Job Description
- Financial Risk and Governance's ("FR&G") mission is to provide effective and efficient identification, measurement, monitoring and control of market, liquidity & Stress Testing related to the clearing and settlement processes for DTCC, its members and the markets. In addition, FR&G provides critical governance and quality assurance capabilities for key risk functions that are designed to meet meticulous organizational and regulatory standards. FR&G works under delegated authority from the Board and senior management to manage these risks within defined risk tolerances, as approved by the Board and senior management. FR&G collaborates closely with Quantitative Risk Management and the Counterparty Credit Risk teams to maintain an integrated and comprehensive approach to financial risk management at DTCC to support an effective second line of defense. FR&Gs prime directive for DTCC's applicable clearing agencies and joint ventures consists of the following:Maintain sufficient collateral to cover any losses associated with the liquidation of any defaulting member or family portfolio under extreme but plausible scenarios;
- Ensure that sufficient liquidity resources are available so that each entity is able to settle all transactions as contracted in the event of a failure by the single largest member or family under extreme but plausible circumstances;
- Exercise continuous improvement of policies, procedures and processes that support robust, ongoing member surveillance and effective but appropriate response to distress events; and
- Manage FR&G to maintain a deep and broad product knowledge and risk framework to effectively measure and manage market, liquidity and credit risks.
- Being a member of the Fixed Income Clearing Corporation (FICC), the Market Risk Manager foris responsible for the monitoring of daily margin calculation and managing market and liquidity risk exposures arising from trade execution and settlement activities in the clearing corporations and the depository. Responsibilities also include driving new business initiatives, leading all aspects of risk systems design and continuous improvements, compliance with Risk Management policies and procedures. Responsible for understanding of margining methodologies, keen understanding of financial markets and client profiles, and effectively collaborate with other DTCC teams to identify, analyze, and mitigate potential risks and safeguard financial market in which DTCC plays a pivotal role.
Responsibilities
- Lead a team of market risk associates and analysts across global offices.
- Review, evaluate and sign off on a daily work and other deliverables to ensure quality, accuracy and timeliness of work performed.
- Proactively identify and evaluate change in member’s market risk exposures, liquidity needs and settlement obligations and provide solutions to mitigate exposures in timely manner.
- Monitor market conditions and economic trends to anticipate potential risks and their potential impact on members’ margin requirements.
- Mitigate risk by ensuring adherence of the processes to the policies and procedures, identifying potential model, report errors, and demonstrating strong ethical behavior.
- Manage issues arising from internal audits, regulatory exams, and risk assessment, collaborate with partners to develop and implement remediation plans.
- Work on projects and process enhancements to effectively mitigate emerging risk in support of new and existing products.
- Mitigates risk by following established procedures and monitoring controls, spotting key errors and demonstrating strong ethical behavior
Qualifications
- Bachelor's degree preferred or equivalent experience.
- Minimum of 8 years of related experience.
- Highlights the expected benefits of new actions and strategies to help others overcome fears of change.
- Fosters a culture where honesty and transparency are expected.
- Proactively seeks feedback from others on his/her own performance.
- Ensures that regular feedback is given in a constructive and behaviorally oriented manner.
- Supports an environment where individuals are respected for their contributions.
ABOUT DTCC: With 50 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 20 locations around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the processing of financial transactions, mitigating risk, increasing transparency, enhancing performance, and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm innovates purposefully, simplifying the complexities of clearing, settlement, asset servicing, transaction processing, trade reporting and data services across asset classes and bringing increased security, enhanced resilience, and soundness to financial markets. In 2022, DTCC’s subsidiaries processed securities transactions valued at U.S. $2.5 quadrillion and its depository subsidiary provided custody and asset servicing for securities issues from over 150 countries and territories valued at U.S. $72 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes more than 17.5 billion messages annually.
Skills: market risk management,margining methodologies,risk framework,management accounting,stress testing,management coaching,financial risk management,counterparty credit risk,risk systems design,compliance,team management,management,process enhancements,quantitative risk management,financial markets,margin calculation,governance,risk assessment,liquidity risk management
