Head of Market Risk - Risk Management
Head of Market Risk - Risk Management
Confidence, drive, opportunity and exploration, if these are words that resonate with you, then read on.
Reporting directly to the Chief Risk Officer, you will lead effective oversight of our liquidity, market, and derivative programs. Your valuable insights will build strong confidence of our Senior Leadership, Board of Directors and Regulators.
We are looking for a proficient expert to drive our desire to advance the sophistication in our financial markets offer - to critically evaluate complex derivative transactions, balancing the need for growth and income in this area with our risk appetite; to take an opportunistic view of our current programs such that they maximize our efficiency while maintaining our safety and soundness; and help us explore the use of different strategies and products to help us manage our book of business and the volatility associated with the economy within which we operate.
As a key leader in the Risk Management Group, you will oversee ATB’s Market Risk Management Group and will be responsible for the bank’s second line of defense Market, Liquidity, and Derivative Risk Management program. You will be a trusted partner to ATB’s corporate and business functions in the management of market and liquidity risk, ensuring, at all times, that we are operating within the Board-approved Risk Appetite. This includes the development and implementation of systems to guide and monitor market risk exposures, and in the fulfillment of middle office functions for derivative transactions including complex non-traditional products. You will ensure the risk measurement and monitoring processes are sufficiently robust to accurately reflect the different types of risks facing trading and non-trading books and confirming that the risks are within the established limits and policies.
We are looking for a dynamic and knowledgeable leader that can take our Market Risk group to the next level in its evolution.
How you will make a difference:
Create Value and Drive Change
- The industry that we operate in is ever changing, be it increasing client expectations or regulatory requirements. We want you to be at the center of these and balance the opportunities they present with the risks that they raise.
- Governance and oversight are table stakes for our group, they are what gives our Regulator and Board the confidence they have in us and cannot be ignored nor undervalued. There are always opportunities to consider, products to pursue, and strategic relationships that can create value for the organization. We want you at the forefront - making sure we have best in class products and risk management practices for our internal and external customers and can pursue transactions of increasing profitability and value to our organization.
- Efficient use of resources, capital and assets are critical to our future profitability. We need you to ensure your group operates efficiently, but more importantly that you ensure the organization is deploying their resources to maximize their risk adjusted returns across business areas.
- You have a great group of professionals. Foster and develop them so that they may realize their potential and be in demand for their knowledge and acumen.
- Your expertise will be critical as you lead the development and regular review of ATB’s liquidity and market risk appetite, policies, processes and reporting (including risks arising from trading activity, volatility in interest rates, foreign exchange, and commodity prices).
- You will thoughtfully engage as a senior member of management committees overseeing market and liquidity risk impacts from strategic plans, and new or revised business practices and products. You will be entrusted to perform as the CRO delegate at the Asset and Liability Committee (ALCO) from time to time.
- You are accountable to design and implement effective monitoring systems to ensure market and liquidity risk policies are complied with and provide you will guide your team in their independent oversight with respect to adherence to ATB’s market and liquidity risk limits.
- Working with ATB’s Regulatory Compliance, Treasury and Financial Markets team, you will identify, assess and manage regulatory changes and their impacts to ATB’s risk appetite and risk profile.
- You are accountable to continually evolve reporting for the ALCO, Senior Management and Board of Directors, ensuring that the report format and content allows them to clearly understand the risks being assumed by ATB.
- You have a critical fiduciary accountability to design and implement ATB’s Market and Liquidity Risk Management program, ensuring that risk management practices are appropriately aligned with regulatory (Eg. Basel III, OSFI Guidelines, Securities Legislation, etc) and industry leading practices; that risk is effectively controlled through a comprehensive limit framework; that short and intermediate term risks, funding sources, reserves and contingencies are effectively monitored relative to the nature of ATB’s specific risk profile; and that prudent scenario and stress testing methodologies and tools are deployed. Specifically, you will
- Lead the development, implementation and oversight of key limits and metrics.
- Monitor risk on a daily basis and escalate limit breaches immediately.
- Oversee the development of periodic reporting for Senior Management and ATB’s Board of Directors.
- Regularly update ATB’s Risk Management policies and frameworks.
- Manage the Market Data used for derivatives and Fixed Income Securities valuations.
- Oversee the Profit and Loss reporting on a daily basis for ATB’s Capital Markets Activities.
- Ensure all derivative valuation models are industry standard and validated through reconciliations with other Financial Institutions.
- Assess the risk and facilitate approval for new Investment and Derivative products.
- Develop, monitor and report derivative counterparty and customer exposure limits and exceptions, establishing a process for early warning signals used to monitor counterparties and clients to detect elevated risk levels in time to take remedial action.
- Ensure the Investments Portfolio, Corporate Derivatives and Client Derivative exposures are maintained within approved aggregate and counterparty exposure limits.
- Develop and maintain an appropriate and robust scenario modelling and stress testing practices to evaluate the effects on ATB’s portfolios caused by unlikely, however not improbable events that would cause a deterioration in asset values and evaluate extreme market condition impacts on the portfolios.
- Develop and maintain periodic back testing to confirm that the exposure calculations and mark-to-market procedures and VaR systems continue to function within expected parameters.
Leadership & Team Development:
- Empathy, creativity, influence, and collaboration are the foundational traits of ATB’s leadership model where team members have the right to be led by great leaders (not perfect) and leaders have the responsibility to be great. As a valued leader in Risk Management, you will be accountable to create an environment in which our team members thrive, deliver and adapt. In addition, and as a seasoned diplomat, you will be a trusted partner and advisor to internal teams and external partners, providing valued guidance and insights for balancing growth objections and risk requirements.
What you bring to the table:
- Masters degree in mathematics or statistics, or a related discipline, with 15+ years of specific experience in market risk including leading teams operating in Treasury, and/or Derivative function with an emphasis on Market (or Credit) Risk Management. Previous experience working in a trading environment and with the Murex platform would also be a strong asset.
- Chartered Financial Analyst accreditation.
- Excellent understanding of principles of market risk analytics and credit risk analytics for derivatives, and the implications of market and credit risk policies and disciplines.
- Strong knowledge of governance and policy side of the market risk discipline, as well as Basel III and OSFI requirements.
- You are a strong leader with proven ability to drive performance, influence, inspire and develop highly engaged team members.
- You are a natural connector who builds successful relationships across the organization, within the industry, and with other key stakeholders at various levels.
- You have strong leadership presence and effective stakeholder management skills through operating in challenging and dynamic environments.
- You are a model for high adaptability and have the ability to shape our business in rapidly changing environments.
- You are known for your strong leadership acumen. You can effectively assess the structure and mandate of the team on an ongoing basis. You can evaluate talent, develop plans, prioritize work, and align service delivery with strategy.