Risk Manager

Risk Manager

Cboe Clear U.S. operates a CFTC-registered Derivatives Clearing Organization offering digital assets futures and is pending registration as an SEC Covered Clearing Agency to clear novel Binary KPI Options. We are looking for a Risk Manager to join our growing Risk Management team. This position will report directly to the Chief Risk Officer.

Required Skills & Experience

Experience Education & Foundation o Bachelor's degree in Finance, Economics, Accounting, Business, Risk Management, or a related quantitative field; advanced degree (MBA, MS in Finance/Risk) or professional certification (FRM, CFA, PRM) preferred o 7+ years of progressive experience in financial services, with direct exposure to derivatives clearing, prime brokerage, futures commission merchant (FCM) operations, or broker-dealer risk management Clearing & Market Structure Knowledge o Demonstrated experience with central counterparty (CCP) clearing operations, ideally at a CFTC-registered Designated Clearing Organization (DCO) or SEC-registered Covered Clearing Agency (CCA) o Working knowledge of futures, options, and/or securities clearing member relationships, including membership standards, financial requirements, and risk-based access criteria o Familiarity with SPAN margin methodology or comparable portfolio margining systems, and experience validating or interpreting margin model outputs o Understanding of customer segregation rules (e.g., CFTC Part 1 and Part 22, SEC Rule 15c3-3) and their impact on Clearing Member risk profiles Financial & Credit Analysis o Experience conducting financial statement analysis, credit risk assessment, and liquidity analysis of regulated financial institutions (FCMs, broker-dealers, banks) o Experience reviewing regulatory financial filings such as FOCUS Reports, Form 1-FR-FCM, Net Capital computations, or equivalent notice filings o Ability to evaluate risk management frameworks and internal controls of counterparties relative to their business activities and risk exposures Quantitative & Technical Skills o Proficiency in Python for developing, maintaining, and validating production-level codebases, particularly around margin calculation, data validation, and file generation/distribution processes o Experience working with large data sets, exposure reporting tools, or risk dashboards to monitor intraday and end-of-day positions o Comfort with SQL or similar tools for data extraction and analysis o Familiarity with statistical or quantitative risk modeling concepts (VaR, stress testing, margin backtesting) is a plus Default Management & Enterprise Risk o Experience participating in or coordinating default management simulations, tabletop exercises, or actual default events at a clearinghouse or similarly systemic financial institution o Experience with enterprise risk management (ERM) frameworks, including risk and control self-assessments (RCSAs), control testing, and risk tolerance/appetite frameworks o Familiarity with COSO ERM framework or equivalent structured risk governance methodology Governance & Regulatory Engagement o Experience preparing memos, risk assessments, or recommendations for presentation to internal risk committees, senior management, and/or Boards of Directors o Direct experience interacting with CFTC and/or SEC examiners, or supporting internal/external audit engagements, particularly around DCO Core Principles or CCA compliance standards (e.g., Regulation SCI, SEC Rule 17Ad-22 / Covered Clearing Agency Standards) o Strong written communication skills, with demonstrated ability to translate technical risk findings into clear recommendations for non-technical stakeholders Additional Competencies o Ability to manage competing priorities across onboarding, ongoing monitoring, and ad hoc regulatory requests in a fast-paced, deadline-driven environment o Sound judgment in escalating risk concerns and recommending protective measures (e.g., enhanced monitoring, additional margin, restricted trading privileges) o High degree of discretion given access to confidential futures commission merchant and/or broker/dealer financial data

Job Description

Responsibilities Clearing Member Onboarding o Oversee the financial and operational reviews of Futures Clearing Member and Broker Dealer Clearing Member applicants. o Ensure applicants' risk management policies and procedures are appropriate for the risks presented by the applicant's various business lines. o Determine post-trade thresholds specific to each Clearing Member by regulatory origin based on the entity's financial condition.o Prepare memos with recommendations based on observations from supporting documentation provided as a part of the application to internal and board-level committees. Ongoing Monitoring o Review daily exposure reports to identify positions that may present outsized or concentrated exposures compared to Clearing Members' financial resources. o Monitor intraday alerts and determine appropriate follow-up with risk management personnel at the Clearing Member based on the underlying positions, current threshold, and most current financial information.o Maintain a Python codebase used to validate mid-day and end-of-day initial margin requirements are calculated accurately, the margin model is updated successfully based on current closing prices, and SPAN files are generated and distributed successfully.o Complete reviews of daily and monthly financial and notice filings to maintain a current risk profile for each Clearing Member based on changes to business lines, customer activity, and financial condition. Based on the results of these reviews, determine whether any protective measures or enhanced monitoring should be imposed. Default Management o Coordinate tests of the Clearinghouse's Default Management Plan by ensuring Clearing Members participate in the tests and all steps are documented. o Summarize the effectiveness of the test for internal committees and the Board of Directors. o Identify opportunities for improvement in the Default Management Plan, draft updates, and work to implement the changes for future tests or executions of the plan. Enterprise Risk Management o Perform periodic assessments of risks faced by Clearinghouse, evaluate processes to support its operations, and determine whether appropriate controls are in place. o Coordinate testing of existing controls to ensure they are effective and report on the effectiveness to support effectiveness reviews. o Use the control testing results as well as internal and external audit findings to support scoring risk factors and determining whether they are within applicable risk tolerances. Regulatory Coordination o Serve as a subject matter expert on Clearing Member onboarding, ongoing monitoring, default management, and Clearinghouse enterprise risk management when responding to internal audit as well as CFTC and SEC audit requests.