Review Vacancy
TitleChief Risk Officer for Investments (Special Investment Officer)
Occupational CategoryFinancial, Accounting, Auditing
Bargaining UnitM/C - Management / Confidential (Unrepresented)
Salary RangeFrom $165000 to $175000 Annually
Minimum Qualifications Bachelor’s degree and five (5) years of progressive experience in risk management across all major asset classes. Preference may be given to candidates who have obtained their MBA, risk certifications, financial engineering degree or Chartered Financial Analyst (CFA) credential (CFA study at any level a plus). Candidates must be New York State residents or be willing to relocate.
Seeking candidates with the following knowledge, skills, and abilities:
• A strong understanding of fixed income, equity, and alternative asset classes;
• Knowledge of risk management process, analytics, framework, systems;
• Strong analytical skills with experience in risk management principles and Asset Liability Management (ALM);
• Ability to think critically and independently, devote attention to detail, remain highly organized, and communicate complex material to management;
• Ability to build trust with the Chief Investment Officer (CIO) and other senior management;
• Ability to be proactive in identifying issues, delivering and escalating, and advising on recommended solutions to mitigate risks;
• Knowledge of debt and equity markets.
Duties Description Under the general direction of the CIO, the Chief Risk Officer for Investments will implement risk models on all of NYSIF’s assets to evaluate investment risk and understand all sources of risk for NYSIF Investments. The candidate will be responsible for chairing weekly risk management meetings, managing and reporting on significant financial risk: liquidity, concentration, credit, interest rate, and structured product risks. The candidate will be expected to advise the CIO and management how risk exposure might be mitigated and foster a strong risk culture. The candidate will partner with external investment consultants and risk vendors to create state-of-the-art risk analyses and monitoring.
Duties include but are not limited to:
• Performing analytical work to identify interest rate, credit default, credit spread, liquidity, alternatives and structured product risk exposures;
• Regularly working proactively and communicating with the CIO, investment consultants, portfolio management staff and traders to identify risks, both quantitatively and qualitatively, of risk issues related to the portfolios and strategies;
• Providing in-depth analysis of trading activities including positions, strategies, limits and risk profiles of invested assets in all portfolios;
• Analyzing risk and providing commentary on portfolio metrics, perform stress risk scenario analysis, produce daily and weekly risk reports and contribute to the development of an institutional risk management framework;
• Presenting our risk management process, methodologies, and implementation approach to investment staff, senior management. Investment Committee and Board Members;
• Enhancing modeling capabilities for all NYSIF assets and partner with external actuary to accurately depict cash flow and asset/liability liquidity risk profile;
• Performing ad-hoc analysis to address real-time risk information need by the CIO and senior management;
• Providing guidance while building technology to structure new and innovative risk management measures beyond existing ones;
• Partnering with external risk vendor provider to create “state of the practice” risk analysis, risk monitoring and decomposition;
• Maintaining knowledge of state of the art risk models, VaR, stressed VaR, default probability, stress testing, Model assessment, etc.;
• Incumbent will work closely with colleagues in finance, compliance, audit, legal, and information technology.
Additional Comments The New York State Insurance Fund (“NYSIF” or the “Fund”) is a self supporting state fund that provides workers’ compensation and disability benefits insurance in New York. With written premium of over $2 billion, NYSIF is the largest workers’ compensation insurance carrier in New York, and the sixth largest carrier in the country.
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