Chief Risk Officer

Cboe Global Markets•Chicago, IL

About The Position

Cboe Clear US (Clearinghouse) is registered with the Commodities Futures Trading Commission (CFTC) as a Derivatives Clearing Organization (DCO) and the Securities and Exchange Commission as a Covered Clearing Agency, currently supporting margin-eligible digital asset derivatives and binary options. Cboe Clearinghouse is hiring a Chief Risk Officer to provide strategic leadership and oversight of the financial risk management function for the Clearinghouse. This role carries significant governance responsibility, reporting to the President, Cboe Clear US, as well as to the Board of Directors and the Risk Management Committee of the Clearinghouse. The Chief Risk Officer will partner closely with second- and third-line functions, clearing members, and market participants to ensure the Clearinghouse's risk framework remains robust, compliant, and positioned to support future product growth.

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
Ability to communicate with colleagues, management, clients, and others in a courteous, concise, and professional manner
Have had a leadership role directing other risk managements staff and can mentor to elevate them to higher levels of achievement
Bachelor's degree
Candidates must be legally authorized to work in the United States without the need for employer sponsorship now or in the future.

Nice To Haves

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

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
Conduct default management planning and testing in collaboration with clearing members and exchange liquidity providers; ensure the Clearinghouse maintains adequate resources to manage possible member defaults
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