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About the Role

Our client is seeking an experienced Risk Management Officer to establish, implement, and oversee a comprehensive enterprise risk management framework covering the Firm's existing and evolving businesses. The Risk Management Officer will have primary responsibility for developing and maintaining effective controls over various financial and trading risks across the Firm's businesses, providing independent risk oversight and challenge while collaborating with key stakeholders.

Responsibilities

• Develop and maintain the firm's comprehensive risk management framework covering material financial and trading risks.
• Establish and maintain written risk management policies, procedures, standards, and controls.
• Develop a Firm-wide risk taxonomy identifying material risks by business line and activity.
• Establish risk appetite statements, risk tolerances, limits, triggers, and escalation thresholds.
• Develop business-specific risk parameters based on the nature, size, complexity, and liquidity characteristics of each business.
• Establish clear ownership of risk controls among Risk Management, business supervisors, Compliance, Operations, Finance, and other control functions.
• Establish independent risk oversight and challenge processes.
• Develop procedures for identifying, measuring, monitoring, escalating, and mitigating emerging risks.
• Periodically assess whether existing risk controls remain appropriate as the firm's businesses, products, counterparties, and trading strategies change.
• Prepare periodic risk assessments for senior management and the Board/Risk Committee.
• Establish and oversee the Firm's credit and counterparty risk management program.
• Establish counterparty credit limits for customers, brokers, banks, dealers, institutional counterparties, trading counterparties, and other relevant entities.
• Develop methodologies for evaluating counterparty creditworthiness.
• Establish exposure limits based on counterparty financial strength, collateral, liquidity, legal documentation, and transaction characteristics.
• Monitor current and potential future exposure.
• Establish procedures for calculating Gross exposure, Net exposure, Secured exposure, Unsecured exposure, Settlement exposure, Replacement-cost exposure, and Potential future exposure.
• Monitor counterparty concentrations.
• Establish controls for intraday credit exposure.
• Establish escalation procedures when counterparties approach or exceed approved limits.
• Review and approve credit limits and exceptions within delegated authority.
• Coordinate with Legal and Operations regarding master trading agreements, securities lending agreements, prime brokerage agreements, margin agreements, and other relevant documentation.
• Establish procedures for monitoring counterparty defaults, deteriorating credit conditions, failed settlements, margin deficiencies, and other indicators of increased counterparty risk.
• Maintain watchlists and heightened-monitoring processes for higher-risk counterparties.
• Develop and oversee risk controls applicable to Prime Brokerage activities.
• Establish client-level exposure limits.
• Monitor client debit balances and financing exposures.
• Monitor client collateral and margin sufficiency.
• Establish concentration limits for individual securities, issuers, sectors, and asset classes.
• Monitor long and short positions and associated financing requirements.
• Establish controls for intraday exposure.
• Monitor client liquidity and liquidation risk.
• Establish procedures for responding to margin calls and collateral deficiencies.
• Establish liquidation and escalation procedures for stressed accounts.
• Monitor risks associated with concentrated, illiquid, hard-to-borrow, volatile, or otherwise higher-risk positions.
• Establish controls around client-specific risk exceptions and overrides.
• Coordinate with Operations and Compliance to ensure timely escalation of material risk issues.
• Establish and oversee the Firm's portfolio margin risk controls.
• Monitor portfolio margin requirements and excess equity.
• Establish minimum excess equity and risk thresholds.
• Monitor intraday portfolio risk.
• Review concentrated and highly correlated positions.
• Monitor stress losses and adverse market scenarios.
• Establish controls for portfolios approaching margin or risk limits.
• Establish escalation procedures for margin deficiencies.
• Monitor risk associated with option positions and complex portfolios.
• Review the adequacy of portfolio-margin methodologies and assumptions.
• Establish controls for changes to portfolio composition that could materially increase risk.
• Coordinate with Operations, Finance, Compliance, and business supervisors regarding margin-related exceptions.
• Develop and implement a comprehensive market-risk monitoring program across Firm's trading and investment activities.
• Establish appropriate methodologies for measuring and monitoring Position risk, Price risk, Volatility risk, Interest-rate risk, Equity risk, Credit-spread risk, Foreign-exchange risk, Option and derivatives risk, Liquidity-adjusted market risk, Concentration risk, Basis risk, Gap risk, Event risk, and Overnight and intraday risk.
• Establish appropriate risk measures, including where applicable: Position limits, Notional limits, Gross and net exposure limits, Stress-loss limits, Concentration limits, Stop-loss or loss-escalation thresholds, Volatility thresholds, Intraday limits, and Overnight limits.
• Establish risk controls specifically applicable to Firm's NYSE floor execution activities.
• Monitor execution-related positions and exposures.
• Establish controls for principal and agency activity.
• Monitor order and position risks where AmerX assumes financial exposure.
• Establish appropriate intraday exposure limits.
• Monitor unusual or rapidly increasing positions.
• Establish escalation procedures for positions exceeding established thresholds.
• Coordinate with the NYSE Floor Desk Supervisor and Compliance regarding trading exceptions and unusual activity.
• Ensure that risk controls appropriately distinguish between agency execution activity and transactions in which Firm assumes principal or market exposure.
• Monitor settlement and fail risks associated with execution activity.
• Establish procedures for managing market exposure arising from errors, trade breaks, unmatched trades, or other operational events.
• Develop risk controls for Blueline and other OTC trading activities.
• Establish counterparty and trading limits.
• Monitor OTC position and exposure levels.
• Establish limits for less-liquid securities and instruments.
• Monitor valuation and pricing risks.
• Establish controls for stale, unavailable, or unreliable pricing.
• Monitor inventory concentrations.
• Establish limits for securities with limited market liquidity.
• Monitor mark-to-market exposures.
• Establish procedures for independent price verification, where appropriate.
• Monitor settlement and delivery risks.
• Establish controls for unusual, large, or concentrated OTC transactions.
• Escalate material OTC exposures to appropriate senior management.
• Develop risk controls covering Firm's Nasdaq-related sales and trading activities.
• Monitor trader and desk-level positions.
• Establish position and exposure limits.
• Monitor intraday and overnight exposure.
• Establish controls for concentrated positions.
• Monitor market volatility and liquidity conditions.
• Establish escalation thresholds for losses and rapidly increasing exposures.
• Monitor principal trading and inventory risk.
• Coordinate with Trading Supervisors and Compliance regarding risk exceptions.
• Establish controls for trading activity that could create material market or counterparty exposure.
• Develop appropriate risk controls for Firm's Investment Banking activities.
• Monitor risks associated with Underwriting commitments, Bridge or financing commitments, Securities offerings, Syndication exposures, Capital commitments, Deal-related market exposure, Unsold inventory, Concentration risk, Issuer/counterparty credit risk, Transaction execution risk, and Liquidity requirements associated with commitments.
• Participate in the risk review of material transactions and establish appropriate approval thresholds and escalation procedures.
• Establish and oversee risk controls applicable to Firm's securities lending activities.
• Establish counterparty exposure limits.
• Monitor collateral requirements.
• Monitor collateral concentration and eligibility.
• Monitor mark-to-market exposure.
• Monitor collateral haircuts.
• Monitor hard-to-borrow and volatile securities.
• Monitor borrower concentration.
• Monitor settlement and delivery exposure.
• Establish controls for collateral deficiencies.
• Establish procedures for rapid escalation when collateral values decline or borrower exposures increase.
• Monitor potential losses associated with counterparty default and collateral liquidation.
• Coordinate with Operations and business personnel regarding recalls, buy-ins, fails, and other events affecting risk.
• Develop a Firm-wide concentration-risk framework.
• Monitor concentrations by Counterparty, Client, Issuer, Security, Sector, Industry, Asset class, Trading desk, Business line, Market, Liquidity profile, and Other relevant risk dimensions.
• Establish both hard limits and early-warning thresholds and ensure that material concentrations are escalated before they become limit violations.
• Develop and maintain a comprehensive stress-testing program.
• Establish procedures for reviewing stress results, identifying vulnerabilities, and escalating material findings to senior management.
• Develop an intraday risk-monitoring framework capable of identifying material changes in exposure during the trading day.
• Establish escalation protocols for significant intraday risk events.
• Establish and administer AmerX's risk-limit framework.
• Maintain a centralized inventory of approved risk limits.
• Define limits at the Firm, business-line, desk, counterparty, client, and/or trader level where appropriate.
• Establish warning thresholds below hard limits.
• Monitor limit utilization.
• Identify and investigate limit breaches.
• Document the cause and resolution of exceptions.
• Establish formal approval requirements for temporary limit increases.
• Ensure that limit overrides are documented and independently reviewed.
• Escalate unresolved or material exceptions to senior management.
• Develop a comprehensive risk reporting framework for senior management.
• Establish reporting frequency appropriate to the risk, including real-time, intraday, daily, weekly, and monthly reporting where warranted.
• Work with Technology, Operations, Finance, and business units to develop reliable risk data and reporting capabilities.
• Define risk-data requirements.
• Identify required data sources.
• Establish data-quality controls.
• Identify gaps in existing risk systems.
• Develop automated risk monitoring where appropriate.
• Establish appropriate controls over risk calculations.
• Validate risk reports and calculations.
• Develop exception reporting and automated alerts.
• Establish procedures for addressing data failures or unavailable risk information.
• Participate in the selection and implementation of risk-management technology.
• Establish appropriate governance over models, methodologies, or automated calculations used to measure risk.
• Document risk methodologies.
• Establish assumptions and methodologies appropriate to the relevant business.
• Conduct periodic methodology reviews.
• Identify model limitations.
• Establish appropriate independent validation or review where warranted.
• Establish controls over model changes.
• Monitor model performance.
• Escalate material model weaknesses.
• Establish formal governance processes for risk management.
• Prepare materials for senior management and the Board/Risk Committee.
• Maintain risk committee agendas and reporting, as assigned.
• Document material risk decisions.
• Participate in new-product and new-business approval processes.
• Provide independent risk assessments of material transactions and business initiatives.
• Participate in the Firm's New Business and New Product Approval Process.
• Assess Market risk, Credit risk, Counterparty risk, Liquidity risk, Concentration risk, Margin requirements, Collateral requirements, Settlement risk, Operational risk, Legal/documentation risk, Systems capabilities, Regulatory considerations, and Risk-management resources before introducing new products or services.
• Establish appropriate controls and limits before material new activities commence.
• Identify and monitor risks that could create significant liquidity demands.
• Coordinate with Finance to incorporate material market and counterparty exposures into the Firm's liquidity-stress framework.
• Work closely with Compliance to ensure that the Firm's risk-management framework supports applicable regulatory and exchange requirements.
• Coordinate with Compliance regarding risk-related requirements arising from SEC rules, FINRA rules, NYSE rules, Nasdaq rules, NSCC requirements, Clearing and settlement requirements, Margin requirements, Securities financing requirements, and Other applicable regulatory obligations.
• Provide independent challenge to business activities.
• Challenge trading and business personnel.
• Require reduction of excessive exposures.
• Escalate material risks.
• Recommend suspension of activities where risk cannot be adequately controlled.
• Require remediation of risk-limit breaches.
• Escalate unresolved issues to senior management.
• Recommend changes to limits or controls.
• Maintain independence from revenue-generating personnel.
• Develop and maintain written policies and procedures covering Enterprise Risk Management, Credit Risk, Counterparty Risk, Market Risk, Concentration Risk, Margin Risk, Prime Brokerage Risk, Portfolio Margin Risk, Securities Lending Risk, Trading Risk, OTC Risk, Position Limits, Risk Exceptions, Stress Testing, Risk Escalation, Collateral Risk, New Product/New Business Risk Review, Risk Reporting, and Risk Governance.
• Support internal and external examinations and reviews involving the Firm's risk management framework.
• Respond to risk-related examination requests.
• Prepare risk-management documentation.
• Demonstrate operation of risk controls.
• Provide evidence of monitoring and escalation.
• Respond to internal audit findings.
• Develop remediation plans.
• Track corrective actions.
• Report material deficiencies to senior management.

Requirements

• 10+ years of relevant experience in financial-services risk management, credit risk, market risk, prime brokerage, securities finance, trading risk, or a related discipline.
• Significant experience within a broker-dealer, investment bank, prime broker, securities firm, clearing firm, or comparable financial institution.
• Demonstrated experience developing and implementing risk-management frameworks rather than merely operating within an established framework.
• Experience covering multiple trading and financing businesses.
• Experience establishing risk limits, exposure calculations, exception reporting, and escalation processes.
• Experience working directly with traders, business heads, Operations, Finance, Compliance, Technology, and senior management.
• Strong understanding of Credit risk, Counterparty risk, Market risk, Margin risk, Portfolio margin, Prime brokerage, Securities lending, Equity trading, OTC trading, Institutional trading, Trading inventory, Collateral management, Concentration risk, Stress testing, Risk-limit frameworks, Exposure measurement, and Financial-market infrastructure.
• Knowledge of broker-dealer regulatory requirements and exchange/clearing organization requirements is strongly preferred.
• Experience with FINRA, SEC, NYSE, Nasdaq, NSCC, DTCC, or similar regulatory/market-infrastructure environments is preferred.
• Experience with risk-management systems and data analytics is preferred.
• Experience building risk dashboards and automated exception reporting is preferred.
• Strong Excel and data-analysis skills; SQL, Python, or similar analytical capabilities are a plus.
• Ability to identify material risks before they become losses.
• Ability to challenge senior business personnel and trading professionals when risk levels are inappropriate.
• Ability to understand complex exposures and translate them into measurable risk metrics.
• Strong understanding of how broker-dealer and investmentbanking businesses generate revenue and assume risk.
• Ability to identify weaknesses in controls, data, calculations, and processes.
• Ability to clearly communicate complex risk issues to traders, supervisors, senior management, and the Board/Risk Committee.
• Demonstrated ability to build and implement controls rather than simply recommend them.
• Understanding of the regulatory environment applicable to broker-dealer activities.
• Ability to work with Technology and Operations to automate risk monitoring and reporting.
• Sufficient organizational authority and independence to perform the responsibilities of the position effectively.
• Authority, within the Firm's approved governance framework, to require information necessary to assess risk, escalate material risk concerns directly to senior management, require investigation of risk-limit breaches, recommend reduction or suspension of exposures, recommend changes to risk limits, reject or escalate risk exceptions outside delegated authority, require remediation of material control deficiencies, and escalate unresolved material risk matters to the Board or Risk Committee.
• Should not report to a revenue-generating trading or investment-banking function.

Skills

• Risk Management Framework Development
• Credit Risk Management
• Counterparty Risk Management
• Market Risk Management
• Margin Risk Management
• Portfolio Margin Risk
• Prime Brokerage Risk
• Securities Lending Risk
• Trading Risk Management
• OTC Trading Risk
• Concentration Risk Management
• Stress Testing
• Scenario Analysis
• Risk Limit Frameworks
• Exposure Measurement
• Collateral Management
• Liquidity Risk Monitoring
• Regulatory Compliance
• Data Analysis
• Risk Reporting
• Risk Governance
• Independent Risk Challenge
• Policy and Procedure Development
• Internal Audit Support
• Risk Data Management
• Risk Systems Implementation
• Model Governance
• Excel
• SQL
• Python

Location

• N/A

Work Type

• N/A

Experience Level

• 10+ years of relevant experience

Education Level

• Bachelor's degree in Finance, Economics, Accounting, Mathematics, Statistics, Risk Management, or related field (Preferred)

About the Company

• Our firm's businesses include: Prime Brokerage services; Portfolio Margining; NYSE Floor Executions Desk; Blueline and OTC trading activities; Nasdaq sales and trading; Institutional sales and trading; Investment Banking; and Securities Lending.