Lloyds Banking Group
Managing Director - Counterparty Credit Risk (CCR)
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Managing Director - Counterparty Credit Risk
Location(s): London
Hours: Full-time
Working Pattern: Our work style is hybrid, which involves spending at least three days per week, or 60% of our time, at one of our office sites.
As a Managing Director within Counterparty Credit Risk (CCR), you will play a critical senior leadership role supporting the ongoing development, governance and execution of the Bank's traded counterparty credit risk framework.
This is a senior CCR specialist role within the team, partnering closely with the Head of CCR to provide independent oversight, challenge and decision-making across traded counterparty exposures arising from derivatives and securities financing transactions (SFTs).
The role combines leadership across risk governance, stress testing, exposure management, methodology development and strategic change initiatives, while also exercising delegated credit authority for traded counterparty exposures.
The successful candidate will work closely with FI Credit, Corporates Credit, Market Risk, Front Office, Risk Science, Quantitative Research, Technology and Operations teams to ensure that traded counterparty risks are effectively managed and aligned to the Bank's risk appetite and regulatory expectations.
Responsibilities
Strategic Leadership & Portfolio Oversight
- Support the Head of CCR in the development and execution of the Bank's CCR strategy, risk appetite and portfolio oversight framework.
- Provide a forward-looking view of emerging risks impacting traded counterparty portfolios, including leverage, collateral quality, market structure developments and wrong-way risk.
- Lead thematic portfolio reviews and deep dives on emerging vulnerabilities, concentrations and stress scenarios.
- Act as a senior subject matter expert for counterparty exposure measurement, margining, collateral management and traded credit risk.
Trade Approval & Credit Decisioning
- Exercise significant delegated credit authority across derivatives and SFT transactions.
- Provide independent challenge and approval of complex traded transactions, collateral arrangements, margining structures and exception requests.
- Support operation and governance of the CCR Trade Approval Desk.
- Partner with FI Credit, Corporates Credit and Front Office teams to ensure traded exposures remain aligned with risk appetite.
Risk Governance & Control
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- Support governance of the CCR control framework across traded portfolios.
- Chair governance forums and committees as delegated by the Head of CCR, including the CCR Forum and Weekly Excess Review Panel.
- Oversee identification, escalation and remediation of breaches, excesses and control weaknesses.
- Drive consistent application of risk appetite frameworks, monitoring metrics and escalation standards.
Stress Testing, Methodology & Strategic Change
- Lead the development and enhancement of CCR methodologies, including PFE, EPE, EEPE, Wrong-Way Risk and stress testing approaches.
- Drive strategic initiatives relating to exposure analytics, collateral optimisation, settlement risk and regulatory change.
- Partner with Risk Science, Model Risk and Quantitative Research teams on model governance and methodology enhancement.
- Support delivery of the Bank's IMM roadmap and other strategic regulatory initiatives.
Regulatory & External Engagement
- Support engagement with regulators, audit teams and senior governance committees.
- Lead responses to regulatory reviews, thematic requests and audit findings where delegated.
- Contribute to capital, stress testing and large exposure reporting requirements.
- Help ensure the CCR framework remains aligned with evolving regulatory expectations and industry practices.
People Leadership & Capability Development
- Act as deputy to the Head of CCR and provide leadership across the wider CCR team.
- Coach and develop CCR team members, helping build technical expertise and future leadership capability.
- Promote a culture of constructive challenge, continuous improvement and strong risk discipline.
- Support recruitment, succession planning and capability development across the function.
Governance & Authority
- Significant delegated credit authority for traded counterparty exposures.
- Senior approval authority for derivatives, SFTs, collateral structures and exception requests within mandate.
- Expected to act as deputy to the Head of CCR where required.
- Active participant in senior governance, regulatory and audit engagements.
- Material Risk Taker (MRT) designation expected.
Experience & Capabilities
We are looking for a senior risk professional with:
- Extensive experience in Counterparty Credit Risk, Traded Credit Risk or Market Risk.
- Strong track record exercising delegated credit authority across derivatives and/or securities financing transactions.
- Deep expertise in CCR methodologies, including PFE, EPE, EEPE, Wrong-Way Risk, collateral management and stress testing.
- Strong understanding of traded products, margining, netting, collateral agreements (CSA), ISDA and GMRA documentation.
- Experience leading complex risk discussions involving Front Office, Credit, Market Risk and senior governance committees.
- Experience engaging with regulators, auditors and internal control functions.
- Proven ability to influence senior stakeholders and drive strategic change initiatives.
- Strong understanding of Basel, CRR, SA-CCR and PRA expectations relating to counterparty credit risk.
- Strong academic background in Finance, Economics, Mathematics, Physics, Engineering or a related quantitative discipline. Advanced qualifications (e.g. CFA, FRM, MSc) are desirable.
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Personal Attributes
- Trusted and credible senior leader.
- Recognised CCR subject matter expert.
- Strong judgement and decision-making capability.
- Strategic and forward-looking mindset.
- Collaborative and influential stakeholder manager.
- Comfortable operating in complex and fast-moving environments.
- Passionate about developing people and building high-performing teams.
About working for us
Our focus is to ensure we're inclusive every day, building an organisation that reflects modern society and celebrates diversity in all its forms. We want our people to feel that they belong and can be their best, regardless of background, identity or culture. We were one of the first major organisations to set goals on diversity in senior roles, create a menopause health package, and a dedicated Working with Cancer initiative. And it's why we especially welcome applications from under-represented groups.
We're disability confident. So if you'd like reasonable adjustments to be made to our recruitment processes, just let us know.
We also offer a wide-ranging benefits package, which includes
- A generous pension contribution of up to 15%
- An annual performance-related bonus
- Share schemes including free shares
- Benefits you can adapt to your lifestyle, such as discounted shopping
- 30 days' holiday, with bank holidays on top
- A range of wellbeing initiatives and generous parental leave policies
If you're excited by the thought of becoming part of our team, get in touch. We'd love to hear from you.
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