Title: Chief Risk Officer
Location: Chicago, IL OR New York, NY (Hybrid)
Full-time
Our client is seeking a Chief Risk Officer (CRO) who will be responsible for establishing and maintaining the overall Enterprise Risk Management (ERM) framework for both the DCM and DCO. The CRO ensures the safety and soundness of the organization by overseeing the identification, assessment, monitoring, and reporting of risks, including credit, liquidity, market, operational, and systemic risks.
Key Responsibilities
Risk Strategy & Governance
- Design, implement, and oversee an Enterprise Risk Management (ERM) framework across the DCM and DCO.
- Serve as principal advisor to senior leadership and the Board Risk Committee on material risk exposures and mitigation strategies.
- Establish and monitor risk appetite, tolerance limits, and key risk indicators (KRIs).
- Oversee identification and mitigation of operational risks across trading, clearing, technology, and cybersecurity.
- Partner with information security leadership to ensure strong system safeguards.
- Ensure independence and authority of the risk management function.
Risk Management Oversight
- Oversee development, governance, and validation of margin and risk models used by the DCO and DCM.
- Approve counterparty credit limits and ongoing credit monitoring of participants.
- Lead liquidity risk management planning and stress testing.
- Monitor exposures to adverse price movements in cleared products and direct stress-testing programs.
- Design and regularly test default management frameworks, including liquidation or transfer of defaulted portfolios.
Regulatory Compliance & Reporting
- Ensure risk frameworks, policies, and models meet applicable regulatory expectations for DCOs and DCMs.
- Oversee preparation of required regulatory risk reporting.
- Serve as a primary point of contact for risk-related supervisory interactions.
Product & Market Risk Strategy
- Support product design and rule changes from a risk perspective.
- Conduct scenario, stress, and threat-vector analyses across products and markets.
- Collaborate with market surveillance teams on automated monitoring tools.
- Contribute to policy and market-structure discussions relevant to DCM/DCO activities.
Qualifications
Education & Experience
- Advanced degree in finance, economics, quantitative methods, or related field preferred.
- Professional certifications such as FRM or CFA are advantageous.
- 15+ years of relevant financial services experience, including senior leadership responsibility within risk management.
- Experience working with or within DCOs, DCMs, clearing, or other systemically important financial institutions.
Knowledge & Skills
- Deep knowledge of risk management practices applicable to DCO and DCM environments.
- Strong quantitative skills and experience with model development or validation.
- Excellent communication skills, including Board-level engagement.
- Demonstrated ability to lead high-performing risk teams in a regulated environment.
