The CRO Regulatory Coordination team, within Risk Analytics and Reporting (RAR) provides a regulatory consultancy service to the bank on all issues that impact compliance of the bank's risk models and risk management framework. The team's activities include providing advice to the Risk department on
The Risk Analytics and Reporting (RAR) department reports to the Chief Risk Officer and is responsible: (1) all market and credit risk information management & market risk reporting; (2) credit risk measurement & risk model validation; (3) credit risk reporting; (4) managing development and implementation of risk systems; and (5) regulatory change and coordination, establishing policies covering market risk, credit risk and operational risk.
The CRO Regulatory Coordination team, within Risk Analytics and Reporting (RAR) provides a regulatory consultancy service to the bank on all issues that impact compliance of the bank's risk models and risk management framework. The team's activities include providing advice to the Risk department on applications to regulators for new risk models, ensuring that existing Risk models and processes currently approved by regulators comply with new regulations, and managing regulatory visits and information requests involving Risk management issues. The team's coverage is Global and covers Market, Credit and Operational Risk. The team currently consists of 9 people located into London (12), Zurich (2), New York (1) & Singapore (1).
The team has opportunities for two experienced Credit & Market Risk professionals to assist with the coordination of Risk regulatory interactions in New York. The role will cover IB, and US regulators principally the SEC and FED. The candidate will work on some of the following models: VaR, IRB, IRC, EPE, CVA-based risk models, ICAAP, stress testing.
Duties and Responsibilities
The principle responsibilities of the Risk Regulatory Coordinator are as follows:
- Applications for new risk models. This includes coordinating the new model application pack, advising on how to design new models so that they meet regulations, and critical review/redrafting of application pack material.
- Compliance of existing approved risk models. This includes providing advice on how to amend risk models or processes to comply with new regulations, highlighting potential regulatory issues, and writing waivers and self-assessments.
- Managing regulatory visits involving Risk management issues. This includes organizing agendas, chairing and presenting at regulatory meetings, performing mock interviews with visit participants, and ensuring consistency of message on cross-function issues.
- Coordinating ad hoc regulator queries. This includes answering regulators' queries, advising on efficient regulatory capital management, contributing to industry feedback forums.
- Providing advice internally on regulatory issues around new business proposals
- Tracking and reporting regulatory commitments of and information requests to CRO division
- Providing MI and regulatory advice to the UK IB CRO.
The successful candidate will be expected to interface with Senior Risk management across the Risk team, and partner with the Credit/Market risk management and Risk modelers to ensure successful regulatory interactions.
- at least 5-6 years financial sector experience, preferably in a risk management or modelling regulatory coordination role in an investment or large commercial bank, an industry association or as regulator. Experience of SEC interactions would be advantageous.
- Working experience with models such as VaR, IMM, IRB, IRC, CVA, Stress testing, ICAAP etc in a risk management function.
- Deep knowledge of credit and/or market risk regulation (including Pillar 2 and stress testing) and ideally experience of working on regulatory model applications
- Highly self-organised, good planner, tracker and chaser with ability to engage experts to deliverAbility to produce high quality, accurate work, under pressure and to tight deadlinesExcellent written and verbal communication skills, including an ability to provide clear and comprehensive written and verbal responses, and "make complexity simple".
- Ideally post graduate qualification in Finance such as Eg ACA, MSc, CFA, GARP PRM, PRMIA FRM
- Ability to work well in a team
- Willingness to question and challenge the way things are done and to come up with alternative approaches.
- Good network in industry associations and to supervisors