on a modernisation program, including risk management, technology, architecture and corporate governance.
Senior Advisor
Alba Partners
, UK & Middle East
2024.01 - Current
- Advising the board on strategic direction in financial services across the UK & Middle East markets.
Senior Advisor
SAS Northern Europe
, UK / Ireland / Nordics
2022.09 - 2025.08
- Advisor to the CEO of Northern Europe & Global Senior Management for one the largest technology & software companies globally developing advanced analytics & AI
Chairman
Sailors' Children’s Society
2022.08 - 2025.08
- Responsible for the Board of Trustees for a 202 year old UK children's charity, our Patron HRH Princess Royal.
Founder
5CS Risk Advisory Ltd
2022.08 - 2025.08
- Advisory Company working with financial services companies globally on improving their Risk Management Capabilities, Learning & Development, Retail Banking, & Technology
- Customers include - Virgin Media / O2, Yorkshire Building Society, AIB, Swedbank, Danske Bank, HSBC, PEGA / DCS, Credit Information Group, Birmingham Bank, Generation Home, Oxbury Bank & Shard Media.
Chairman
Personal Data Management LTD (IE HUB)
, Wales
2022.05 - Current
- Chair of the Board oversight of the strategy.
- Oversight of the CEO & Executive team.
- Work closely with industry bodies, investors and regulators.
- Championing a change to affordability models for good outcomes in line with Consumer Duty principles.
- Oversight of the finances of the firm ensuring financial stability and future investment.
Group Senior Advisor
Bank South Pacific
2023.06 - 2025.05
- Advisor to the Group CEO & the Board for the largest bank throughout the South Pacific, driving the modernisation of the bank across the region including operations, analytics, evolution of strategic plan, risk management and technology.
Chairman Board Risk Committee/NED - SMF 9
Silverrock Bank
2023.02 - 2025.03
- Oversight of principle risks, policy & risk management framework.
- Champion of Consumer Duty.
- Regulator approved SMF9.
- Helped the team with insights and advice on how to create a start up bank.
- Successfully completed the start-up with regulatory endorsement. Silverrock Financial Services Ltd was acquired by it's sister company GB Bank Ltd.
Senior Advisor
Virgin Money UK PLC
2022.03 - 2023.10
- Advisor to the Group CEO on M&A, Risk Management, HR & Modernisation
Chairman
The Personal Finance Centre
, UK
2022.06 - 2023.05
- Chairman of the board for a large specialist broker.
- Working with regulators, the management team and investors.
- Oversight of the strategy, the compliance and risk committee.
- Oversight of the firms financial performance.
- Oversight of the CEO.
Group Chief Risk Officer - SMF 04
Virgin Money UK PLC
2016.09 - 2022.03
- Separation of Clydesdale & Yorkshire Bank from National Australia Bank
- Listed on the UK & Australian Stock exchanges
- Achieved AIRB accreditation from the UK Regulators PRA
- Acquired Virgin Money & rebranded forming the sixth largest UK bank
- Accountable for managing and monitoring the efficient and effective governance of significant risks through: - Control effectiveness, Compliance assurance, Risk appetite
- Manage and independently oversee principle risks; strategic, reputational, operational, financial, credit, regulatory, financial crime and regulatory compliance, reporting to the CEO and board risk committee chair, escalating to regulators as appropriate
- Accountable to the Board for enabling the business to balance risk and reward and responsible for the firm's risk management framework and independent oversight
- Accountable as a Senior management function holder for credit, fraud and climate risk and for SMF 4 risk management effectiveness ensuring capability and controls to discharge responsibilities effectively
- Policy owner for bank wide policies and policy framework, with the exception of people policy, ensuring independent stewardship of policies and supporting procedures
- Responsible for the banks regulatory relationships, maintaining records and compliance to regulation
- Responsible for the banks whistleblowing program
- Building the Risk function for digital banking
- Personal championing of the next-gen risk team/function; leading initiatives to build an agile risk function with advanced analytics
- Chair: - Model governance committee, Executive Risk management committee, Credit Committee, Risk adjustment committee
- Board of U.K Finance, finance and risk policy committee
- Responsible for Anti bribery and corruption policy and oversight
- Responsible for data protection compliance
- Accountable for all bank models, model risk, maintenance and monitoring to an accounting and compliant standard, IRB, IFRS9
- Responsible and accountable for all credit delegated authorities and bank senior Credit Officer across Corporate, Business and Retail banking
- UK Outstanding Chief Risk Officer of the year - 2018, The UK Credit Awards
- Acquisition of Virgin Money PLC - Oct 2018
- AIRB accreditation, Residential mortgages and SME - Oct 2018
- Fellow of the Chartered Institute of Credit Management – FCICM
- Director; Virgin Money Unit Trust Managers Ltd
- Director; Virgin Money Personal Financial Services Ltd
- Director; CYB Intermediaries Limited
- Director; CGFNo.9 Limited
- Director; Yorkshire Bank Home Loans Limited
- Director; Clydesdale Bank Asset Finance Limited
- Group Chief Risk Officer; Clydesdale Bank Plc, Virgin Money Plc, CYBG PLC - Jan 2019
Chief Risk Officer, Retail Banking and Wealth Management, Europe, Middle East & Africa
HSBC
2012.01 - 2016.08
- Head of HSBC Risk across Retail Banking & Private Bank
- Responsible and accountable for management and oversight of all risk aspects of the Retail Banking and Wealth Management business, which Globally has an annual PBT in excess of USD4bn
- Led the European, Middle East and Africa Risk Regional team of more than 4500 risk and operations professionals in 18 countries
- Major business lines include retail lending (approx USD190billion in assets), branch banking, wealth, asset management, and insurance
- Accountable for Credit, Collections, Underwriting, Fraud, Retail Credit, Risk Policy, Analytics, Risk Strategies, Portfolio Management,
- Operational Risk, Risk Oversight and Compliance across all Products
- Member: UK Risk Executive Management Team, European Stress Testing & Oversight Committee, European Retail Banking and Wealth Executive
- Management Committee, Product and Pricing Committee, Balance
- Sheet Management Committee, first direct Risk Committee, M&S Bank Risk Committee, European Risk Management Committee, European Wealth Management Risk Committee, European Reputational Risk Committee, European Risk Board, Global Retail Risk Oversight Committee
- Chairman: Retail Banking and Wealth Management Risk Committee, Model Governance Committee, European Credit Risk Oversight Committee, European Retail Banking and Wealth Management Risk Management Committee, UK Retail Banking and Wealth Management Risk Management Committee, Global IFRS9 Steering Committee
- Non-Executive Director on the Board of HFC Bank
- Director on the Board of Marks and Spencer Financial Services plc
- Director on the Board of Marks and Spencer Bank
- Director on the Board of HSBC Bank A.S Turkey
- Member of the Audit Committee HFC Bank
- Member of the Audit Committee HSBC Bank A.S Turkey
- Member of the Credit Committee HSBC Bank A.S Turkey
Chief Credit Officer, Retail Banking & Wealth Management, UK
HSBC
2009.07 - 2012.01
- Head of HSBC Retail Risk - UK
- Responsible for Credit, Risk, Collections, Underwriting, Fraud, Retail Credit Risk Policy, Analytics and Risk Strategies across all Product Lines and UK Retail Banking and Wealth Management Businesses, including first direct, M&S Money, HFC & Partnership Cards
- Manage on-shore and off-shore Risk team FTE 3200 and assets of $140Billion
- Member: UK Risk Executive Management Team, Chairman: Retail Banking and Wealth Management Risk Committee
- Chairman: Model Governance Committee, Member: European Stress Testing & Oversight Committee, Retail Banking and Wealth Management Executive Management Committee & Leadership Team.
- Chairman: HSBC Product Pricing Committee, Balance Sheet Management Committee, first direct Credit Committee & M&S Money Credit Committee
- Director on the Board of HFC Bank
- European Head of Collections
- Member: Global Collections Steering Committee
- Member: Global Risk Oversight Retail Banking and Wealth Management Committee
President & CEO, ASIA
Home Credit
2007.05 - 2009.04
Executive Director & Business Head, Russia
Renaissance Credit
2005.01 - 2007.01
CEO, Consumer Finance, Russia
Citi
Moscow, Russian Federation
2004.01 - 2005.01
Chief Risk Officer & Senior Credit Officer, UK & Ireland
Citi
2001.01 - 2004.07
Executive Director & Business Head, India
Citi
India
2000.01 - 2001.08
General Manager, UK
Citi
UK
1988.01 - 1999.01
Education
International Business & Hotel Management -
University of West London
1983.01 - 1987.01
Chemistry, Biology, Economics -
Bridlington Grammar School
1976.01 - 1983.01
Advanced Risk Management -
IMD (International Institute for Management Development)
Skills
- Board Member, UK Finance: Finance & Risk Policy Committee and Sustainability Committee Contributed to the development of industry-wide risk management standards and sustainability initiatives
- Member, Professional Risk Managers' International Association (PRIMA) Participated in thought leadership forums, sharing expertise and insights on risk management and regulatory compliance
- Fellow, Chartered Institute of Credit Management (FCICM) Recognized for expertise and contributions to the field of credit management
- Distinction in Advanced Risk Management - IMD Demonstrated expertise in advanced risk management techniques and strategies
- UK Chief Risk Officer of the Year (2018) Recognized for outstanding leadership and innovation in risk management
- UK Lifetime Achievement Award for contribution to the Banking Industry (2023) Honoured for dedication and commitment to the banking industry
- Chairman of UK National Charity - Sailors’ Children’s Society
Timeline
Senior Advisor to Chairman & CEO
Bermuda Commercial Bank (BCB)
2025.03 - Current
Senior Advisor
Alba Partners
2024.01 - Current
Group Senior Advisor
Bank South Pacific
2023.06 - 2025.05
Chairman Board Risk Committee/NED - SMF 9
Silverrock Bank
2023.02 - 2025.03
Senior Advisor
SAS Northern Europe
2022.09 - 2025.08
Chairman
Sailors' Children’s Society
2022.08 - 2025.08
Founder
5CS Risk Advisory Ltd
2022.08 - 2025.08
Chairman
The Personal Finance Centre
2022.06 - 2023.05
Chairman
Personal Data Management LTD (IE HUB)
2022.05 - Current
Senior Advisor
Virgin Money UK PLC
2022.03 - 2023.10
Group Chief Risk Officer - SMF 04
Virgin Money UK PLC
2016.09 - 2022.03
Chief Risk Officer, Retail Banking and Wealth Management, Europe, Middle East & Africa
HSBC
2012.01 - 2016.08
Chief Credit Officer, Retail Banking & Wealth Management, UK
HSBC
2009.07 - 2012.01
President & CEO, ASIA
Home Credit
2007.05 - 2009.04
Executive Director & Business Head, Russia
Renaissance Credit
2005.01 - 2007.01
CEO, Consumer Finance, Russia
Citi
2004.01 - 2005.01
Chief Risk Officer & Senior Credit Officer, UK & Ireland
Citi
2001.01 - 2004.07
Executive Director & Business Head, India
Citi
2000.01 - 2001.08
General Manager, UK
Citi
1988.01 - 1999.01
International Business & Hotel Management -
University of West London
1983.01 - 1987.01
Chemistry, Biology, Economics -
Bridlington Grammar School
1976.01 - 1983.01
Advanced Risk Management -
IMD (International Institute for Management Development)