Location: New York,NY, USA
Please note: candidate MUST have FRTB and interpretation of the rule set.
This team is viewed as experts at these rules and even when they are ambiguous the team is responsible for interpreting the rule and making decisions on final understandings/applications.
Technical specialist who has the skillset in Market Risk section of this new set of rules. (FRTB) Fundamental Review of Trade book. They need someone who has expertise in the rules themselves. There will be a small market and most banks will be looking to find those out there currently with this experience. This new regulation has been around globally but this person needs to have US specific experience which has only been around for about 9 months, that being said Global would be transferable. The BCBS FRTB rule has been around for years and is the closest relation to the new rules. Having the Basal experience will well position them to perform in this role.
FRTB touches many different spaces within the banking world, but this person needs to be able to talk about FRTB rule text. The manager has seen a lot of program managers and other supporting resources within FRTB but we need to understand what their experience in FRTB is. When someone says they have experience in interpretation of the rule text it would be a good indicator of knowledge with this role. Similar titles in the market would be regulatory policy but could reference other titles so asking additional questions is necessary.
Someone who does not have the technical expertise will not be a fit for this position. When looking at resumes ask specific questions around context of FRTB, are they experts in rules of text? That is what he needs. Interpreting regulatory rule text. Someone who has the ability to verbally explain these concepts to senior people in a very granular way to allow them to build something based on the interpretation. They need to be able to adapt the conversion according to the audience.
JOB DESCRIPTION:
Global Regulatory Policy & Advisory ( GRPA ) is responsible for establishing bank's Group level, and certain regional level, prudential regulatory capital policies, and for advising business lines on the impact of these policies on transactions and new products. GRPA acts as a Second Line of Defense and provides technical regulatory capital support and guidance to functions and businesses on a full range of transactions and prudential regulatory capital issues, including the establishment of interpretations and governance processes to mitigate regulatory risk. GRPA also monitors new rule developments and other ongoing changes to the prudential regulatory capital landscape. GRPA covers key aspects of prudential policy, including risk weighted assets (RWAs), capital resources, Liquidity ratios, and leverage ratios, across all relevant risk areas e.g. credit risk, counterparty credit risk, securitization, market risk, etc. GRPA currently maintains a presence in key locations across the bank, including the UK, Hong Kong, the US, France / EU, Mexico, and India / Middle East.
This position provides an opportunity to join the US GRPA team as a subject matter expert, with a focus on providing policy guidance on the Fundamental Review of the Trading Book ( FRTB ) / new Market Risk capital requirements within the US Agencies proposed adoption of the Basel III Endgame . Specifically, the role will lead on the analysis and interpretation of FRTB in the US, with an expected emphasis on all aspects of the standardized measure, as well Trading Book / Banking boundary, and internal risk transfers. The role will be based in New York City, however qualified candidates based outside of the New York City area may be considered.
Key responsibilities of GRPA are to:
Track new policy developments and formulate bank s regulatory capital policies accordingly, providing detailed, actionable guidance, distributed to a wide range of stakeholders. The US GRPA team is responsible for monitoring new developments impacting the US prudential regulatory capital regime, as administered by the US Agencies - the Federal Reserve, OCC, and FDIC;
Produce and review regulatory opinions on complex transactions and new products to ensure compliance with Group regulatory policies;
Provide technical support and guidance to internal colleagues across all businesses and functions;
Provide technical support on the implementation of new regulatory requirements;
Drive bank response to future regulatory developments and influence the external development of regulatory policy by writing public responses to new proposed standards and discussion papers;
The Market Risk Regulatory Policy Manager will be responsible for leading on the development of a full library of policy interpretations which lay out bank s approach to aspects of the US FRTB rules which may be silent or ambiguous.
The successful candidate will represent a key element of bank s Second Line of Defence, providing both guidance and challenge to senior Risk Owners. GRPA ensures timely notification of new policy changes that impact calculations of RWAs, the leverage ratio, Liquidity ratios, and capital resources, as well as any related regulatory reporting impacts, and in the case of new prudential capital rules such as FRTB, provides end-to-end policy support to facilitate implementation.
QUALIFICATION DETAILS:
Can you give me a quick overview of what your team does and why you re looking to bring on a contractor?
New hire to deliver FRTB (Fundamental Review of Trading Book) outcomes, Team needs someone who has SME in brand new US market Risk Capital Rules. There is a new regulation proposed by US Government with a new methodology for market risk capital requirements. It would be ideal to find someone with FRTB knowledge with the ability to interpret where the rules are unclear and how it is applied. Need someone who can learn the FRTB rule text, interpret and then be able to answer questions regarding this. This person is a technician. This rule must be fully in place by July 2024 but is not yet finalized and is in draft process, so this is very new.
Someone who has an understanding of existing market risk rules would likely have the right mindset on how regulatory capital works. This is someone who is more processing and not reporting. Market Risk RWA is the specific part this team needs help with. Basel(BCBS) committees version of FRTB would be a transferable skill. Looking for a skilled person.
What is the timeline, in terms of start and end date? Is there any chance for extension or conversion later on?
Start asap, potential for extension and perm placement for the right person is likely as this team is also looking for FTE people.
Does your team work standard core hours or does that vary?
8am to 5pm Monday Friday
Can you tell me about the physical work environment where the person will sit? Will they be assigned a desk or set up as remote?
Position is remote for the right person.