Counterparty Credit Risk, Associate Director, (Global Risk Management)
The purpose of this Associate Director PL07 role is to ensure, in conjunction with Counterparty Credit Risk (CCR) team members and the Director, CCR London, that all relevant counterparty limits are monitored in a prudent and timely fashion for London and Asia activity, and to provide transactional approvals or guidance to trading personnel with respect to counterparty credit and settlement risk.
In addition, the role will involve the generation and provision of routine / ad hoc counterparty risk reports as requested by other internal and external stakeholders.
What will you do?
This role has primary CCR responsibilities for:
- Credit risk management oversight of RBC securities finance trading platforms located in London, Channel Islands and other European regions as deemed appropriate. The incumbent will be the primary CFG and ITS SL desk contact point for new transaction requests, policy exception reviews, limit management issues, collateral schedule approvals and regional regulatory matters. In addition the incumbent will provide independent & effective regional risk monitoring, control and oversight of Global Futures and Clearing activities.
- Primary RBC business units in scope include Central Funding Group (CFG) and Investor and Treasury Services - Securities Lending (ITS-SL).
The incumbent will work closely with GRM CCR Toronto and CCR New York to leverage skills and resources where appropriate.
Specific responsibilities include:
· Approve transactions, limit excesses and policy exceptions as per Delegated Authorities.
· Escalating limit excesses appropriately to management.
· Review and approve all collateral schedules in a manner consistent with global risk appetite for the business.
· Track and report policy exceptions, margin fails, limit excesses, trade approvals.
· Evaluate and analyze proposed transactions in the context of securities finance global risk appetite constraints, best practices and standing order Guiding Principles .
· Assist regulatory capital team in gathering data and measuring exposures in support of local reporting requirements.
· Monitor and report adherence to RBC and RBCEL securities finance risk limits.
· Co-ordinate stress analysis of new structured asset reverse repo trades or other transactions with Market Risk product specialists; provide guidance to front office traders accordingly.
· Co-ordinate limit sharing and re-allocations between ITS-SL and CFG platforms in accordance with Delegated Authorities.
· Identify risk concentrations, limit or policy violations and other heightened risk situations requiring corrective action.
· Coordinate with other GRM units to ensure limit excesses are reported to the appropriate approval authority.
· Develop regional policies and governance procedures while coordinating with global team to achieve consistency.
· Participate in periodic risk update meetings with CFG and ITS-SL front office management and GRM staff.
· Further firm-wide objectives of enhanced efficiencies, flexible reporting and professional risk analysis.
· Understand and implement RBC risk policy framework in the context of the firm's overall risk appetite.
· Provide senior GRM Credit and GRM Market Risk management with timely information with respect to changing market conditions with material implications for securities finance risk.
· Co-ordinate and maintain local operational limits specifically related to collateral asset classes, hedge funds and other potentially elevated securities finance risk elements .
· Global monitoring of CCP and Clearing broker exposure reports. This includes limit maintenance, daily follow up on limit threshold breaches and proactive follow up on limit breaches with the respective business line, GTCM and GRM Credit as appropriate.
· In accordance with BCBS239, when preparing counterparty credit risk reports:
· Ensure that risk reporting is reviewed for accuracy and trends. All reports must be accessed for Data Quality, Accuracy and Completeness.
· Identify errors in risk reporting and identify systemic issues to Risk IT for solution and prioritization.
· Ensure risk reporting accurately describes any errors or issues with exposures within the report distribution.
· IWM - supporting collateralized lending requests against marketable securities, such as equities, funds, hybrid instruments and structured products based on Market risk analysis
· GELP - Providing Credit metrics for various kinds of Equity derivatives / products to support trade approvals
· Futures Clearing - European oversight and monitoring of Futures clearing exposures. Recommending multipliers / limits for new /amended activity
What do you need to succeed?
· Thoughtful, mature - possesses a strong understanding of the principles underpinning role
· Highly self motivated, pragmatic, delivery-oriented
· Good team player with strong communication and interpersonal skills. Important that the individual can provide clear guidance to the front office on conditions for approvals and possess the requisite communication skills to deal with staff at all levels of seniority
· Have a background of sound judgement in time-sensitive situations. Be able to deliver in a pressurised environment
- A solid background in Counterparty Credit Risk Management within Capital Markets
- Strong written and oral communication skills
- Have strong experience in financial markets of traded products including derivatives and financing
- Graduate with finance, economic or mathematics focus or equivalent professional experience. Charter Financial Analyst (CFA) or Financial Risk Manager (FRM) designations a plus
- Strong Excel VBA skills.
Nice to Have
· Counterparty credit risk management experience obtained in a first tier financial institution, regulatory and/or other comparable environment
What's in it for you?
· To develop knowledge and understanding of the roles of the key relationships that the incumbent has including:
· GRM Counterparty Credit Risk team (globally)
· Front Office Sales and Trading staff in Capital Markets & I&TS.
· Group Risk Management - managers and colleagues in GRM Market Risk and GRM Credit
· Group Law and Trading Documentation
· Various Account Management teams incl. GFI, Corporate Banking, GTCM, ICCM etc.
· Internal Audit Services
· Product Control / Valuations Group / Tax / Legal / Compliance / Operations / Information Technology
· To pursue a career in Group Risk Management; this has many multi-faceted risk disciplines and future career opportunities.
We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.
Royal Bank of Canada is Canada's largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis. We have over 80,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 37 other countries. For more information, please visit rbc.com .
Join our Talent Community
Stay in-the-know about great career opportunities at RBC. It's easy! Join our Talent Community and get the inside scoop on the jobs, career paths, and recruitment events that matter to you.
Inclusion and Equal Opportunity Employment
RBC is an equal opportunity employer committed to diversity and inclusion. We are pleased to consider all qualified applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, protected veterans status, Aboriginal/Native American status or any other legally-protected factors. Disability-related accommodations during the application process are available upon request.
City: City of London
Address: City of London
Work Hours/Week: 35
Work Environment: Office
Employment Type: Permanent
Career Level: Experienced Hire/Professional
Pay Type: Salaried
Required Travel (%): 0-25
People Manager: No
Application Deadline: 03/31/2017
Req ID: 131099
Posting Notes: None