Hedge Fund Counterparty Risk Officer, VP/Director
4 weeks ago
Societe Generale is one of Europe's leading financial services groups and a major player in the economy for over 160 years, we support 25 million clients every day with more than 126,000 staff in 65 countries
Our Group draws on our European roots to develop our business internationally. Our unique geographic positioning enables us to connect Europe and Africa with major global financial centres in Asia and the Americas.
The Group combines financial strength, proven expertise in innovation and a sustainable growth strategy with the objective of creating value for all our stakeholders. We seek to be a trusted partner in the projects of those building tomorrow's world today.
About the team:
Risk Management in the UK is organised along a three lines of defence model with well-defined and segregated responsibilities aligned with the Group framework as well as applicable local regulatory requirements and guidance. RISQ is part of the 2nd line of defence and aims to independently analyse, challenge, opine on and monitor the risk-taking activities of the Business Lines thereby enabling effective execution of the Bank’s strategy in line with its risk appetite.
Within the RISQ Department, the role of RISQ/RMA/HPC provides LOD2 counterparty risk management for hedge funds, mutual funds, proprietary trading groups (PTG) and CCP counterparties. In particular, it performs risk assessment (including due diligence), mitigation, approval, and monitoring processes for the core businesses at SG Group that transact with, clear for, or take collateral consisting of, hedge funds. It also defines the counterparty risk framework for managing these risks, as well as the associated limits.
Summary of Key Purposes of the Role:
- role is for a VP/Director within the RISQ RMA HPC London team.
- incumbent will be responsible for the LOD2 CCR coverage of a portfolio of hedge fund counterparties, primarily hedge funds and PTGs engaged in trading OTC and listed derivatives with SG in addition to managing the risk of financing facilities for funds of funds and fund-linked derivatives.
- role will also require the incumbent to assist in the production and creation of regular and ad-hoc monitoring reports and analysis.
Responsibilities:
The Key responsibilities in the position will include:
Assessment – Performing independent LOD2 hedge fund due diligence on a portfolio of funds assigned, including the review of relevant documentation, analysing investment and operational risks, performing background checks, arranging and attending on-site due diligence meetings and drafting well-written, cogent, due diligence documents. Opining on individual counterparty transactions and associated risks.
Mitigation – Enforcing processes and procedures designed to mitigate against losses in the event that a counterparty defaults, including negotiating credit terms of legal documents (e.g. ISDA CSA, GMRA, FIA and PB agreements) and negotiating and opining on Independent Amounts and margin requirements.
Approval – Approving relevant credit files, limit requests, transactions and credit ratings within the incumbent’s own delegation (as applicable). Providing recommendations and facilitating the approval of files requiring escalation to senior management.
Monitoring – Maintaining up to date risk information and the ongoing monitoring of hedge fund performance and credit worthiness. Independent and continuous monitoring and managing risk exposures across multiple metrics in accordance with defined risk appetite. LOD2 follow-up on limit and policy breaches.
Transversal - The incumbent will also contribute to/manage/co-ordinate relevant projects, as assigned, supporting the RISQ RMA HPC key goals and roadmap.
Building and sustaining strong relationships across the organization - Manage information vertically and laterally with senior staff and team members, both within and outside of RISQ/GBR, to drive topics and ensure the efficient and effective implementation of HPC’s key roles and responsibilities.
Provide support, mentoring and share knowledge with more junior team members.
Support and challenge LOD1 requests to ensure they addressed appropriately and ensure that the prudent level of risk appetite set by senior management is kept in force to protect the Bank’s capital.
Regulatory topics - Contributing to relevant regulator meetings, answering questions and information requests (e.g. Dear CRO/CEO letters) and contributing to the closure of any related framework upgrades.
PROFILE REQUIRED
TECHNICAL SKILLS
Good knowledge of hedge fund industry in Europe.
Strong knowledge of hedge funds and mutual fund counterparty credit risk best practices.
Knowledge of OTC and listed derivative products and drivers of associated risks.
Knowledge of fund of hedge funds financing transaction structures would be advantageous.
Knowledge of proprietary trading groups (PTG) and their associated trading strategies would be advantageous.
- knowledge of key regulatory (PRA, FCA, ECB) CCR expectations and requirements would be beneficial.
- abilities in Excel, PowerPoint and Word. VBA, Power BI / Tableau, etc would be beneficial.
SOFT SKILLS
Independent: can challenge status quo or different opinions when needed.
- learner: eager to grow, learn / continue building knowledge.
Excellent verbal and written communication skills.
- Spirit: contribute to a positive and versatile team environment, build constructive relationships with people from diverse backgrounds.
- Collaboration skills: capacity to engage with people with different backgrounds (LOD1 and LOD2, in the UK and at outside of the UK). Flexible and adaptable.
- Analytical and problem-solving skills: attention to details and rigor; ability to absorb a lot of information over short periods of time; capacity to understand complex situations and provide a synthetic view. All while working within tight deadlines.
WHY JOIN US
People join for the impact they can have on us. They stay for the impact we have on them. A flatter structure offers visibility and exposure beyond that of our competitors, so you know our names, and we know yours. It's personable, human, and inspires success through passion. By encouraging open mindedness and a willingness to share ideas, we have adapted to market changes and thrived through innovation. Bringing words like “hard work” and “dedication” together with “community” and “respect” has enabled us to work collaboratively and build our future together. We call this Team Spirit and it's what makes us different. It's what makes you different.
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