Founded in 1908, CIT (NYSE: CIT) is a leading national bank empowering businesses and personal savers with the financial agility to navigate their goals. We believe in helping customers turn their ideas into outcomes. Whether those customers are building a business or building their savings, CIT has the experience and agility to empower them to achieve their goals. At CIT, how we do business is just as important as what we do. Our social responsibility programs focus on driving financial and personal empowerment, supporting the environment and advancing wellness. CIT contributes to communities where we live, work and do business through charitable donations, community investments and employee volunteerism.
The AVP Market Risk Analyst provides independent oversight of Treasury and analyzes and reports on the balance sheet's interest rate risk, FX risk, and trading activities. As a member of the Risk Management Group, the role supports the development and continuous improvement of CIT's risk identification and management, modeling practices and participates in stress testing and other ad-hoc analyses. Role will collaborate with various subject matter experts across operational, vendor, information and regulatory risk, as well as risk appetite and compliance.
At the direction of the Head of Market Risk Management and Capital Risk Management responsibilities will include:
• Providing independent review of ALM/balance sheet risk management strategies adopted by the Corporate Treasury. Review the Bank's balance sheet to ensure that potential market risk exposures are being challenged, monitored and controlled, including:
o ALM positions,
o Investment Portfolio
o Derivative activities
• Offering insight into interrelationships between Balance Sheet and Income Statement. Additionally, provide insight into correlated risks with related entities.
• Oversight of trading desks including analysis of hedging activities and Volcker compliance.
• Analyzing market risks associated with investment securities such as Commercial Mortgage-Backed Securities, municipal bonds, and corporates including prepayment, premium and regulatory capital risks.
• Monitoring and supporting enhancements to Risk Appetite Framework, compliance with limits and thresholds, update to policies and regulations to ensure emerging risks are identified and to recommend actions to reduce risk exposure
• As applicable, participating in formulation of remediation / implementation with respect to the FRB/OCC matters requiring attention (MRAs), and working with internal auditor on open issues.
• Participating in various risk governance committees and working groups and collaborate with business lines to develop, enhance and administer risk policies.
• Contributing to model risk management practices, including in depth review of model assumptions, design and implementation and back-testing performance of quantitative models.
• Assessing internal and external market risks and report MRMs perspective to senior management.
• Completing ad-hoc projects and analysis consistent with the Market Risk Management functions objectives.
• BS in Finance, Economics or other quantitative discipline, advanced degrees a plus
• 5+ years of related risk management experience within financial services (or clear demonstration of comparable skillset)
• Strong understanding of regulatory environment; SR 10-1, IRRBB for interest rate management, Enhanced Prudential Standards (EPS), Heighted Standards, SR12-7, and Volcker
• Strong quantitative, analytical and problem-solving skills, ability to understand diverse financial products, including accounting business processes, financial, management and regulatory reporting
• Excellent verbal and written communication and presentation skills, ability and experience developing executive materials and comfort presenting to senior management and Regulators
• Ability to work independently and influence others; demonstration of initiative, resourcefulness and follow through; solid interpersonal skills
• Strong work ethic, as well as the ability to learn and apply new concepts quickly and the ability to manage concurrent deadlines and multi-task across both team oriented and individual projects
• Hands on experience in research and analysis of a Bank's balance sheet, preferably using ALM software(QRM a strong plus); including prepayment modeling, non-maturity deposit modeling, and securitized products
• Advanced proficiency with Microsoft Office applications, to create professional presentations and present concepts to executives in a concise yet effective manner