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- Tasks: Oversee credit risk management across global portfolios and analyse risk drivers.
- Company: Leading financial firm with a strong focus on risk management.
- Benefits: Competitive salary, professional development, and opportunities for career advancement.
- Other info: Collaborative environment with a focus on innovation and market insights.
- Why this job: Join a dynamic team and make impactful decisions in the world of credit risk.
- Qualifications: 8+ years in risk management with strong quantitative skills and knowledge of credit products.
The predicted salary is between 80000 - 100000 £ per year.
The Firm seeks a senior Risk Manager to join its Credit Risk Management team in London. The successful candidate will oversee the independent risk management of credit portfolios across corporate bonds, loans, credit derivatives, and structured credit in EMEA, US & Asia.
Primary responsibilities include:
- Own independent risk oversight: Oversee global credit portfolios, with a clear view of exposures across credit spread, default, recovery, curve, basis, convexity, embedded optionality, ratings migration, financing, liquidity, and correlation.
- Analyze P&L and risk: Analyze risk drivers, P&L attribution, hedging efficiency, scenario behavior, and tail outcomes for portfolios trading corporate bonds (investment grade and high-yield), leveraged loans, credit indices (CDX, iTraxx), single-name CDS, tranches, and structured products such as CLOs and non-agency MBS.
- Develop and oversee risk guidelines: Establish guidelines for portfolio construction, concentration, liquidity, gap risk, financing, and drawdown. Ensure mandates are defined, scalable, and consistently observed.
- Review trade and portfolio construction: Review positions with close attention to bond and loan terms, covenants, capital structure, seniority and security, structural protections, embedded optionality (calls, puts, prepayment and extension risk), CDS documentation, index and tranche construction, financing and margin assumptions, and event risk (ratings actions, refinancings, restructurings, and defaults). Assess both directional and relative-value risk, including basis and capital-structure trades.
- Review portfolio risk: Work closely with portfolio managers to assess positions where risk may be mispriced, crowded, imperfectly hedged, or less aligned with mandate, liquidity, or market regime, with particular focus on default and downgrade risk, complex structures, and crowded credit themes.
- Evaluate portfolio manager candidates: Assess prospective Portfolio Manager candidates by testing the strength of their process, risk discipline, hedging approach, portfolio construction, and historical returns.
- Improve risk infrastructure: Enhance the Firm's models, systems, and reporting for credit risk. Work with quantitative researchers and technologists to improve valuation, stress testing, exposure decomposition, default and loss modeling, and real-time reporting.
- Communicate with precision: Present key exposures, stress results, and changes in market structure clearly to senior leadership and investment teams.
- Monitor global market developments: Track primary and secondary market activity, issuance trends, liquidity, market structure, rating migration, default cycles, and regional differences in the U.S., Europe, and Asia that may affect risk-taking and portfolio construction.
Required Qualifications & Skills
- Experience: At least eight years of experience in risk management, trading, structuring, or desk strategy, with significant exposure to traded credit products and credit relative-value strategies. Deep knowledge of traded credit instruments and their key risk drivers, including credit spread and default risk, recovery assumptions, term structure and curve risk, basis and correlation, volatility and optionality (calls, puts, prepayments, extensions), financing, and liquidity. Strong understanding of how corporate bonds, loans, credit indices (CDX, iTraxx), single-name CDS, tranches, and structured products (including CLOs and non-agency MBS) interact with related instruments such as rates, FX, equities, and index options, as well as capital-structure and basis hedges. Demonstrated ability to oversee day-to-day portfolio risk while leading complex strategic projects. Experience in trading, structuring, or portfolio construction is highly desirable, though this is a dedicated risk management role. Experience across U.S., European, and Asian credit markets is strongly preferred.
- Skills & Knowledge: Strong quantitative and programming skills, including Python and SQL, for data analysis, model development, and automation. Strong understanding of derivative pricing, asset pricing, financial econometrics, and risk techniques relevant to credit products, including spread and default modeling, recovery and loss-given-default modeling, correlation and tranche modeling, and liquidity and gap-risk analysis. Sound judgment in assessing portfolio risk under normal and stressed conditions, including gap risk, short squeezes, credit events, volatility shocks, and liquidity deterioration. Excellent written and verbal communication skills, with the ability to build effective relationships with portfolio managers, traders, quantitative researchers, and senior stakeholders.
- Education: A degree in a quantitative discipline, such as Finance, Economics, Engineering, Mathematics, or Computer Science. A graduate degree is strongly preferred.
Risk Manager - Credit in London employer: Millennium Management, LLC
Contact Detail:
Millennium Management, LLC Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Risk Manager - Credit in London
✨Tip Number 1
Network like a pro! Reach out to your connections in the finance and risk management sectors. Attend industry events, webinars, or even casual meet-ups. You never know who might have the inside scoop on job openings or can put in a good word for you.
✨Tip Number 2
Prepare for interviews by diving deep into the specifics of credit risk management. Brush up on your knowledge of corporate bonds, loans, and credit derivatives. Be ready to discuss how you would handle real-world scenarios related to portfolio risk and market developments.
✨Tip Number 3
Showcase your quantitative skills! If you’ve got experience with Python or SQL, make sure to highlight that during interviews. Employers love candidates who can analyse data and improve risk models, so don’t shy away from discussing your technical prowess.
✨Tip Number 4
Apply through our website! We’re always on the lookout for talented individuals like you. Make sure your application stands out by tailoring it to the specific role and demonstrating your understanding of the firm’s risk management strategies.
We think you need these skills to ace Risk Manager - Credit in London
Some tips for your application 🫡
Tailor Your CV: Make sure your CV reflects the specific skills and experiences mentioned in the job description. Highlight your expertise in credit risk management and any relevant quantitative skills to catch our eye!
Craft a Compelling Cover Letter: Your cover letter is your chance to shine! Use it to explain why you're the perfect fit for the Risk Manager role. Share your passion for credit markets and how your experience aligns with our needs.
Showcase Your Quant Skills: Since we value strong quantitative and programming skills, don’t forget to mention your proficiency in Python and SQL. Give examples of how you've used these skills in past roles to analyse data or improve risk models.
Apply Through Our Website: We encourage you to apply directly through our website. It’s the best way to ensure your application gets into the right hands and shows us you’re serious about joining our team!
How to prepare for a job interview at Millennium Management, LLC
✨Know Your Credit Products Inside Out
Make sure you have a solid understanding of the credit instruments mentioned in the job description, like corporate bonds, loans, and structured products. Brush up on their key risk drivers and how they interact with other financial instruments. This will show your depth of knowledge and readiness for the role.
✨Prepare for Technical Questions
Expect to be quizzed on quantitative skills and risk modelling techniques. Be ready to discuss your experience with Python and SQL, as well as your approach to analysing P&L and risk. Practising common technical questions can help you articulate your thought process clearly during the interview.
✨Demonstrate Strong Communication Skills
Since the role involves presenting complex information to senior leadership, practice explaining intricate concepts in simple terms. Use examples from your past experiences where you successfully communicated risk assessments or portfolio strategies to diverse audiences.
✨Showcase Your Market Awareness
Stay updated on current market trends and developments in the credit space, especially across EMEA, US, and Asia. Being able to discuss recent market activities and their implications on risk management will demonstrate your proactive approach and genuine interest in the field.