Credit Risk Assessment – Manager, Financial Risk Office
Funds Management and Banking
234 Wellington Street
Number of Positions:
September 24, 2012
October 7, 2012
Salary Range (annual salary): The Bank offers a competitive total compensation package with starting salaries, based on qualifications, generally ranging between $106, 250 and $132, 812* (job grade 19). *Where the Bank has needs for specialized skills, it may offer higher starting salaries to exceptional candidates.
Canada's central bank is the nation's pre-eminent macroeconomic policy institution. No other employer in the country offers you the unique opportunity to work at the very centre of Canada's economy, in an organization with significant impact on the economic and financial well-being of all Canadians. No matter what your area of expertise, you'll enjoy an open culture and a superior work environment that will challenge, energize, and motivate you to excel. (More info)
The Financial Risk Office (FRO) is a part of the Funds Management and Banking Department (FBD). One key responsibility of the department is its role as fiscal agent for the Government of Canada in advising and undertaking research on the policies and strategic direction for the government’s funds-management activities. These activities include the funding, investment and risk management of Canada’s foreign exchange reserves, the management of the federal government’s wholesale and retail debt programs, and the investment of the Bank of Canada’s pension fund. The department provides risk-management services for the Bank’s balance sheet. It also provides back-office payment and settlement services to the federal government, foreign central banks, and key national and international organizations. Finally, the department undertakes fundamental research on the safety and efficiency of payment and settlement systems to support its funds-management activities.FRO’s primary role is to oversee the management of financial risks associated with both the Bank’s funds-management activities and the financial market operations conducted by the Bank in support of its monetary policy and financial system objectives. This role includes developing and maintaining an appropriate risk-management framework to ensure that all treasury and credit risks are identified, assessed, managed and reported. The specific responsibilities of FRO include:•developing and maintaining a best-practice risk-management framework for the Bank•monitoring and reporting on the risks associated with the exchange fund account (EFA), including interest rate risk, foreign exchange rate risk and credit risk•providing independent and in-house credit assessments for purposes of determining ratings for sovereign, agency, supranational and financial institutions •calculating performance measures for the EFA, including performance attribution and benchmarking•monitoring and reporting on risks associated with financial market operations conducted by the Bank in support of its monetary policy and financial system objectives•monitoring and researching risk-management practices in the financial sectorFRO responsibilities are split within two distinct groups. One group is responsible for treasury-risk-management monitoring, reporting for both the EFA and the balance sheet of the Bank of Canada, as well as the middle-office function for the EFA, including performance measurement and attribution. A second group is responsible for the internal credit-risk-assessment and monitoring function.FRO uses the knowledge gained from these activities to further strengthen the Bank’s financial controls and governance framework and to become a centre of expertise on financial-risk-management issues.
Reporting to the Assistant Director, Financial Risk Office, Funds Management and Banking Department, the Credit Assessment group (CRA), the Credit Risk Assessment Manager provides leadership to the CRA group on business, analytical and technical issues pertaining to internal credit-risk assessments. The Credit Risk Assessment Manager is responsible for an independent and reliable credit-risk-assessment and monitoring group. You demonstrate a deep understanding of credit-risk-assessment concepts and principles obtained through your previous work experience and academic training, and play a key role in ensuring that the work of the CRA is of the highest quality. You direct and support analysis on credit-risk-assessment issues and coach others who contribute to CRA’s analytic activities. The Credit Risk Assessment Manager and Principal Analyst work together to ensure that the CRA group applies leading-edge credit-risk-assessment methodologies to perform all of the responsibilities of the CRA group within FRO.
•manage a group of several credit-risk analysts who undertake credit assessments covering about 100 investment and trading entities•ensure that the CRA group’s resources are efficiently and effectively deployed to fulfill the responsibilities of the group•lead in the development of the work plan, including identifying new areas for analysis/improvement•provide advice, guidance and training on business issues to CRA’s analytical staff•interact with stakeholders across the Bank and the Department of Finance to ensure that business issues are resolved effectively in a timely manner•actively contribute to the development of contacts with external credit-risk managers•play a leading role in providing analytic support to various Bank activities with respect to credit-risk-assessment issues•work with other departments to suggest, coordinate and conduct in-depth, high-quality, longer-term analytic projects and undertake joint research assignments designed to enhance the Bank’s understanding of credit-risk-assessment practices•support staffing and recruitment activities to ensure a high-quality workforce
•master's degree or PhD in economics or financeor•an undergraduate degree and designation as a Chartered Financial Analyst (CFA) or Financial Risk Manager (FRM)and•a minimum of seven years of relevant work in credit-risk assessment or risk management/financial markets including a minimum of two years of work experience managing a teamin addition•English and French essential •linguistic requirement: functional in second official language (training may be provided to help the selected candidate reach the required level of fully functional) •demonstrated capability to assess credit risk, to create new insight and devise novel approaches to address credit-risk-management issues•demonstrated capacity to communicate effectively both orally and in writing to a wide variety of audiences by adapting one's language to the audience, by clarifying complex information and by conveying sensitive information in an appropriate manner•ability to analyze complex issues, diagnose multi-dimensional problems and devise appropriate responses or strategies on risk-management issues•able to quickly grasp the essence of policy and technical issues and develop insightful concepts, models or frameworks to address them•ability to lead and conduct analysis to determine trends or to uncover additional information•proven ability to effectively manage a team of professionals•ability to work alone and develop positive working relationships by supporting office decisions, addressing conflicts, and promoting co-operation and partnerships•ability to coach and develop junior colleagues•demonstrated commitment to learning and self-development•demonstrated understanding of credit-risk-management practices and techniques, the Bank’s fiscal-agent responsibilities, finance theory, quantitative methods, and financial market instruments•keen interest in credit-assessment and treasury-risk-management issues•demonstrated work experience in credit-risk management with a private or public sector institution
•fully functional in second official language
•Condition of employment: Candidate must be eligible for reliability status clearance.•Priority will be given to candidates who are legally entitled to work in Canada.•Relocation assistance may be provided, if required. •The Bank of Canada benefits from the unique perspectives, attributes and talents of its diverse workforce. We offer flexibility to accommodate the needs of our employees and candidates. The Bank of Canada is committed to employment equity and actively encourages applications from qualified men and women, including Aboriginal peoples, persons with disabilities, and members of visible minorities.•Only the candidates selected for an interview will be contacted.If you are a qualified candidate, please submit a detailed resumé and a covering letter by 7 October 2012. We will also ask you to complete a mandatory questionnaire during the application process.
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