Model Risk Manager Jobs in Aurora, IL (NOW HIRING)

Job Purpose

The Enterprise Risk Department operates as an independent second-line risk function, responsible for developing and administering the enterprise risk framework used to identify, assess, and report risks, as well as conducting independent model validation. This function establishes parameters for risk management, identifies and escalates risks independently when necessary, and provides robust oversight and challenge across the business. Its objective is to ensure effective management of all business, financial, and non-financial risks faced by the clearing house, including - though not limited to - model risk, market risk, credit risk, liquidity risk, investment risk, and operational risk.

Senior Manager, Enterprise Risk serves as a key leader within the second line risk function, supporting the oversight of risk management practices at North American Clearing houses. The candidate will be responsible for enhancing and executing the risk framework, as well as identifying, quantifying, and escalating risks. The role requires a broad skillset spanning both risk policy and process leadership and the ability to critically assess and challenge the first line on risk methodologies, analytics, and models. The role has extensive exposure to senior management and provides a unique platform to leverage a skillset that includes a broad understanding of the risks facing complex, systemically important financial institutions, as well as in depth experience in risk management and operational processes required to manage them.

Responsibilities

• Risk Leadership
  • Maintain and enhance the strong, disciplined risk culture within the Enterprise Risk Department and more broadly across the Company
  • Ensure robust risk management policies, procedures and processes are in place
  • Ensure the effective execution of the risk management and governance framework, including the policies and procedures established at the clearing houses
  • Manage the reporting and escalation of risks to the Senior Management team, the Board and appropriate Governance Committees.
  • Build and develop a strong team of second-line risk professionals
  • Provide support to teams leading model validations and credit risk monitoring, and collaborate with risk resources across the wider ERM group
  • Represent ERM and/or North American Clearing houses in engagements with regulators or other external stakeholders
• Risk Identification, Management, Monitoring, Reporting
  • Maintain and execute the clearing house risk appetite framework, or specific aspects of it, including setting, calibration, and articulation of risk appetite statements and limits for North American Clearing houses
  • Administer the annual review of the Risk Appetite Framework, including:
    • Assessing whether measures, thresholds, and limits are operating as intended
    • Determining whether recalibration is required
    • Assessing whether all key risks are adequately covered by existing metrics
  • Own and maintain Risk Registers, Risk Assessments, and Emerging Risk processes
  • Provide ongoing input to the first line on risk identification and assessment, including assessment of new strategic and financial risks and deliver challenge to first line risk policies, processes, and controls
  • Be responsible for the identification, quantification, and escalation of risks
  • Produce clear and insightful reports on the clearing house risk profile and control effectiveness for Senior Management team, Board, and other relevant committees
• Risk Measurement, Methodologies, and Models
  • Perform qualitative and quantitative risk assessments as challenge to the regular risk measurement and assessment responsibility of the first line functions.
  • Develop or manage the development of appropriate methodologies and quantitative tools necessary to effectively monitor and evaluate risks.
• Regulation and Industry Benchmarking
  • Maintain industry awareness, best practice insight and regulatory knowledge with regards to clearing house risk management.
  • Will be encouraged to participate in and contribute to industry forums with respect to clearing house risk management standards and regulations

Qualifications

Must-Have

• Advanced degree in a quantitative discipline
• Strong experience in financial services risk management or similar analytical role
• Deep knowledge of financial markets and derivatives
• Solid understanding of financial and non-financial risks
• Strong verbal and written communication skills
• Proven ability to influence and challenge senior stakeholders
• Experience managing teams

Preferred

• Experience with enterprise risk frameworks
• Background in clearing houses or clearing business
• Exposure to regulatory engagement and governance committees

Illinois Base Salary Range 

The expected base salary for this role, if located in Illinois, is between $143,650 - 191,520 USD. The base salary range does not include Intercontinental Exchange's incentive compensation. While we provide this range as general guidance, at ICE we compensate employees based on the skillset and experience of the individual. Regular full-time ICE employees are eligible for a suite of competitive employee benefits, including healthcare coverage (medical, dental and vision), a 401(k) plan, life insurance, time off, and paid leave for qualifying circumstances. 

New York Base Salary Range 

The expected base salary for this role, if located in New York, is between $165,000 - 205,000 USD. The base salary range does not include Intercontinental Exchange's incentive compensation. While we provide this range as general guidance, at ICE we compensate employees based on the skillset and experience of the individual. Regular full-time ICE employees are eligible for a suite of competitive employee benefits, including healthcare coverage (medical, dental and vision), a 401(k) plan, life insurance, time off, and paid leave for qualifying circumstances.