Interest Rate Risk, Specialist

Northern Trust • Chicago, IL

24d • Hybrid

About The Position

About Northern Trust: Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889. Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service. Interest Rate Risk, Specialist The Specialist will focus on overseeing interest rate risk management policies and limits, communicating risk exposures to oversight committees, and performing independent analysis and challenge of measurement methodologies and assumptions. The position is in the second line of defense and will report directly to the Head of Liquidity and Interest Rate Risk Management, as well as work closely with Treasury. This role provides an opportunity to continue to evolve the second line function at Northern Trust and serve as a trusted advisor to the business.

Requirements

• Experience with asset and liability management, particularly within QRM is critical.
• Strong knowledge of financial services is expected and understanding of bank balance sheet and income statement dynamics, including the risk characteristics of various asset and liability categories is a plus.
• Understanding of interest rate risk regulations and applying these expectations to practice is preferred.
• Strong analytical and communication skills are required to constructively challenge and influence the Treasury function, as well as articulate key risks to the risk committee.
• Experience applying risk management commensurate with the organization’s risk profile and regulatory requirements.

Nice To Haves

• 5 or more years of experience in one or more of the following areas of financial services is desired: treasury, asset and liability risk management, compliance or regulatory oversight, auditing, or consulting.
• Strong written and verbal communication skills.
• Experience with analytics within QRM, SAS, Excel, and PowerPoint or other tools is preferred.

Responsibilities

• Preparing reports and communicating interest rate risk exposures to the Market and Liquidity Risk Committee and Risk Committee of the Board.
• Performing independent analysis and challenging asset and liability measurement methodologies (scenarios, assumptions, etc.).
• Recommending and advising on areas of enhancements and informing risk oversight committees of mitigation steps underway.
• Calibrating interest rate risk limits, as well as monitoring the organization’s overall interest rate risk profile.
• Independently producing QRM production results to verify accuracy, as well as leading monthly production control meetings with Treasury.
• Maintaining and overseeing adherence with Interest Rate Risk Management policies and procedures.
• Assessing compliance with regulatory requirements and common industry practices applicable to interest rate risk and coordinating with regulators and/or internal audit during their reviews.
• Evaluating new products for potential interest rate risk impacts.

Benefits

• Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits.
• Northern Trust also provides a discretionary bonus program that may include an equity component.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: No Education Listed
• Number of Employees: 501-1,000 employees