The Risk Governance department is a newly established function in the Risk Division, with oversight across risk disciplines (i.e. market risk, credit risk, operational risk, and liquidity risk). It is responsible for managing the Division’s regulatory risk and operational risk. The group designs, operates and reports on all aspects of governance framework, including development of standards, guidelines, internal control and self-assessment framework and tracking of key performance indicators. It also manages regulatory interactions, policy/regulatory obligations and leads the communication with internal and external parties, including our regulators. In performing its role, the Risk Governance department works closely with all areas within the Risk Division, as well as with various groups across the firm including Controllers, Securities Division, Internal Audit, Technology.
Market Risk Governance
MR Governance is a newly established governance function within Risk Governance. It is responsible for
- Managing the Market Risk department’s operating risks including operations risk, compliance and regulatory risk, operational risk, and model risk;
- Designing, operating, and reporting on all aspects of its governance framework, including development of governance templates, standards, guidelines, and tracking of key performance indicators,
- Designing, operating, and reporting on all aspects of its internal control and self-assessment framework, including a process verification framework that measures and monitors process and control design effectiveness;
- Managing regulatory interactions, and set piece communication with internal and external parties;
- Maintaining inventories and assessments of models, measures, and policy/regulatory obligations; and
- Providing risk oversight of Market Risk and reporting to senior management, increasing transparency of risks and influencing decision making and prioritization
The department works closely with all areas within Market Risk and various groups across the firm including Controllers, Securities Division, Internal Audit, Technology, and the broader Risk organization.
- Lead execution of regulatory deliverables, exams, and overall engagement
- Manage regulatory interpretation and interact with Finance Division’s Regulatory Controllers and other stakeholders to ensure the appropriateness of capital interpretations, methodologies and processes
- Manage regulatory self-assessments and track associated gaps; implementation or remediation plans, including reviewing, interpreting, and providing guidance on the impact of pending requirements. Participate in regulatory working groups.
- Provide thought leadership to develop and institutionalize governance processes and enhance controls
- Liaise across relevant business, technology, and control functions to prioritize risks, challenge decisions, assumptions and tolerances, and drive appropriate risk response
- Present and interact with Regulators as part of the ongoing supervision process, regulatory examinations and other deliverables
- Communicate and escalate significant risks to management
- Drive a culture of risk management and mitigation. Deliver training on governance responsibilities
- Monitor internal and external business activities and regulatory environment to identify new or emerging risks
- Work closely with MR Governance in other regions to establish a framework for reporting regulatory risks
Skills / Expertise
- 3+ years of experience in quantitative risk management, operational risk, regulatory risk reporting, audit or compliance role
- Degree in a quantitative field such as engineering, mathematics, physics, or statistics a plus
- Programming skills and experience with an object oriented programming language such as Java or C++, to the level of performing pricing and building prototype risk analytics/productivity tools
- Interest in financial markets and risk management, motivated by learning and continuous improvement
- Ability to work independently, form own judgment/opinions, provide insights and drive change
- Proactive with strong analytical, organizational, and influencing skills
- Keen to learn new information, adopt new skills and with the ability to identify and make improvements to systems and processes.
- Strong interpersonal, written and verbal communications skills.
- Concern for accuracy, with good attention to detail.