Chief Risk Officer

Role Overview

Cboe Clear US (Clearinghouse) is registered with the CFTC as a DCO and the SEC as a Covered Clearing Agency, currently supporting margin-eligible digital asset derivatives and binary options. The Clearinghouse is hiring a Chief Risk Officer to provide strategic leadership and oversight of the financial risk management function.

Responsibilities

• Provide leadership for the growth and direction of the risk management function for the Clearinghouse while working collaboratively across teams to execute strategic initiatives
• Design and enhance market, credit, and liquidity risk management frameworks and implement in accordance with regulatory and company requirements
• Oversee credit risk management of clearing members, settlement bank, and other counterparties including onboarding and ongoing credit due diligence, along with Watch List escalations
• Develop the quantitative risk methodology and requirement for the Clearinghouse margin model, stress testing, and default management in developing new products, ensuring risk methodologies remain sound and robust
• Enhance model and financial resources back-testing, stress testing scenarios, and credit modelling to ensure robustness and regulatory standards are met
• Lead Credit and Margin Committees and provide regular updates to the Board of Directors, Risk Management Committee, and other governing bodies
• Liaison with CFTC, SEC, FINRA, and other regulators in their exams process, responding to various inquiries on new rules or methodologies, understanding the regulatory expectations and building frameworks to meet those requirements
• Implement and manage the Enterprise Risk Management (ERM) program for the Clearinghouse and ensure operations comply with internal policies and applicable regulations
• Collaborate with second- and third-line departments - including the Chief Compliance Officer, Chief Information Security Officer, and Internal Audit - to develop and deploy ERM tools, practices, and policies for identifying, analyzing, and reporting enterprise risks
• Partner with sales and product teams to understand the product roadmap and strategic initiatives; develop strategies for the Clearinghouse to offer new products and services supported by robust risk modeling and monitoring systems
• Ensure the Clearinghouse maintains robust business continuity and disaster recovery processes, and coordinate testing of operational resiliency across business processes
• Stay abreast of emerging risks and regulations applicable to the Clearinghouse

Requirements

• 10-15 years of experience in trading, clearing, or capital markets risk management, or risk management technology
• Hands-on experience with post-trade operational workflows, FCM risk management, CCP risk management, or portfolio risk modeling for a trading business
• Experience with regulatory relations and operating within Legal and Regulatory strategic engagement guidelines, including the ability to self-interpret regulatory rules and guidelines - specifically CFTC DCO core principles and SEC CCA requirements
• Designed and built margin models, stress testing, liquidity, default management, and overall market and credit risk management at a CCP, FCM, broker-dealer, or similar entity
• Experience creating and reviewing risk management policies
• Experience operating within a well-defined governance framework, including reporting to a Board or Risk Committee
• Strong critical thinking skills with an interest in designing risk management governance frameworks across markets, funding, and credit
• A hands-on orientation with acute attention to detail; strong SQL, Python, and GitHub skills to effectively leverage existing tools
• Prior experience creating or implementing ERM programs, with a strong understanding of risk appetite and tolerances, inherent and residual risks, risk controls, and risk factors such as SDLC, vendor risk management, and business continuity/disaster recovery
• Results-driven and organized, with the ability to manage and lead multiple functions simultaneously and a passion for delivering high-quality service
• Proven strategic agility with broad knowledge and perspective, able to accurately anticipate future consequences and trends
• Ability to adapt quickly to changes in priorities and situations, work under pressure, and meet deadlines
• Excellent written and oral communication skills, including the ability to organize and present ideas clearly to individuals or groups, listen actively, and prepare clear, concise written materials and presentations
• Communicate with colleagues, management, clients, and others in a courteous, concise, and professional manner

Qualifications

• Bachelor's degree required; Master's degree strongly preferred
• Familiarity with digital assets, options, and prediction markets is a plus