Sample Risk Job Descriptions
Prepared for GARP by Emerson Howell Nagel & Associates
May 20, 2008
Bank holding company
Sr. Risk Analyst
Smaller midwest city
Salary range $60-90K.
Responsible for working with business portfolio managers to create ad-hoc and monthly analysis of home equity and mortgage portfolios.
Requirements are 3-5 years experience in financial analysis experience within financial services, and SAS programming skills.
Investment bank
Junior Associate, Risk Methodology
NYC
$70-90K, excellent bonus potential.
Responsibilities include producing and reviewing models and risk methodologies relating to derivatives.
Requirements are for a hands-on, hard-working, energetic candidate with some IT experience, derivatives product experience, and a quantitative master’s degree. This is an excellent career opportunity for someone who wants to work at a top-notch firm, spend a few years learning the risk management business , and then move to the line.
Mortgage bank
Senior Financial Analyst, Credit
Large west coast city
$80-100K, 10-15% bonus.
Responsibilities are to provide credit underwriting services in support of the bank’s activities, and manage the bank’s credit risk exposure to an assigned caseload of financial institutions on an ongoing basis by recommending appropriate exposure limits and collateral status for each institution.
Requirements are Bachelor’s degree in Accounting, Business Administration, Finance, Banking, a related field or equivalent education (Master's preferred). 5-7 years of increasingly responsible experience in financial/credit analysis or capital markets. In-depth understanding of the principles of credit, finance, accounting and financial instruments as well as the techniques and tools of credit analysis, financial analysis and asset/liability management in the evaluation of the financial condition of various types of financial institutions. Understanding of capital markets required, specifically regarding Mortgage Backed Securities (MBS), Collateralized mortgage obligation (CMO), derivatives, Treasuries, and other U.S. Agency securities. Familiar with the reporting requirements, regulatory framework, and operating strategies of various types of financial institutions. Ability to operate PC-based software programs and/or automated database systems.
Commercial bank
Sr. Risk Review Manager
Large east coast city
$100-120K, target $115K, bonus elligible.
Responsibilities are to manage all activities related to the planning and implementation of a comprehensive evaluation of the risk management and internal controls activities (Audit, Credit Review, Compliance and Technology) primarily for the asset management sector, which includes mutual funds and investment boutiques. This evaluation is designed to provide thorough and reliable information and recommendations for improvement to senior management and the board of directors regarding the design of, effectiveness of, and adherence to risk management and internal control systems in order to facilitate the attainment of the corporation’s business objectives in an informed, controlled, risk-managed environment. Leading / managing multiple projects simultaneously, the incumbent will have responsibility for multiple lines of business / functional areas.
Requirements are 7-10 years relevant experience in audit, risk management, finance/accounting and/or systems, minimum of 3 years as a Risk Review manager. MBA preferred, as is a CPA, CFA or other designation/certification. Incumbent should be able to plan / manage multiple complex projects, multiple teams across business lines/functional areas. Superior oral and written communication skills and in-depth knowledge of auditing and accounting or other technical principles, as appropriate. Strong interpersonal skills and sound, objective judgment required. Ability to interact with Senior and Executive Management on difficult issues. Travel ranges from 15 -25%, mostly within the US but could included international locations as well.
Hedge fund
Senior Risk Analyst
NYC
$90-150K, bonus potential to 100%.
Responsibilities would include: monitor real-time enterprise-wide market, credit and operational risk; perform a wide range of quantitative analysis of derivative portfolios, working closely with traders and the risk team to review positions and discuss risk exposure; support in the continued development of global risk models to aid in stress-testing, scenario analysis, etc.; review daily, weekly and monthly risk and performance reports; and assist in product control and compliance to aid in the mitigation of the firm’s operational risk.
Requirements are 5-7 years relevant work experience, in capital markets, specifically listed and OTC equities, fixed income and commodities. Experience with third party risk management, and strong Excel skills. Strong mathematical ability, able to excel in a high-pressure environment, entrepreneurial, self-motivated, detail-oriented and extremely diligent.
Commercial bank
Sr. Quant Risk Analyst, Derivatives
NYC
$150-185K, target $175K, incentive and stock option eligible.
Responsible for supporting the derivative models and various surrounding programs utilized by market risk for both reserve and risk measurement calculations through performing extensive model validation for new derivative products development. In addition, the person will implement production strength models in C++, which will be used for the risk calculation in batch processing.
Requirements are a PhD in mathematics, physical sciences, engineering, from a top-tier academic institution and a minimum of a few years experience in derivative modeling, especially for interest rate and equity derivatives. Strong C++ skill is essential.
Commercial bank
Self Assessment & Compliance Manager, Private Wealth
NYC
$100-150K, target $125K, bonus elligible.
Responsibilities include developing and implementing self-assessment programs sufficient to meet the company’s Private Wealth group's compliance requirements under fiduciary regulations, and general self-assessment programs deemed appropriate. Incumbent would also be responsible for managing compliance and oversight activities under the Bank Secrecy Act and AML requirements, including appropriate line of business training efforts; managing general compliance activities and reporting obligations, such as Privacy, Reg W, QCAR reporting; maintaining strong liaisons with the business managers of the fiduciary business; develop/maintain/reviewing of all policies and procedures; developing compliance and management reports to meet corporate and regulatory requirements; providing assistance to senior managers in dealing with significant compliance issues, regulatory changes and any changes in corporate policies or requirements and in relevant regulatory examinations and audits. Up to 25% travel.
Requirements are 8 to 10 years of direct relevant work experience in the audit and compliance departments of a major financial institution. Prior management experience is essential, coupled with a deep and broad knowledge of applicable regulatory and risk and compliance requirements. Outstanding interpersonal, management, communications, presentation and analytical skills. The ability to influence at the highest levels in the organization and to get things done with people outside of direct supervisory responsibility is critical.
Wholesale mortgage bank
AVP, Enterprise Risk Management
Large west coast city
$90-130K, target bonus 15%.
Responsible for validating quantitative models across bank products, identifying the primary risks associated with complex derivative products, and determining their suitability for being risk managed in specific models.
Requirements are 7-10 years’ experience in credit/market risk management of a financial institution. Bachelor’s degree in Business, Finance, Accounting, or a related field, or equivalent education required, though Master’s degree and/or CFA is preferred. Understanding of theoretical models such as Ho-Lee, Black-Derman-Toy, Black-Karasinski, and Hull-White. Knowledge of market risk instruments & products, including interest rate derivatives, MBS/CMOs. Excellent communication skills.
Insurance/financial services company
AVP, Strategic Planning, Forecasting & Planning
Smaller midwest city
$110-170K, target $145K, with a 25% bonus, short term and long term incentive.
Responsible for enterprise direction and coordination of strategic planning, forecasting, and planning requirements, tools, methodologies, and processes across the enterprise. They would be responsible for governing minimum consistent requirements and deliverables across the enterprise; managing the strategic plan (forecast, plan design, analysis, and reporting); performance metric design and implementation; performance metric, financial target, and incentive plan calibration; and expense analysis/optimization. Responsible for 3 direct and 8 indirect reports.
Candidate must have a strategic background/ability to change the way forecasting is done, understand best practices and provide insight beyond a basic level. They prefer a Life or Property Casualty background, and someone who is a team leader. Requirements are 10+ years experience and a B.S. in Accounting (Masters in finance related field helpful), CPA, insurance designations (preferred). Skills required are management/cost accounting, understanding of system design and capabilities, analytical/strategic focus, strong leadership and communication skills, and the ability to develop innovative solutions.
Investment subsidiary of an insurance company
VP, Enterprise Risk Management
Smaller eastern city
Salary $150K, with 30% target bonus.
Responsibilities are to identify, measure and monitor market and business risks, the relationships between risks and returns, and the control environment over the management and reporting of these risks. The successful candidate will develop or validate approaches to investment risk modeling and measurement approaches in economic capital risk assessment and mitigation.
Requirements are 10+ years of relevant work experience in investment risk management with focus on fixed income, and an advanced degree in Finance, Econometrics, Statistics, Mathematics, Physics, or another hard science. CFA and FRM preferred. Also required are proven experience with investment modeling and analysis, superior analytical and strategic thinking skills, and deep knowledge of financial and econometric modeling and simulation techniques. Familiarity with insurance company financial statements is highly desirable. Strong written and verbal communication skills, excellent presentation and communication skills are required, as is a well- established record of team leadership, client relationship management, project management and personal development.
Investment bank
SVP, Credit Valuations
UK
Negotiable
Responsibilities are to work within the global valuation group focusing on credit products, performing ongoing risk assessments of off-system products to ensure price verification is complete and accurate. Work closely with relevant controllers and Models/Methodology groups to pro-actively identify key pricing concerns and resolve these. Implement IPV for new products. Review /analyze results prior to escalating issues to Controllers and the Business. Improve tactical spreadsheets currently used and work with Manager towards automation as part of initiatives. Provide management support on key policy requirements and process improvement initiatives.
Requirements are a good understanding of capital markets credit products and valuation issues, and 10+ years’ experience in capital markets valuation. Excellent interpersonal skills, strong people-management skills (both directly and indirectly), team player who interfaces well with traders, managers, systems and backoffice.
European finacial institution
UK
Director/Managing Director, Head, Market Risk & Product Control
Negotiable
Responsibilities are to manage a team of 20+ trading floor risk managers globally, looking at risk actively and retrospectively using a third-party vendor risk management platform. Risk is primarily in capital markets products, with heavy emphasis on fixed income, equities and commodities. Aggregate, report and manage market risk across all trading floor lines of business.
Rqeuirements are 15+ years experience in capital markets, at least 5 managing large teams. Extensive capital markets, derivatives, fixed income and equity/commodity product knowledge. Proven track record of dealing with senior management and traders. Ability to hold the line in risk management. Some knowledge of regulatory compliance regarding market risk would be helpful.
Hedge fund
CRO
UK
Negotiable
Responsibilities are to liaise with the quantitative risk team in the oversight of the risk methodology and to both micro and macro manage the risk in the products, funds and portfolios as a whole. Candidate will sit on the executive committee of the fund.
Requirements are for an experienced front office candidate with considerable experience in establishing the risk of traded credit products, from either a buy- or sell-side perspective.
Very large UK hedge fund
Chief Risk Officer
NYC
Negotiable, excellent package
Responsibilities are to manage risk for their recently expanded proprietary desk in the US, focusing on a variety of capital markets products. Proactively lead a group of risk managers. Liaise with UK risk managers in developing, implementing and managing credit and market risk policy, including compliance and reporting.
Requirements are superlative track record from a highly respectable institution, with at least 10 years experience. Strong market risk experience, preferably on the trading floor at some point. Credit and operational risk experience is also required, as well as experience aggregating risk across an enterprise or lines of business. Experience interacting with senior management or the executive committee of a fund also required. The team has recently made some very senior hires as well as making some internal changes which have boosted the capacity of the fund, so they are looking for candidates who are on par with the rest of the team and can fit into this position smoothly.
