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Vice President, Market Risk Management
CIT
New York, NY, United States
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Overview
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com.
Responsibilities
The VP Market Risk Analyst provides independent oversight of Treasury and analyzes and reports on the balance sheet’s interest rate risk, FX risk, and trading activities. As a member of the Risk Management Group, the role supports the development and continuous improvement of CIT’s risk identification and management, modeling practices and participates in stress testing and other ad-hoc analyses. Role will collaborate with various subject matter experts across operational, vendor, information and regulatory risk, as well as risk appetite and compliance.
At the direction of the Head of Market Risk Management and Capital Risk Management the sucessful incumbent will:
• Provide independent review of ALM/balance sheet risk management strategies adopted by the Corporate Treasury. Review the Bank's balance sheet to ensure that potential market risk exposures are being challenged, monitored and controlled, including:
◦ ALM positions,
◦ Investment Portfolio
◦ Derivative activities
• Offer insight into interrelationships between Balance Sheet and Income Statement. Additionally, provide insight into correlated risks with related entities.
• Oversight of trading desks including analysis of hedging activities and Volcker compliance.
• Analyze market risks associated with investment securities such as Commercial Mortgage-Backed Securities, municipal bonds, and corporates including prepayment, premium and regulatory capital risks.
• Monitor and support enhancements to Risk Appetite Framework, compliance with limits and thresholds, update to policies and regulations to ensure emerging risks are identified and to recommend actions to reduce risk exposure
• As applicable, participate in formulation of remediation / implementation with respect to the FRB/OCC matters requiring attention (MRAs), and work with internal auditor on open issues.
• Participate in various risk governance committees and working groups and collaborate with business lines to develop, enhance and administer risk policies.
• Contribute to model risk management practices, including in depth review of model assumptions, design and implementation and back-testing performance of quantitative models.
• Assess internal and external market risks and report MRMs perspective to senior management.
• Complete ad-hoc projects and analysis consistent with the Market Risk Management functions objectives.
Qualifications
• BS in Finance, Economics or other quantitative discipline, advanced degrees a plus
• 5+ years of related risk management experience within financial services (or clear demonstration of comparable skillset)
• Strong understanding of regulatory environment; SR 10-1, IRRBB for interest rate management, Enhanced Prudential Standards (EPS), Heighted Standards, SR12-7, and Volcker
• Strong quantitative, analytical and problem-solving skills, ability to understand diverse financial products, including accounting business processes, financial, management and regulatory reporting
• Excellent verbal and written communication and presentation skills, ability and experience developing executive materials and comfort presenting to senior management and Regulators
• Ability to work independently and influence others; demonstration of initiative, resourcefulness and follow through; solid interpersonal skills
• Strong work ethic, as well as the ability to learn and apply new concepts quickly and the ability to manage concurrent deadlines and multi-task across both team oriented and individual projects
• Hands on experience in research and analysis of a Bank's balance sheet, preferably using ALM software (QRM a strong plus); including prepayment modeling, non-maturity deposit modeling, and securitized products
• Advanced proficiency with Microsoft Office applications, to create professional presentations and present concepts to executives in a concise yet effective manner