Director, Counterparty Risk

The Director of Counterparty Risk role leads the Counterparty Risk team within Investment Risk at T. Rowe Price. The Investment Risk team, which is part of the firm's Enterprise Risk Group, consists of 43 associates located in the United Sates, United Kingdom, Luxembourg, and Singapore. Investment Risk is supported by a dedicated technology team of 32 engineers and business analysts in the US and UK. As of September 30, 2024, T. Rowe Price had ~$1.63T in assets under management., The Director of Counterparty Risk reports to the Head of Investment Risk and has a seat on the Investment Risk lead team. The Counterparty Risk team plays an integral role in supporting Investment Risk's mission to identify, measure, monitor, communicate / escalate, and help mitigate risks impacting portfolios managed by T. Rowe Price. The Counterparty Risk team's core responsibilities include :

• Counterparty Credit Analysis and Due DiligencePerform independent credit analysis and due diligence on new and existing bank and broker / dealer counterparties used for trade execution by the firm's Global Trading divisionThrough a combination of independent analysis, external research, and market data, assign internal counterparty credit ratings and develop recommendations on whether counterparties should be approved for trading on the firm's Global Trading platformPrepare and present written counterparty reviews to support recommendations, and obtain formal approvals from relevant risk committees, as appropriate
• Measurement of Counterparty RiskDevelop and maintain the methodology to calculate exposure to counterparties, including current net marked-to-market exposure, adjusted for collateral posted or received, as well as certain potential future exposuresWork with dedicated technology groups to implement the measurement methodology and to develop and modernize reporting to analyze and monitor counterparty risks
• Monitoring and Escalation of Counterparty RiskConduct daily monitoring on the creditworthiness, reputational standing, and credit exposure to approved counterpartiesResearch the cause of exceedances to counterparty risk guidelines and escalate material concerns through predetermined paths
• Mitigation of Counterparty Risk and Event ManagementLiaise with business partners, including Legal and Middle Office, to mitigate risks through the negotiation of appropriate legal documentation with trading counterparties, including netting and collateral termsLead the firm's response to counterparty risk events
To be successful in this role, the Director of Counterparty Risk must demonstrate the following :
• The ability to actively listen and thoroughly assess the needs of the business (both Global Trading and Investment Divisions) and lead the strategic vision for how to allocate available resources to deliver exceptional outcomes.
• The influencing skills to guide both direct reports and business partners to a shared vision of the appropriate course of action and the ability to execute on it successfully.
• The cultural awareness and sensitivity to successfully lead and / or collaborate with direct reports and business partners from a wide array of backgrounds.
• The flexibility to adapt to T. Rowe Price's culture and its current and target state infrastructure; and
• The drive to work through challenges and ensure goals are accomplished.
The Director of Counterparty Risk plays a critical role in leading T. Rowe Price's counterparty risk program to deliver independent risk oversight, ensure compliance with global regulatory requirements, and provide risk consulting services. Responsibilities Lead the Strategic Vision for the Counterparty Risk team :
• Take ownership of the counterparty risk team's strategic vision and continue to refine it through time as the business evolves and priorities change
• Engage with key stakeholders, including Global Trading leadership, to understand business needs
• Effectively communicate the team's strategic vision to team members and business partners
Execute on core responsibilities of the Counterparty Risk team :
• Lead a team of 5 dedicated counterparty risk professionals - three at the global headquarters in Baltimore and two at the international headquarters in London
• Prioritize the team's workload, balancing team objectives versus business partner needs
• Flex the team, as necessary, to adapt to changing business priorities
• Provide ongoing feedback, coaching, and development to team members
Chair the Counterparty Risk Committee ("CRC") :
• Lead the firm's CRC, which is tasked with providing strategic direction and corporate-wide oversight of the counterparty risk management efforts, as well as providing a forum for collaboration, communication, and counterparty risk escalation (business units represented on the CRC include Risk, Trading, Investments, Operations, Legal, and Compliance)
• Collaborate with counterparty risk team and key business partners to develop monthly meeting agendas, prepare materials, and document outcomes through meeting minutes
• Evaluate market events impacting trading counterparties and resulting exposures within T. Rowe Price managed portfolios. Exhibit sound commercial judgement in assessing materiality of events and deciding whether action or further escalation is required
Represent Counterparty Risk in Various Internal and External Forums
• Clearly articulate the firm's robust counterparty risk management program in due diligence meetings with existing and prospective clients,
• Actively participate in various Risk and Trading committees to ensure effective oversight of counterparty risks
• Engage with peer firms and industry groups to understand and influence counterparty risk best practices
Prioritize Counterparty Risk's Technology Book of Work :
• Work closely with a team of 3 dedicated technology resources to prioritize Tech work
• Lead multi-year initiative to modernize the firm's counterparty risk platform
  
  Bachelor's degree or the equivalent combination of education (business, finance, economics, or a quantitative field) and relevant experience AND
• 10+ years of total relevant work experience (Financial industry, ideally with credit risk experience - buy-side or sell-side experience is acceptable)
• Leadership experience on the buy-side or sell-side
• Experience with a wide range of securities and derivatives
• Thorough understanding of counterparty risk concepts, including due diligence, credit analysis, exposure calculation, legal trading agreements (e.g. ISDAs), and collateral management practices
• Strong operational / analytical mindset and understanding of front, middle, and back-office trade lifecycle
• Excellent communications skills, both verbal and written, with a demonstrated ability to explain complex concepts clearly and confidently to both technical and non-technical audiences
• Strong interpersonal skills - an ability to have crucial conversations and demonstrated influencing skills
• Strong organization, prioritization, and project management skills, and the ability to adapt quickly to changing business needs
• A strong work ethic and attention to detail
• Intellectual curiosity and a commitment to continuous learning
• A listen first, speak second approach to engaging with others
Preferred :
• Postgraduate degree in business, finance, economics, or a quantitative field
• Completion of a relevant professional accreditation, such as the CFA, FRM, PRM, or CAIA
• Experience leading teams with a global footprint
• Experience analyzing financial statements of banks and broker-dealers to determine creditworthiness
• Experience performing and overseeing due diligence on financial counterparties, including banks, broker / dealers, and clearinghouses
• Experience with team collaboration tools like SharePoint
• Familiarity with counterparty exposure modeling techniques (potential future exposure and expected future exposure)
  
  FINRA licenses are not required and will not be supported for this role.
Work Flexibility This role is eligible for hybrid work, with up to two days per week from home. Commitment to Diversity, Equity, and Inclusion : We strive for equity, equality, and opportunity for all associates. When we embrace the power of diversity and create an environment where people can bring their authentic and best selves to work, our firm is stronger, and we create greater value for our clients. Our commitment and inclusive programming aim to lift the experience for each associate and builds allies for our global associate community. We know that a sense of belonging is key not only to your success at the firm, but also to your ability to bring your best each day. T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment without discrimination on the basis of race, religion, creed, colour, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by country, federal, state, or local law. © 2024 Talent.com