Manager, Risk Management Oversight CDCC
TMX GROUP
Montreal, CA
2d ago

CDCC offers clearing and settlement services for all MX transactions and certain over-the-counter (OTC) derivatives. CDCC offers central counterparty and clearing and settlement services for all transactions carried out on MX’s markets and on some OTC products.

This role is based in our Montreal location, with a flexibility to work remotely. The candidate needs to be available to attend the Montreal office several days per month.

Reporting to the Director, Risk Management Oversight, the incumbent contributes actively to the financial risk management of CDCC through effective financial (market, credit, liquidity, model, non-default exposure) risk monitoring and management, default management and recovery planning.

The main accountabilities of the role include (i) leading CDCC’s financial risk monitoring program (ii) continuously improving CDCC’s default and recovery management processes and (iii) conducting industry-wide simulations of default and recovery events with extensive client participation and regulatory oversight.

Drawing on his / her expertise, the incumbent helps improve TMX Post Trade risk management and governance practices through the ongoing review of risk policies and frameworks including the annual review of CDCC model performance and risk rating and monitoring processes.

The incumbent finds practical solutions to successfully resolve complex default and / or recovery scenarios by synthesizing knowledge of the relevant risk exposures, contractual obligations of all involved stakeholders, operational capabilities and PFMI guidance / regulatory requirements.

This high profile role collaborates extensively with risk management and other representatives of CDCC’s clients, liquidity providers FMIs and regulators to fulfill the clearinghouses’ critical role in ensuring the resilience of Canada’s financial system.

How does a Management, Risk Management Oversight at TMX contributes :

Lead CDCC’s Risk Oversight team members in their risk measurement and monitoring accountabilities including Stress Testing, Models Sensitivity Analysis, Stress Test Monitoring, Backtesting and Sufficiency of Resources monitoring (credit and liquidity) as well as ongoing assessment of program performance and annual assumptions reviews

Develop and update Default Management processes and Recovery plans for CDCC covering the Derivatives and Fixed income CCP services including improvements to default and recovery auction automation

Coordinate and continually improve CDCC annual default and recovery simulations and participate with the industry (CDS and Payments Canada) to expand the integrated Financial Market Infrastructure default simulations

Contributes his or her specific expertise to the risk analysis of new products or initiatives and assesses their impact on CDCC margin modeling, default management and recovery risk processes and plans

Draws on his / her expertise to ensure that CDCC rules adequately define all stakeholder responsibilities and that TMX Post Trade default and recovery tools provide sufficient financial resources for the successful resolution of potential client defaults

Evaluate CDCC non-default loss exposures, risk mitigations and loss absorption capacity and report results to internal and external stakeholders

Ensure that TMX Post Trade maintains high risk management standards in compliance with CPMI-IOSCO Principles for Financial Market Infrastructure (PFMIs)

Support the internal Enterprise Risk Management (ERM) group in their independent risk oversight.

What do you bring to the role :

Master’s degree in a quantitative finance field such as Economics, Finance, Mathematics, Statistics or alternatively an MBA or Law degree with business process development experience

5 to 7 years of proven experience in quantitative risk management and financial risk oversight in a capital markets setting

Completed or working towards CFA, FRM or PRM designation

Advanced level of knowledge related to credit, liquidity and market risk as well as a good understanding of financial risk management in general

Sound knowledge of financial model risk management concepts and best practice

Excellent quantitative and data analysis skills with ability to manage multiple tasks and meet tight timelines without compromising the integrity of information

Outstanding and shown leadership capabilities communication, influence, negotiation, conflict resolution, people management, relationship management (internally / externally), and multitasking

Advanced level of critical thinking, conceptual / abstract reasoning and good judgement

Ability to effectively lead change management initiatives

Possess professional written, oral, and communication skills

Highly motivated, self-directed, and resilient under pressure

Ability to prioritize and lead / execute concurrent tasks in a fast paced environment

Strong team building skills; ability to foster a collaborative environment

Highly motivated self-starter who is flexible, results oriented and works well in compact teams involved in multiple concurrent projects

Bilingual, French and English, spoken and written

Le Groupe TMX s’est engagé à créer et à maintenir un milieu de travail empreint de collaboration au sein duquel chacun est traité avec dignité et respect, et qui reflète la diversité de la collectivité où nous exerçons nos activités.

Nous mettons en place des mesures d’adaptation pour les candidats et les employés qui en ont besoin.

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