Head of Market Risk
Our client is a public limited company in the Netherlands and a subsidiary in formation of an International banking corporation. As a part of wholesale market division, in the field of finance.
About this market division:
The market division serves the financial needs of large institutions and governments in select International markets, such as Europe. The purpose reflects the unique and pivotal role it plays for our client and the International economy: “They combines global connectivity and capability to build a better country on the other side of the world”. The division is our client’s Group’s centre of excellence for high-value, low frequency, client-tailored solutions. It provides clients with access to capital, risk management solutions and facilitates cross-border trade and capital flows.
About the company:
Our client’s sole focus is on the banking division and its wholesale clients. Maintaining a presence in the European market is critical for our client as it provides the global capability and connectivity that is required to build a better country on the other side of the world. It supports this by acting as the European gateway to the other International countries for investment and bilateral trade. To achieve this aim, the market division focuses on its connections within and unique understanding of the foreign corporate landscape.
Market Risk Management is part of the Risk Management team at our client and covers independent oversight, reporting, policy development, model development, regulatory governance and capital calculation for both Traded and Non Traded Market Risk originated by our client’s market activities and liquidity and funding operations executed by the Treasury function.
The risk management team at our client will also work together with our client’s Group Market & Liquidity Risk team based outside of Europe.
The Head of Market Risk is responsible for independent market risk management and oversight of our client trading and banking books. Trading activity covers Debt Markets, Fixed income and rates, FX, and Commodities (sales). The Head of Market Risk will identify, capture and report on traded market risks relevant to our client, have delegated authority to approve transactions and be responsible for constructively challenging risk outside of risk appetite boundaries.
He/she will also contribute to the development and enhancement of Market Risk and Front Office system capabilities and the support of new business initiatives. The Head of Market Risk will report to the Chief Risk Officer of our client.
As our client building up there envisaged banking operations they are recruiting an experienced Head of Market Risk. This role will be an integral part of setting up the Risk Management infrastructure of our client, including the setup of key processes and procedures, as well as supporting relevant system implementations.
The main responsibilities of this role are:
- Set up the Market Risk infrastructure including the reporting, procedures and outstanding policies;
- Provide independent risk management services to the Global Markets business and Treasury (covering Debt Markets, Fixed income and rates, FX, commodities (sales) and Liquidity & Funding operations);
- Identify, capture, understand, measure and monitor all Traded and Non Traded Market Risk for the entity with appropriate escalation as required;
- Explain daily P&L movements in reference to market movements to potentially identify unusual P&L activity;
- Advise business on impacts of risk taking on capital usage and seek optimising opportunities (including CVA, FVA);
- Ensure that market risk management regulatory requirements are met;
- Contribute to the annual ICAAP & ILAAP processes, providing detail for the Market Risk Management sections, and support and review calculations as necessary;
- Regularly review the Market Risk Management governance and reporting frameworks and systems
- Create and maintain a robust control environment
- Support the development the Risk Management team, of direct reports and /or project resources may be required;
- Act as a trusted advisor to Management and the business;
- Lead and participate in ad hoc (cross-functional) projects;
- Positively contribute and collaborate with our client’s Group stakeholders;
- Seek opportunities to discover best practice across the industry and share relevant market and industry intelligence with Management and the wider of our client’s Group Market & Liquidity Risk teams.
Education, experience and skills
- Relevant Master degree (Finance, Econometrics or comparable);
- At least 10 years experience in a front office facing oversight role preferably with exposure to both traded and non-traded market risk;
- An understanding of Market Risk governance frameworks;
- Proven ability to present risk information to management and experience of risk reporting systems;
- Awareness of industry conditions and the competitive and regulatory landscape impacting capital markets businesses;
- Demonstrated capability to make risk decisions independently;
- Experience working with ICAAP and ILAAP, preferably in a Dutch/European context;
- Strong stakeholder, customer management and communication skills;
- Knowledge of Dutch risk regulations;
- Ability to adapt and excel in a start-up environment;
- Experience working across an international environment.
The team
The team of our client has a start-up mentality being pro-active and entrepreneurial. They are committed to investing in their people, systems, processes and policies to ensure the workplace is Diverse and Inclusive, and expect their people to work together to achieve a culture that supports this commitment. They are located in Amsterdam. They offer a competitive salary package and a steep learning curve.
If you have any questions or you want to discuss your suitability for this role, please contact Godelieve Schoemaker, owner of Backerstaete Executive Search: Tel: 0031 (0) 6 52 00 34 47 E-mail: g.schoemaker@backerstaete.nl