Prime Brokerage Market Risk

We’re building a relationship-oriented bank for the modern world. We need talented, passionate professionals who are dedicated to doing what’s right for our clients.

At CIBC, we embrace your strengths and your ambitions, so you are empowered at work. Our team members have what they need to make a meaningful impact and are truly valued for who they are and what they contribute.

To learn more about CIBC, please visit CIBC.com

What You’ll Be Doing

Capital Markets Risk Management (CMRM) supports the Strategic Business Units (SBUs) in the measurement, monitoring and control of market, trading, operational and trading credit risks, maintaining consistent corporate governance standards, through a responsive and customer-oriented organization, which facilitates integrated decision-making.

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How You’ll Succeed

The incumbent will, as his/her prime role, play an important part in ensuring that market risk for prime brokerage client portfolios and/or CIBC’s trading desks is completely captured, quantified, and controlled.

The role will include statistical modeling in a portfolio context, as well as ad hoc analysis of specific risks and transactions.

In addition, the candidate will be expected to participate in leading group-wide projects, contributing innovative thinking and an advanced analytical approach. The incumbent will require a good understanding both of the financial markets in general, and of the analytical principles underlying the pricing and risk management of financial products. This position interfaces with traders, operations, financial control, audit, technology, middle office, and other departments within CMRM.

KEY ACCOUNTABILITIES

• Recommend appropriate risk controls and ensure processes are in place to monitor against limits. Review that the line of business activities fall within pre-established boundaries and expectations or concerns are escalated for management review.
• Provide accurate and timely measurement of all relevant credit exposure – at a transaction and counterparty portfolio level to help facilitate credit decisions. Dissect complex rule-based and stress-based margin methodologies to conduct proper risk testing
• Assess complex PB, OTC, FX and Exchange Traded portfolios conducting stress, historical and scenario analysis calculations.
• Provide analysis and recommendations to address elevated exposures and limit breaches
• Monitor global macro market environment, reporting on the impact of market events on current portfolios
• Communicate technical, analytical and conceptual information regarding market measurement/methodology to various internal stakeholder throughout the organization on a daily and weekly basis
• Participate in regional and global risk projects to enhance our risk assessment and monitoring
• Assist in regulatory inquiries involving Prime Services risk and margin framework
• Evaluate financing requests arising from the credit repo business, analyzing esoteric structed credit products

CROSS-FUNCTIONAL RELATIONSHIPS

This job collaborates with peers both inside and outside the work unit when identifying, discussing, and resolving business issues related to the work area.

• Management in New York, and where appropriate in other centers
• Risk Management personnel in all locations
• Infrastructure personnel in New York & Toronto, and where appropriate in other centers

COMPLIANCE REQUIREMENTS/RESPONSIBILITIES

• As an employee of CIBC, the incumbent must comply with all applicable CIBC and Line of Business policies, standards, guidelines, and controls.  

AUTHORITIES/DECISION RIGHTS 

• The Prime Brokerage Market Risk Manager operates with independence to measure and monitor market risks in the regional businesses for which he/she is responsible.

JOB DIMENSIONS

• As a subject matter expert, the Prime Brokerage Market Risk Manager may be called upon to contribute his/her expertise in related issues and discussions at both the SBU and Enterprise level.

WORKING CONDITIONS

• Hybrid

Who You Are

KNOWLEDGE AND SKILLS

• Experience in Prime Brokerage Risk Management, Market Risk, or Counterparty Risk
• Knowledge of VAR and/or PFE methodologies
• Familiarity with methodologies for quantifying and analyzing market and credit risks and knowledge of exchange traded and OTC derivative products (FX, IR, Equities, Credit and Commodities).
• Understanding of Prime Brokerage margin methodology
• Demonstrated interest in markets and macro trends and the ability to assess impact on client portfolios
• Ability to communicate effectively with senior stakeholders and client facing personnel including Client Services, Sales, and Relationship Management to communicate risk appetite.
• Undergraduate degree in a quantitative discipline preferred (Mathematics, Engineering or Computer Science)
• Highly proficient Excel skills as well as knowledge of Python (strongly preferred), VBA, and/or other programming languages a plus.
• Good communication and writing skills sufficient to articulate ideas that involve interpretation, analysis and assessment of complex conceptual subjects
• Ability to effectively manage multiple projects of varying complexity simultaneously.

Conduct and Risk Culture

Our CIBC risk culture is based on employees striving to exceed the expectations of ourselves and our leadership’s identification and mitigation of risks in their daily responsibilities, not just in quarterly or annual monitoring/assessments.  We all are accountable for managing risk.

As an employee of CIBC the incumbent must conduct themselves (and foster an environment for others) in a manner consistent with our strong risk culture. This includes:

• Following all aspects of the CIBC Code of Conduct, as well as all applicable CIBC policies, frameworks, guidelines, processes and controls
• At all times acting in accordance with our Purpose and shared values, to achieve our Bank’s strategic goals
• Understanding and following the qualitative and quantitative components of our Risk Appetite Statements
• Completing all annual Corporate Mandatory Training and Testing modules, as well as any additional business-specific modules, as required and employing the learnings in daily activities and undertakings
• Escalating matters through one of the appropriate channels identified in the CIBC Code of Conduct (i.e., HR, management, Ethics Hotline, Whistleblower, etc.) upon observing activities that may be inconsistent with CIBC’s policies, frameworks, guidelines, processes and controls, and where applicable, assist in the resolution of same
• Speaking up if witnessing behaviors that drive poor or unfair outcomes for clients, team members or other stakeholders
• Escalating matters that can result in adverse market practices and outcomes, thereby negatively impacting CIBC’s reputation as a leading financial institution

#LI-TA

California residents — your privacy rights regarding your actual or prospective employment

At CIBC, we offer a competitive total rewards package. This role has an expected salary range of $140,000-$180,000 for the New York City, NY market based on experience, qualifications, and location of the position. The successful candidate may be eligible to participate in the relevant business unit’s incentive compensation plan, which also may include a discretionary bonus component. CIBC offers a full range of benefits and programs to meet our employee’s needs; including Medical, Dental, Vision, Health Savings Account, Life Insurance, Disability, and Other Insurance Plans, Paid Time Off (including Sick Leave, Parental Leave, and Vacation), Holidays, and 401(k), in addition to other special perks reserved for our team members.

Candidates hired to work in other locations will be subject to the pay range associated with that location. Additional total compensation and benefits details will be provided during the hiring process.

What CIBC Offers

At CIBC, your goals are a priority. We start with your strengths and ambitions as an employee and strive to create opportunities to tap into your potential. We aspire to give you a career, rather than just a paycheck.

• We work to recognize you in meaningful, personalized ways including a competitive salary, incentive pay, banking benefits, a benefits program*, a vacation offering, wellbeing support, and MomentMakers, our social, points-based recognition program.

• Our spaces and technological toolkit will make it simple to bring together great minds to create innovative solutions that make a difference for our clients.

• We cultivate a culture where you can express your ambition through initiatives like Purpose Day; a paid day off dedicated for you to use to invest in your growth and development.

*Subject to plan and program terms and conditions

What you need to know

• CIBC is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. If you need accommodation, please contact Mailbox.careers-carrieres@cibc.com

• You need to be legally eligible to work at the location(s) specified above and, where applicable, must have a valid work or study permit.

• We may ask you to complete an attribute-based assessment and other skills tests (such as simulation, coding, MS Office). Our goal for the application process is to get to know more about you, all that you have to offer, and give you the opportunity to learn more about us.

Job Location

NY-300 Madison Ave., 6th Floor

Employment Type

Regular

Weekly Hours

40

Skills

Analytical Thinking, Business, Business Units, Capital Markets, Communication, Counterparty Risk, Credit, Credit Risks, Financial Markets, Group Problem Solving, Management Reporting, Market Risk, Middle Office, Process Improvements, Risk Assessments, Risk Monitoring, Risk Reporting, Trading Risk Management

Salary : $140,000 - $180,000