Director, Risk (24 month contract)

Venture outside the ordinary - TMX Careers

The TMX group of companies includes leading global exchanges such as the Toronto Stock Exchange, Montreal Exchange, and numerous innovative organizations enhancing capital markets. United as a global team, we're connecting cross-functionally, traversing industries and geographies, moving opportunity into action, advancing global economic growth, and propelling progress. Through a rich exchange of ideas, meaningful collaboration, and a nimble operating model, we're powering some of the nation's most critical systems, fueling capital formation and innovation, bringing increased opportunity to business visionaries, product ingenuity to consumers, and career exploration to our team.

Ready to be part of the action?

This second line role is responsible for providing risk oversight and compliance analysis and design for the financial risk management activities of CDCC's Cleared Equity Total Return Swap (TRS) product initiative. The candidate provides thought leadership and works collaboratively at senior levels of the organization, supporting the Chief Risk Officer and Risk Management leaders to assure effective management of financial risks including counterparty credit, liquidity, and market risk exposures related to clearing & settlement of equity total return swaps for both US and Canadian markets.

Among its main responsibilities, the incumbent (i) ensures CDCC is prepared to implement newly defined Default Management and Recovery rules and procedures (ii) owns the model validation function for TRS base margin and add-on financial risk models and (iii) ensures Equity TRS product achieves adherence with PFMI and BoC obligations as well as CDCC's Risk Management policies. To ensure success, the candidate builds strong relationships with relevant stakeholders across project stakeholders including IT, Operations, Legal corporate functions as well as regulatory agencies and industry peers.

Key responsibilities include:

Financial Risk Resilience

• Analysis, design and operationalization of Default Management and Recovery tools for Equity TRS, including a pre-auction hedging program, to ensure preparedness and resilience of CDCC and all stakeholders (surviving Clearing Members, TMX cross functional teams, FMI executive and Board leadership, liquidity providers and Regulators)

• Evaluation of alternative liquidity resources (i.e. credit facilities and/or mandated lending arrangements), hedging arrangements and auction design formats to identify the most cost effective default management and recovery tools which create incentives for successful defaulter position closeout

Risk Oversight

• Design daily, weekly, monthly and annual monitoring tools for credit, liquidity, market and counterparty risk exposures which facilitate escalation of exception conditions and identification of financial risk appetite breaches

• Lead Equity TRS Risk model and "near model" validation and identify key-non default risk exposures associated with equity TRS clearing

• Development of comprehensive and proactive risk-based policies, standards, procedures and guidelines for equity TRS that are consistent with TMX Post-Trade risk tolerance, capacity, and approach to risk.

• Identify opportunities for advanced effectiveness (data visualization) in equity TRS risk reporting and presentations to increase financial risk visibility and communication with executive management and Board of Directors.

Compliance

• Keep abreast of developments in financial risk management including regulatory developments as they relate to the Principles of Financial Market Infrastructure "PFMIs" and ensure ongoing compliance of both CDS and CDCC

• Advise all stakeholders on appropriate processes and controls that are in line with corporate appetite statements and policies on financial risk. As the owner of the effective challenge function, proactively identify and address material financial control gaps

• Provide subject matter expertise and feedback on financial risk management activities within the TMX Post-Trade Risk Team as well as various business units and corporate functions;

Competencies

• An advanced university degree in risk management, business management or another relevant field (finance, engineering, applied mathematics etc.) with a thorough knowledge of modern financial risk control processes, models and techniques.

• 8-10 years of experience in financial risk management ideally in a role dealing directly with equity TRS products and/or Prime Brokerage activities in equities asset class

• Proven track of record in building, executing and enhancing best-in class financial risk controls for derivative products including Total Return Swaps as well as risk model and "near model" validation frameworks according to best practices, industry standards, and international requirements

• Flexibility, resilience and versatility. Proven ability for strategic, analytical and critical thinking and problem solving. Demonstrated commitment to continuous quality improvement and continuing education;

• Ability to make sound decisions, identify risk appetite exception drivers and suggest appropriate recommendations to senior/executive management and effectively support those recommendations;

• Excellent time management skills, including ability to work well under pressure and constantly adjust priorities;

• Strong leadership, interpersonal and communication skills with a particular focus on influencing key stakeholders in order to build consensus and collaboration;

• Proficiency in both the French and English languages (oral and written) would be an asset for this role, as the employee will be engaging with both internal and external stakeholders who primarily communicate in English.

Job grade - 9

In the market for…

Excitement - Explore emerging technology and innovation, as well as ventures and digital finance that shape the future of global markets! Experience the movement of the market while grounded in the stability of close to 200 years of success.

Connection - With site hubs in some of the world's most multicultural cities, we leverage our size and structure to create rich connections and belonging while experiencing powerful global impact through our work.

Impact - More than a platform, we use our talents to power mission-critical systems that drive global economic advancement, innovation, and growth. As well, our employee-led Team Impact spreads social good via our giving strategy.

Wellness - From empathetic leadership to a culture of flexibility and balance, we believe wellness at work creates the maximum yield and a stronger "we". Plus, with a cloud-first and hybrid workstyle, as well as generous time-off and leaves, we support a life well lived!

Growth - From a growth mindset in our work, to expansion in our business, TMX is home to action-takers energized by the achievement of ambitious growth.

Ready to enrich your career with impactful work, leaders who truly care, and the flexibility and programs to help you thrive as part of #TeamTMX ? Apply now.

TMX is committed to creating and sustaining a collegial work environment in which all individuals are treated with dignity and respect and one which reflects the diversity of the community in which we operate. We provide accommodations for applicants and employees who require it.