LevelUP HCS
Head of Market and Counterparty Risk
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A well-established Investment Bank is seeking a Head of Market and Counterparty Risk to join their team in London.
Overall purpose:
The Head of the Market and Counterparty Risk Department has responsibility for market and counterparty risk supervision and product control for UK trading and counterparty risk activities for all entities from a second line of defense perspective.
The position liaises with the Market and Counterparty Risk department in Head Office to manage all market risk control processes in the UK complying with the international Market Risk charter.
The Head of Market and Counterparty Risk functionally reports to the Global Head of Market and Counterparty Risk and hierarchically to the UK CRO.
Main responsibilities:
Risk monitoring
- Through a dipole structure, differentiating between Risk Management and Traded risks with a clear distinction between risks and positions that are effectively borne by the Bank as having been traded and recorded in the books; and all potential new trades and risks, directly related to the various authorization processes (generic authorisations within risk mandates, nonstandard transactions process, One-off process, NPNA and qualitative limit extensions).
- Securing the two core processes for Market Risk: the production of all components of accounting P&L and regulatory capital charges for market and counterparty risks. Integrating those processes within a single entity allowing consistency of scopes, processes, tools, reporting, etc.
- Monitoring the counterparty risk and liaising efficiently with the Counterparty Credit Risk department.
Risk framework
- Administrating the data on a consistent secure way allowing for the appropriate controls, quality checks, certification and delivery in official repositories.
- Monitoring the scope of action for Market Risk for ensuring the constant regulatory compliance (TB/BB, eligibility to IMA), and governing the relevant referentials along a clear governance.
- Defining and maintaining the structure of the documentary corpus for Market Risk, including the various Charters governing Market Risk and its committees, the Market, Counterparty and Valuation Policies framing the management and control of risks and valuations.
- Ensuring the second level controls falling under the responsibility of Market Risk.
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Models and risk methodologies management
- Contribute to the Model and Risk Management procedures and processes.
- Analyse and make suggestions for changes to the Model and Risk Methodologies. Assess the impacts of any changes and communicate to all relevant stakeholders.
Second line of defense embodiment
- Independently assessing the sound and prudent practices of the first line of defence.
- Independently assessing the business models / business plans of market activities.
- Proposing the new market, counterparty or valuation policies.
- Objectivising the LoD2 works and assessments for Market Risk through its internal governance on written format.
- Challenging Liquidity Indicators methodologies as defined in the Liquidity Risks Charter.
Supervision, enhancement and change management
- Ensuring a global coherent vision and operation of processes, practices and principles within Market and Counterparty Risk.
- Identifying opportunities for enhancement and improvement of the supervision set up and remediating points of weaknesses.
- Initiating and safely implementing the change management in Market and Counterparty Risk.
- Accompanying Market and Counterparty Risk‘s staff and ensuring the appropriate level of expertise and staffing of the Risk and Product control functions for the supervision of market activities.
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Head Office liaison
- The Global Head of Market and Counterparty Risk organises, at least on a monthly basis, a one-on-one meeting with the Head of Market and Counterparty Risk, to cover all items related to, inter alia, regional risks, product control, valuations, regulatory/audit, systems/production, HR/organisation matters.
- On an ad-hoc basis, as and when required, the Head of Market and Counterparty Risk organises one-on-one meetings with the following Head Office Sub-department's representatives:
- Head of CCA;
- Head of Risk Management;
- Head of Risk Transformation;
- Head of Counterparty Credit Risk;
- As and when required the Head of Market and Counterparty Risk organises one-on-one meetings with Heads of Market and Counterparty Risk for the other platforms.
Europe Market Risk Committee
- A Europe Market Risk Committee is held on a monthly basis, co-chaired by the Regional CRO and the Regional CEO of the platform. This committee reviews the Regional Market Risk framework, allows communication around major projects, reviews the MRC decisions and prepares any further item needing to be presented to a later MRC.
Responsible for producing:
- The minutes of the Europe MRC before they are submitted to Head Office.
Responsible for reviewing:
- All contributions (reports, studies, enquiries answers) of the Market Risk department.
Job Requirements - Key Skills and Experience:
- Previous experience leading market and counterparty risk supervision and product control for UK trading and counterparty risk activities is essential.
- Economic and mathematic background to understand financial transactions and risk methodologies.
- Strong Global stakeholder experience is required.
- Good knowledge of the banks risk management IT tools.
- Ability to manage a team effectively.
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