Description
Risk Manager - London
The work location for this role is London
The duration of the contract is 8 months initially
The pay rate on offer is £650/d - £700 PAYE ONLY
This role is working for a British multinational banking and financial services organisation.
Role Purpose
The particular role will cover all the topics related to XVA risk management and SA CVA (accounting + regulatory):
- Responsibility for risk associated to both accounting and regulatory CVA
- Ensures CVA capital is appropriately calculated
- Support the implementation of SA CVA deliverables
Role Context
- Subject to strict external regulations as a result of internal model approval by PRA and other regulators, and FRTB implementation. VaR & PFE is reported externally and in-scope for SOx. All processes are reviewed by audit, regulators and KPMG.
- System implementation, where it impacts VaR/Capital Requirements/RWA are also under regulatory scrutiny and require adequate documentation and will adhere to disclosure requirements.
Management of Risk
- The jobholder will ensure the fair treatment of our customers is at the heart of everything we do, both personally and as an organization.
- The jobholder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
- This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring. Also by addressing any areas of concern in conjunction with entity management and/or the appropriate department.
Observation of Internal Controls
- The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
- The jobholder will implement the Group compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term 'compliance' embraces all relevant financial services laws, rules and codes with which the business has to comply.
- This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.
Principal Accountabilities
- Monitoring of XVA positions with respect to market conditions, regardless of whether close or in excess of limits, and escalation of any identified inappropriate activity to senior management
- Reviewing new initiatives on the XVA topic to identify material risks and ensuring effective controls surround these to ensure appropriate risk management occurs.
- Provision of CVA risk management information to senior management as necessary to enable decision making with regards to positions.
- Implementation of the systems in line with MRMac strategy to ensure that the market risk function is able to effectively and efficiently perform its core functions.
- Support joint initiatives between Market Risk and Traded Credit on CVA/CVA VaR
- Support the strategic developments on CVA VaR.
Experience/Qualifications
- A minimum of 5 years working experience in the Finance services industry
- Qualification in finance, accounting, business management with PhD or MSc in Quantitative Subject
- Robust knowledge of credit and rates markets
- Robust understanding of derivatives products
- Detailed understanding of counterparty risk management principles and the regulatory changes
- Ability to interact with Front Office & market risk managers and understand complex demands
- Ability to obtain data from multiple sources, analyze information
- Ability to work under pressure and to tight time-lines.
- Experience in working with the following department/s in a large financial organization; Risk Management, Product Control, Group Audit, Regulators
- Attention to detail and a methodical & structured approach
- Excellent communication skills and management communication skills
- Strong time management skills