Two Analysts / Senior Analysts, Treasury and Credit Risk Management
234 Wellington Street
Number of Positions:
October 24, 2013
November 7, 2013
(annual salary): The Bank offers a competitive total compensation package with starting salaries, based on qualifications, generally ranging between $55,399 and $99,304* (job grade P1 to 17). *Where the Bank has needs for specialized skills, it may offer higher cash compensation 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 the purpose of determining ratings for sovereign nations, agencies, supranational organizations 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 the monitoring of treasury-risk management, 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 assessment and monitoring of credit risk.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 issues pertaining to the management of financial risk.
The Analyst/Senior Analyst contributes to the work of the Financial Risk Office (either the Treasury Risk Management group or the Credit Rating Assessment Group) by building an understanding of financial-risk management or credit-risk assessment and applying this knowledge to FRO’s responsibilities. If you are part of the Treasury Risk Management group, you will work under the general direction of the Assistant Director of the Financial Risk Office; if you are part of the Credit Rating Assessment Group, you will work under the general direction of the Manager of that group. The specific duties assigned to the Analyst/Senior Analyst depend on the group and the candidate's knowledge and experience, but would include such tasks as performance measurement, attribution and calculation of value-at-risk measures (in the Treasury Risk Management group) or credit-risk assessments of sovereign nations, agencies, supranational organizations and financial institutions (in the Credit Rating Assessment Group). These duties will evolve over time as operational requirements and opportunities present themselves.
• provide analytic support to various Bank operations with respect to treasury- or credit-risk-management issues • conduct in-depth, longer-term analytic projects and undertake joint research assignments designed to improve risk-exposure measurement and control techniques• assist in the identification and development of IT solutions for risk-management issues• conduct credit-risk assessments• provide advice, guidance and training on credit-risk-assessment issues to the group’s analytic staff• provide support to FRO’s operational staff• coach more junior staff and provide feedback on the work of colleagues
• a completed MSc (finance), MBA or MA (economics) degreeor • currently enrolled in an MSc (finance), MBA or MA (economics) degreeor• a completed professional designation (e.g. Chartered Financial Analyst (CFA), Financial Risk Manager (FRM))and• a minimum of two years of recent work experience (for the Analyst role) or a minimum of four years of recent work experience (for the Senior Analyst role) in the area of risk management, credit-risk assessment, fixed-income portfolio management/trading or related areas of researchin addition:• English or French essential • knowledge of the Bank's fiscal-agent responsibilities, risk-management practices and techniques, finance theory, quantitative methods and fixed-income financial instruments• ability to conduct analytic research on risk-management issues, including credit-risk assessments• demonstrated capability to assess credit risk, to create new insight and devise novel approaches to address credit-risk-assessment issues • understanding of the banking sector, for example, credit and liquidity risk management• general understanding of macroeconomics and fiscal policy• ability 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• ability to identify and develop IT solutions for risk-management issues• capacity to work effectively individually and in a team environment • ability to communicate effectively, orally and in writing • keen interest in financial markets and financial market issues • commitment to learning and self-development
• ability to communicate effectively in both official languages
• Condition of employment: Candidates must be eligible for reliability status. • Priority will be given to Canadian citizens and permanent residents.• Relocation assistance may be provided, if required. • Key benefits offered include: health and dental care, sick leave, paid vacation, short-term and long-term disability, life insurance and defined-benefit pension plan.• Only the candidates selected for an interview will be contacted.• 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.If you are a qualified candidate, please submit a detailed resumé and a covering letter by 7 November 2013. We will also ask you to complete a mandatory questionnaire during the application process.
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