Director, Agency MBS Risk Manager

About the role

A leading Investment Bank is seeking a Director-level Front Office Risk Manager to partner directly with the Securitized Products Trading business. This is an opportunity to move beyond traditional oversight and become a key contributor to trading strategy, risk-taking decisions, and business growth. The successful candidate will sit close to the traders, providing real-time risk insight and challenge across a sophisticated portfolio of Agency mortgage products. The role offers significant visibility with senior stakeholders and the ability to shape how risk is managed within a dynamic market-making environment.

Responsibilities

• Serve as the primary risk partner to an Agency Mortgage Trading business, helping drive informed risk-taking and capital allocation decisions.
• Provide hands-on oversight of trading positions, portfolio risk, and performance drivers across a variety of Agency mortgage products.
• Analyze and challenge exposures across interest rates, basis, convexity, volatility, liquidity, and funding risks.
• Deliver market insight, incorporating macro themes, stress scenarios, and evolving market structure.
• Evaluate new trading strategies, transactions, and product initiatives from a front-office risk perspective.

Qualifications

• 10+ years of experience in Market Risk, Front Office Risk, Structuring, or Trading role.
• Strong knowledge of Agency mortgage-backed securities markets, including TBA trading, dollar rolls, specified pools, and structured products.
• Experience managing market risk within rates, mortgages, fixed income, or other trading businesses.
• A solid understanding of liquidity, financing, funding, and balance sheet considerations.
• The ability to think beyond traditional risk metrics and assess portfolios through stress testing, scenario analysis, and downside evaluation.