Jefferies, the global investment banking firm, has served companies and investors for over 50 years. Headquartered in New York with its European head office in London and staff in over 30 global cities, the firm provides clients with capital markets and financial advisory services, institutional brokerage and securities research, and wealth and asset management. Jefferies provides research and execution services in equity, fixed income, foreign exchange, futures and commodities markets, and a full range of investment banking services including underwriting, merger and acquisition, restructuring and recapitalisation.
The Strategic Risk team is part of the Risk Management Department and is responsible for:
Undertaking entity-wide stress testing and scenario analysis for the Jefferies Group businesses and supporting the stress testing infrastructure of the wider Jefferies Group across risk disciplines, covering capital planning forecasting, market stress scenarios, credit and settlement risk scenarios, recovery scenario analysis, reverse stress testing analysis and solvent wind down planning assessments;
The implementation and maintenance of the Risk Management Framework, Stress Testing Framework and Programme, Risk Appetite Framework, Country Risk Framework, Business Model Analysis, and Risk Strategy and Governance of the Jefferies Group;
Supporting the delivery of key risk assessments relevant to the Group activities, including risks to the business plan and business model, emerging risks, and risks arising from the Merchant Banking portfolio;
Designing, coordinating the implementation of, and maintaining stress testing and capital models which feed into the ongoing Stress Testing framework and capital adequacy assessment of the Firm, including market risk, credit risk, counterparty risk, settlement risk, operational risk and interest-rate risk in the non-trading book stress models;
Supporting the internal capital and liquidity assessments for the European entities including ICAAP, the Recovery Plan, the Solvent Wind Down Plan.
The successful candidate will be a member of the Strategic Risk team and can be based based either in New York or London. The role requires the applicant to have a good understanding of risk management frameworks, have previous experience of designing and implementing a stress testing programme and conducting stress testing and scenario analysis, and to have a sound knowledge of regulatory stress testing requirements and industry best practices. The candidate should also have a deep understanding of investment banking business models and capital market products, be comfortable managing financial data and MI, have good excel and coding skills, and demonstrate good oral and written communication skills.
The successful candidate's responsibilities will include:
Leading the development and implementation of Group-wide stress testing scenario analysis, including market stress scenarios, credit and settlement risk scenarios, business risk scenarios, reverse stress testing scenarios, near default scenarios, and wind-down scenarios. The responsibilities include the maintenance and execution of the stress testing and capital models, and the development and maintenance of the supporting documentation;
Leading in the coordination of the Stress Testing Steering Committee and in the development, maintenance and delivery of the Firm's Stress Testing Programme and Stress Testing Framework;
Supporting the maintenance and ongoing enhancement of the firm's Risk Management Framework (RMF) and supporting documentation (e.g. Risk Appetite Framework, Stress Testing Framework, Country Risk Framework);
Leading the delivery of key risk assessments relevant to the Group activities, including risks to the business plan and business model, emerging risks, and risks arising from the Merchant Banking portfolio;
Reviewing the design and calibration of country risk limits and other elements of the Country Risk Framework;
Managing the ongoing review and maintenance of Risk Policies and Procedures;
Supporting other risk project work with respect to ad-hoc requests from the regulators and other internal and external stakeholders; and
Providing updates to key stakeholders across the Firm on regulatory and risk developments.
The following skills and experience are required for this role:
Educated to degree level;
At least 7 years of experience in the financial services industry working on similar projects;
Full grasp of stress testing regulatory requirements and industry best practices, with prior experience of leading and coordinating the implementation of a Firmwide Stress Testing Programme;
Knowledge of financial products including fixed income and equity products (cash and derivatives);
Good written and oral communication / presentation skills;
Analytical and numerate with strong technical skills;
A team player, comfortable working in a dynamic and evolving environment;
Ability to work independently and assume responsibility for project deliverables.