Head of Market Risk - Chicago, United States - Northern Trust

Description

About Northern Trust:

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.

Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.

Summary:

The successful candidate is responsible for providing second line of defense leadership of the credit risk oversight of Northern Trust's Treasury investment portfolio, and market risk oversight for the bank's trading activities.

Major Duties:

• Oversight of Treasury Investment Portfolio Credit Risk
• Serve as the primary conduit between Credit Risk and Treasury ensuring that appropriate risk management practices are followed in managing the investment portfolio.
• Primary architect of Investment Guidelines annually approved by the Credit Risk Committee.
• Participate in the analysis of asset classes considered for inclusion as permitted investment activities.
• Lead the Second Line oversight ABS, CMBS, Municipal Market, CLO's, corporate bonds and other structured products from a credit perspective.
• Serve as the primary architect and maintenance portfolio reviews and governance documents.
• Serve as Chair of the Treasury Credit Committee and handle associated special authority groups to insure quorum of respective activities, meeting timely to meet bid deadlines, and maintain credit integrity in the process.
• Oversee the review of Public Finance Loans and legacy municipal portfolio plus all new municipal holdings.
• Enhance credit monitoring of the investment portfolio with usage of market and credit data.
• Work with Treasury and other Risk areas to optimize the investment portfolio while meeting all investment objectives of liquidity, credit risk and interest rate risk.
• Responsible for Second Line input into credit research, development, and implementation of new asset types for the investment portfolio.
• Manage the Corporate Trading Market Risk team
• Responsible for overseeing the review, interpretation and dissemination of current and proposed policies and procedures related to market risk arising from the bank's capital markets trading activities.
• Manages the market risk team including direct reports in Chicago and matrixed reports in London, Singapore, and Bangalore.
• Conducts performance management and career development processes and staffing and other management actions. Responsible for carrying out complex initiatives involving multiple disciplines including active leadership in the Fundamental Review of the Trading Book (FRTB) design and implementation for market risk.
• As Market and Credit Risk Manager, develops goals, organizes the team's workflow, sets priorities, monitors all activities, and ensures timely and accurate completion of work.
• Manages the corporate market risk function which includes real time active monitoring of positions against limits, ensuring data accuracy, reviewing excess positions and recommends limit changes in the context of current and anticipated market condition.
• Oversees the development of market risk management analysis reports and responsible for measuring and analyzing the Corporation's risk exposure (e.g., Value at Risk, Net Open Position limits).
• Verifies that activities meet any regulatory requirements (primarily Federal Reserve Bank and CFTC) and is the primary point of contact with regulators for this risk area.
• Provides quarterly and other updates as requested.
• Reviews and provides sign off on all Trading Market Risk external disclosures, local trading risk policies, internal SOX reports, Swap Dealer thresholds.
• Ensures trading risk management procedures are updated, reviewed and followed including Covered Position Identification Reviews.
• Consistently displays a balanced, cross-functional perspective, liaising with the rest of the business to improve efficiency, effectiveness and productivity.
• Communicates and provides risk mitigation advice and requirements to managers and appropriate partners/team members.
• Identifies situations which pose significant risk and provide leadership in developing policies and/or procedures that create the proper balance between risk and reward.

Other Responsibilities

• Serves as Credit Risk Representative on various governance bodies for Northern Trust Asset Management to be determined related to investment securities approval with a focus on short duration risk.
• As a subject matter expert for market and investment risk, provide comprehensive, in-depth consulting, and leadership to team and management at a highly technical level.
• Carry out activities that are large in scope, cross functional, and often technically challenging.

Knowledge/Skills

• Multi-disciplinary expert with authority, knowledge of market and credit risk.
• Knowledge in developing standards or best practices required to facilitate implementation of additional asset types for the investment portfolio and market risk management activities.
• Excellent leadership, analytical, conflict management, and negotiation skills are required as well as sophisticated oral and written communication skills.
• Additional knowledge/skills include analytical, problem-solving skills, Bloomberg, and advanced desktop technology skills in database management, Cognos, Excel and PowerPoint.
• Murex experience would be advantageous.

Experience and Knowledge

• 10+ years of prior credit underwriting experience including knowledge of the Asset Backed Securities and structured credit markets.
• Broad knowledge of the global capital markets and Fixed Income asset classes.
• Familiarity with VaR and other market risk metrics preferred. Prior credit risk evaluation of securitizations helpful.
• Degree in Business, Finance, Math or similar discipline.
• CFA, FRM or MBA a plus.
• Technical skills preferred: Bloomberg, FactSet, Excel, Murex.

Working with Us:

As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.

Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve Join a workplace with a greater purpose.

We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies Build your career with us.

Reasonable accommodation

Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at

We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.

Talk to us about your flexible working requirements and together we can achieve greater.

For further information, and to apply, please visit our website via the "Apply" button below.