Director, Market Risk (Luxembourg)

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STRATEGIC BUSINESS UNIT DESCRIPTION

The Risk Management Strategic Business Unit is led by the Senior Executive Vice-President and Chief Risk Officer and is accountable for matters relating to the independent oversight of the management of risks inherent to CIBC’s activities. These risks include but are not limited to ensuring that effective processes are in place for the identification, management, measurement, monitoring and control of operational, reputation and legal, strategic, market, credit, investment and liquidity risk, collectively “CIBC Risk”, incurred by CIBC’s retail and wholesale businesses, infrastructure and corporate governance groups.

Risk Management in Europe is led by the Senior Vice-President (SVP), Chief Risk Officer (CRO) Europe & Asia and is accountable for matters relating to the independent oversight of the management of risks inherent to CIBC Europe’s activities. Risk Management in Luxembourg is led by the Chief risk officer CIBC Capital Markets  Europe S.A.  and plays a key role in identifying and understanding risks and their impact in the context of the Luxembourg business and the regulatory environment. Risk Management partners with the European Lines of Businesses to define acceptable levels of risk, and establish sound principles, policies and practices for managing risks considering the regional business needs and regulatory requirements.

JOB PURPOSE 

This role is based in Luxembourg and is primarily  responsible for the oversight  of Market, Liquidity and Counterparty Credit Risk profile of CIBC Capital Markets Europe SA Luxembourg entity, and also partially for the adjudication of the global portfolio of  European Bank, Sovereign, and non-Bank financial counterparties. This role requires  developing, implementing and maintaining systems and models to capture  and correctly measure, analyze and report all material market, liquidity and counterparty credit risks.

Key accountabilities will be to assess, monitor and report on the ongoing market, liquidity and adjudicate and monitor a portfolio of European FI and NBFI counterparty and  credit risks of the CIBC  Lux business and participate and assist in the oversight of risks globally, as required.

Market Risk focus areas are Equity Derivates, Fixed Income, Securities Financing  and FX derivative and the role requires experience of both banking book and Trading book risk management.

Counterparty and credit risk focus areas are adjudication of counterparty ratings (for European Banks, Sovereigns, and non-Bank financial counterparties), establishing risk appetite and trading documentation. The role requires a good numerate background with a core understanding of financial products/mathematics.

Given the local and global accountabilities of areas within risk management, this role will report to the CIBC Lux CRO with a functional line  to Head of Capital Markets Risk Management (CMRM) Europe & APAC.

The role also requires significant interaction with trading and sales, Treasury, and corporate banking  staff both in Luxembourg and globally, as well as with senior management in the European region. It will require understanding of CIBC’s market and operational risk models, governance and infrastructure.

Finally, the role will act as back-up for CIBC Lux CRO, covering reporting and analysis of CIBC exposures, escalating concerns to management, and  representing CIBC Lux in management meetings when necessary.

KEY ACCOUNTABILITIES

This position requires deep understanding of financial markets, project management, IT systems and Fixed Income interest rate, FX and equity derivatives. This role works directly with various stakeholders across Luxembourg and global Capital Markets, namely -  trading, treasury, operations, financial control, audit, technology, and other departments within CMRM including quantitative risk management. The role is responsible for managing the following activities:

• To assess and report on the ongoing market and liquidity risk profile of the Luxembourg businesses whilst maintaining a continuous awareness of issues affecting these desks and markets. Provide a risk view to the CRO and to Head of CMRM as required
• To adjudicate, set risk limits, approve trading documentation and monitor counterparty credit risk exposures for a portfolio of European Sovereign, FI and NBFI counterparties.
• To provide when required credit and transaction adjudication under terms and conditions of signed Delegated Credit Approval Authorities.
• To ensure that trading/banking activities of the Luxembourg business are within the CIBC risk appetite of the Bank, at both Luxembourg and Global levels.
• Understand the drivers of Lux IRRBB, monitor (in conjunction with the broader CMRM team) and escalate issues as required. Assist the appropriate enterprise risk function with the periodic reporting of IRRBB and other market/liquidity and credit reporting requirements.
• To perform day-to-day trading/banking positions analysis and perform deep dive explanations of risk drivers.
• Research, understand and explain wider regulatory  issues that could impact the market, liquidity and credit risk profile of the trading floor and banking book  including impacts to credit risk capital.
• Attend the CIBC Lux ALCO/EXCO when required. Help draft, coordinate and finalize risk reports for governance bodies such as ALCO, EXCO and the Board of Directors.
• In conjunction with the European ERM team, help input into all Lux related governance updates (dashboards, ICAAP, long form reports etc.) and all Lux related risk policies and procedures (RMF, RAF etc.)
• On behalf of CIBC Lux, work with Operational Risk regarding the fact gathering and sharing of possible Lux local risk events
• Update senior management on creditworthy and regulatory breaking news and credit, market and liquidity exposures of

CROSS-FUNCTIONAL RELATIONSHIPS

• Work in a matrix environment with CIBC business leaders and Senior Management in the Europe, UK, and Canada.
• Risk Management personnel in all locations including market, credit, enterprise and operational risk
• Finance, Audit and related control functions

COMPLIANCE REQUIREMENTS/RESPONSIBILITIES

• As an employee of CIBC, the incumbent must comply with all applicable CIBC and Line of Business policies, guidelines and controls.

AUTHORITIES/DECISION RIGHTS 

• As a key contributor to CIBC Lux and global Capital Markets Risk Management, the incumbent will drive and  have the ability to recommend changes to business market and liquidity  risk measurement, monitoring or other control processes, including but not limited to reporting and technology infrastructure, in order to enhance compliance with market & liquidity risk regulations, policies, and guidelines
• The credit delegated authority is documented in the incumbent’s Delegated Credit Approval Authorities (DCAA) and is reviewed annually.

KNOWLEDGE AND SKILLS

• Extensive practical trading and/or risk management experience for fixed income, securities lending equities and FX  derivatives and the issues surrounding their pricing and risk management, with a preferred focus on Equity derivatives.
• Strong understanding of Bank, Sovereign and Fund counterparty balance sheet analysis and risk business models and stategies.
• Familiarity with methodologies for quantifying and analyzing market risks, and of relevant systems/programming issues related to market risk system deployment. 
• Understanding of key finance/investment management concepts as well as strong skills in analytical research, problem-solving and pricing/statistical modelling.
• Strong programming and database skills (e.g. VBA, C#, SQL, Access, Bloomberg API, R)
• Degree educated, Minimum 5 years  of market and liquidity risk experience  – preferably some exposure to credit and counterparty credit risk
• Good knowledge of markets, credit analysis and ratings and traded cash and derivative products and derivative risk exposure calculation concepts.
• Ability to give a pragmatic, risk based decision under pressure. Needs to deal with complex and demanding decisions and interactions.
• Excellent social, negotiation and mediation skills.
• A strong risk/reward awareness, as well as integrity and credibility.
   

WORKING CONDITIONS

• This role operates within a office/trading floor environment with little exposure to adverse working conditions.
• CIBC are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status

What you need to know

• CIBC is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. If you need accommodation, please contact Mailbox.careers-carrieres@cibc.com
• You need to be legally eligible to work at the location(s) specified above and, where applicable, must have a valid work or study permit

Job Location

K2 Dolce

Employment Type

Regular

Weekly Hours

40

Skills

Analytical Thinking, Analytical Thinking, Banking, Business, Business Banking, Business Needs, Business Policies, Business Risks, Capital Markets, Compliance Requirements, Computer Programming, Counterparty Credit Risk (CCR), Credit Risks, C Sharp (Programming Language), Databasing, Decision Making, Derivatives, Disabilities, Diversity Strategies, Equities, Equity Derivatives, Financial Markets, Financial Products, Fixed Income Investments, Foreign Exchange Derivatives {+ 32 more}