Job Title: CPM Market Risk Manager
Corporate Title: VP/Director
Location: Paris, France
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.
One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.
Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.
Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!
Based in the 8th arrondissement and within the Parisian Golden Triangle, our beautiful Art-Deco era office benefits from luxury modern workspaces, an abundance of natural light and is easily accessible by public transport.
The Counterparty Portfolio Management (CPM) Market Risk team is global, with team members currently in London and New York. It is part of the second line risk organisation, Global Risk Management, which offers a wide range of opportunities for career development across different asset classes and locations. The team’s current global footprint comprises of six risk managers and CPM dedicated support in Mumbai. This role expands coverage to Paris and is part of a medium-term expansion plan. The team is highly diverse, with a broad range of skills, perspectives and experiences that engenders a supportive environment; one which encourages the open discussion of risk challenges. The role will have exposure to various Front Line trading roles, senior risk management and a diverse range of other support functions (including Finance, Legal, Audit, Quants and Compliance).
You will be joining the Market Risk Management team covering the Counterparty Portfolio Management (CPM) trading desks. The CPM platform comprises four trading desks 1) XVA and ColVA, 2) Collateral Funding/Structured Note issuance, 3) Risk Optimisation and 4) legacy positions. Your primary responsibility is to cover the XVA trading desk. In addition to providing independent oversight of the market risks taken by the XVA desk, you will assess a broad spectrum of risks for the desk, liaising with other risk functions as necessary, including Operational, Credit, and Counterparty Credit Risk. You will have close interaction with the trading desk and other risk and support groups (i.e. Finance, Quants, Technology,). Product knowledge and quantitative skills are necessary. This is a diverse role, which examines cross-asset exposure, regulatory issues, accounting, and derivatives documentation.
An understanding of XVA is desirable and quantitative skills necessary, as the position involves dealing with muti-asset risk exposure across originating from a broad range of product types.
Key components include:
Working closely with the trading desk, other CPM Market Risk managers, and other risk and support groups (i.e. Finance, Quants, Technology, to enhance the overall risk capabilities.
The identification, assessment, questioning and communication of risk exposures.
Risk reporting across a broad range of audiences ranging from individual traders, to senior colleagues and regulators.
Ensuring market risk procedures and processes are executed in an accurate and timely fashion
What we are looking for:
There is no unique background defining a successful Risk Manager. However, a quantitative mind set, natural curiosity, independent problem-solving skills, tenacity, and a desire for deep understanding are key requirements. One or more of the following qualities would be beneficial:
Previous experience as a Risk Manager working directly with the Front Line and performing risk analysis in a banking institution.
Solid quantitative academic background, which may include a postgraduate qualification.
Good people skills demonstrated across various communication styles (both written and verbal)
Knowledge of financial markets, ideally with a solid understanding of XVA.
Understanding of financial derivatives and modelling.
Ability to multi-task and prioritise across several competing demands, meeting tight deadlines.
Skills that will help:
Prior experience of XVA
Prior experience of the credit asset class
Benefits of working at Bank of America:
Competitive retirement plan in addition to State plans
Mandatory Medical Plan provided by the bank as a top-up to Social Security health benefits for you and your family.
Employees and family members can receive free health advice 24/7 through a range of English and French speaking medical providers
Life and disability insurance
Time Savings Account (‘CET’) to save some of your leave days, cash them out or use them later
Reimbursement of 50% of your commuter pass
Nursery scheme for children under age 3
Works council benefits
Access to an Employee Assistance Programme for confidential support and help for everyday matters
Opportunity to give back to your community, develop new skills and work with new groups of people by volunteering with local charities
Opportunity to receive free entry to arts exhibitions sponsored by Bank of America in Paris
Bank of America:
Good conduct and sound judgment is crucial to our long term success. It’s important that all employees in the organisation understand the expected standards of conduct and how we manage conduct risk. Individual accountability and an ownership mind-set are the cornerstones of our Code of Conduct and are at the heart of managing risk well.
We are an equal opportunities employer and ensure that no applicant is subject to less favourable treatment on the grounds of sex, gender identity or gender reassignment, marital or civil partner status, race, religion or belief, colour, nationality, ethnic or national origins, age, sexual orientation, pregnancy or maternity, socio-economic background, responsibility for dependants or physical or mental disability. The Bank selects candidates for interview based on their skills, qualifications and experience.
We strive to ensure that our recruitment processes are accessible for all candidates and encourage any candidates to tell us about any adjustment requirements.
Learn more about this role