Senior Director, Enterprise Risk
2 months ago
Job Purpose
With approximately 5 million contracts cleared every day across multiple asset classes, ICE Clear Europe is one of the world’s most diverse and leading clearing houses. It provides central counterparty clearing and risk management services for interest rate, equity index, energy and agricultural derivatives, as well as European credit default swaps.
The Risk Oversight Department of ICE Clear Europe (ICEU) is the independent, second line of defense risk function that develops and manages the enterprise risk framework for identifying, assessing and reporting risks, and performs independent model validation. The department provides oversight and challenge to ensure the effective management of all business, financial and non-financial risks faced by the clearing house, including but not limited to model risk, market, credit, liquidity, investment and operational risks.
The Risk Oversight Senior Director will be a senior member of the Control function within ICEU, and will assist the Chief Risk Officer in the oversight of the risk management practices of ICEU.
The candidate will be responsible for enhancing and executing the operation of ICEU’s risk framework and for the identification, quantification and escalation of risks.
The role has extensive exposure to senior management, and provides a unique platform to leverage a skillset that includes a broad understanding of the risks facing a complex, systemically important financial institution, as well as in depth specific experience of financial derivatives and the risk management and operational processes required to manage them.
Responsibilities
Risk Leadership:
The candidate will assist the Chief Risk Officer to;
- Maintain and enhance the strong, disciplined risk culture within the Risk Oversight Department and more broadly across the Company
- Ensure robust risk management policies, procedures and processes are in place
- Ensure the effective execution of the risk management and governance framework, including the policies and procedures established by the Board
- Act as an adviser to the President and senior management team on risk related matters
- Determine the strategy of the Risk Oversight Department
- Provide support and senior guidance to teams leading the model validations, credit reviews and operational risk assessments
- Lead the team responsible for day-to-day monitoring of risks
- Represent the Risk Oversight Department and/or ICE Clear Europe in engagements with regulators or other external stakeholders
Risk identification, management, monitoring, reporting:
- Develop and maintain the overall risk management framework including ICEU’s Board risk appetite, or specific aspects of it, including setting of risk appetite statements and limits
- Provide input to relevant policies and procedures, including to the policies of the first line functions relating to risk
- Be responsible for the identification, quantification and escalation of risks
- Develop further the monitoring and reporting capabilities covering all risks (financial and non-financial risks)
- Provide views and input on the identification and assessment of new strategic and financial risks
- Providing any ad hoc guidance or assistance to other roles across the Risk Oversight Department as deemed necessary by managers
- Help manage the reporting and escalation of risks to the Executive team, the Board and appropriate Governance Committees.
Risk measurement methodologies, analytics and models:
- Perform qualitative and quantitative risk assessments as challenge to the regular risk measurement and assessment responsibility of the first line functions.
- Develop or manage the development of appropriate methodologies and quantitative tools necessary to effectively monitor and evaluate risks.
Regulation and industry benchmarking:
- Maintain industry awareness, best practice insight and regulatory knowledge with regards to clearing house risk management.
- Will be encouraged to participate in and contribute to industry forums with respect to clearing house risk management standards and regulations
Knowledge and Experience
- Bachelor’s, Master’s or other advanced degree in numerical discipline
- Strong experience in financial services risk management or another relevant assurance or analytical role
- Experience in developing or validating margin models as relevant for clearing houses preferable
- Excellent knowledge of financial markets and derivatives products and markets
- Knowledge of the financial market infrastructure and regulatory environment
- Sound understanding of financial, model and non-financial risks
- Experience with the three lines model
- Very strong verbal and written communication skills, ability to communicate concisely and credibly to senior management and external stakeholders
- Confidence and ability to question / provide challenge to senior members of the first line risk and other business functions if required
- Maturity and self-awareness, ability to listen actively, to build strong relationships and influence at all levels and to create a demand for your expertise
- Strong commercial awareness
- Experience with enterprise risk frameworks desirable
- Experience in a Clearing House or the Clearing business is desirable, but not essential
- Experience of leading teams
- CQF qualification is desirable
Schedule
This role is on-site in our London Office.
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