Counterparty Credit Risk Manager - Market Risk

 
The Counterparty Credit Risk (CCR) Team are responsible for the end‑to‑end oversight, governance, and strategic development of the Bank’s traded counterparty credit risk framework. This includes independent risk assessment, exposure management, stress testing, regulatory compliance, and active engagement with 1st Line of Defence (1LOD), Chief Credit Office (CCO), Risk Platforms IT, Quantitative Research (QR) and Model Risk teams to optimise risk‑return outcomes. 

Responsibilities 

• Act as the key bridge between Market Risk and Credit Risk, proactively leading CCR input into counterparty credit assessments and driving the use of exposure analytics and forward-looking risk views in credit decision-making. 

• Act as a Primary Model User, taking ownership for driving enhancements to CCR exposure methodologies, including Potential Future Exposure (PFE), Expected Exposure (EE/EPE) and Wrong-Way Risk identification. 

• Proactively monitor and assess the effectiveness of the LBG collateral management framework, including Initial Margin (IM) and Variation Margin (VM) eligibility, concentration limits and contractual haircuts, and drive improvements where required. 

• Proactively identify and implement actions to reduce exposure (e.g. netting, compression, hedging strategies). 

• Proactively monitor and drive enhancements to the CCR risk appetite, including counterparty limits, stress limits and utilisation metrics (across both collateralised and uncollateralised exposures). 

• Take ownership of the execution of the CCR stress testing framework, including designing and running market shocks (rates, FX, inflation), counterparty default scenarios, and correlated market-counterparty stress (wrong-way risk), quantifying impacts on exposures and driving management actions (limit adjustments, hedging, de-risking). 

• Own the day-to-day execution of the CCR exception control process, ensuring exposures remain within credit appetite and policy limits, with proactive escalation and remediation of breaches. 

• Proactively monitor traded counterparty exposures against limits, identifying, investigating and escalating excesses and control breaches, and driving timely resolution. 

• Lead the production of analysis and insights on counterparty exposures, concentrations and stress sensitivities, actively informing credit decisions and portfolio risk management actions. 

• Maintain a strong understanding of CCR regulatory frameworks (e.g. SA-CCR, Basel/CRR), ensuring alignment between internal methodologies and regulatory capital requirements and proactively identifying enhancement opportunities. 

• Partner with Risk, Quantitative Research and Technology teams to drive and implement CCR model enhancements and system improvements. 

• Actively contribute to CCR governance processes and forums, providing robust challenge and influencing risk oversight and decision-making. 

• Play a key role in the governance and business management of the wider Financial Institutions and Corporates Credit Teams, contributing to strategic objectives and risk management priorities. 

Skills 

• Minimum of 5 years Market / Counterparty Credit Risk experience. 

• Strong understanding of traded products (interest rate, FX, credit and securities financing transactions) and how they drive counterparty credit exposures, collateral requirements and margining. Demonstrated ability to interpret risk, challenge assumptions, and translate analytics into credit decisions. 

• Degree in an economic, financial or quantitative discipline, or equivalent professional qualification. 

• Excellent written and verbal communication skills, with the ability to communicate complex technical concepts to a broad audience. 

• Proactive and delivery-focused, with a strong sense of ownership and ability to drive tasks end-to-end. 

• Strong analytical and attention to detail skills, particularly in extracting and transforming large datasets. Experience with Power BI, Python and/or SQL is advantageous. 

• Strong stakeholder management skills, with the ability to influence, challenge and engage effectively with Front Office and senior stakeholders.