Head of Risk

What You'll Be Doing

#### Enterprise Risk and Governance

• Own and continuously improve the risk management framework, including risk taxonomy, risk appetite, tolerance levels, risk register, policies, RCSA methodology and the three-lines-of-defence operating model


• Maintain the risk appetite framework across credit, market, solvency, liquidity, operational, reputational, strategic and technology risk


• Produce concise, decision-oriented reporting for the Board and Risk Committee, covering the risk tolerance dashboard, top risks, appetite breaches, emerging themes and open issues


• Support the Board's annual assessment of framework effectiveness and respond to Internal Audit and CySEC findings within the function's remit

#### Financial Risk

• Counterparty and credit: Monitor exposure to clients, clearing members, CCPs, bilateral counterparties and custodians, including limits, concentration analysis and collateral


• Client margin and leverage: Conduct independent review of margin methodology, define stress tests, set tolerance levels and gap risk on derivatives and leveraged products, and challenge assumptions and back test outcomes


• Market risk: Manage inventory, hedging, settlement mismatches, FX and corporate action exposure, within set sensitivity and position limits


• Liquidity and funding: Oversee settlement liquidity, cash funding for settlement purposes, liquidity stress testing and the contingency funding plan


• Capital: Own the ICARA, including own funds and K factor monitoring, internal capital and liquidity adequacy, and wind down analysis, supporting accurate prudential reporting to CySEC


• Stress testing: Run firm wide and reverse stress tests covering extreme market moves, gap events, venue or CCP disruption, clearing broker default and volume spikes, with clear management actions

#### Non-Financial Risk

• Third party and outsourcing: Conduct criticality assessment, due diligence, concentration risk analysis, exit strategies and maintenance of the register of arrangements


• Business impact analysis: Own the methodology and cycle, criticality, MTO, RTO/RPO and dependencies, feeding BCP/DR and third party criticality


• Incident management and escalation procedure: Manage severity classification, escalation triggers to ExCo, Board and CySEC via Compliance, live assessment and post incident remediation


• Operational resilience: Define important business services, impact tolerances and resource mapping, run scenario and tabletop testing, and close gaps under DORA

What We're Looking For

• Based in Cyprus and able to work from our Limassol office, as this is a local role and only candidates already based in Cyprus are being considered
• Approximately 8 to 10 years in risk management within a regulated broker, investment firm, exchange or clearing member, including several years leading a risk function or major risk domain
• Demonstrated ownership of enterprise risk framework and risk self assessment (not solely advisory or policy experience)
• Proficient knowledge and experience in both financial and non-financial risk within an exchange or broker firm operating in the capital markets and or crypto domain
• Expert knowledge of financial instruments, including crypto, stocks, ETFs, derivatives and commodities, and the clearing and settlement process
• Working knowledge of the CIF prudential framework, including the IFD/IFR regime, ICARA, K factor requirements and prudential reporting to CySEC, including FinRep and Corep
• Familiarity with the wider requirements applying to a CIF, including the Investment Services and Activities and Regulated Markets Law, relevant CySEC circulars and directives, MiFID, DORA, MiFIR and EMIR
• Quantitative fluency, with the ability to interrogate margin models, stress scenarios and exposure data rather than accept the output

What We Offer