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- Tasks: Manage credit risk portfolios and analyse market trends across EMEA, US & Asia.
- Company: Leading financial firm with a global presence and innovative approach.
- Benefits: Competitive salary, professional development, and opportunities for career advancement.
- Other info: Collaborative environment with a focus on innovation and continuous improvement.
- 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 market knowledge.
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 behaviour, 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 modelling, 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:
- Quantitative and programming skills: Strong quantitative and programming skills, including Python and SQL, for data analysis, model development, and automation.
- Valuation and risk modelling: Strong understanding of derivative pricing, asset pricing, financial econometrics, and risk techniques relevant to credit products, including spread and default modelling, recovery and loss‑given‑default modelling, correlation and tranche modelling, and liquidity and gap‑risk analysis.
- Market judgment: Sound judgment in assessing portfolio risk under normal and stressed conditions, including gap risk, short squeezes, credit events, volatility shocks, and liquidity deterioration.
- Communication: 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 employer: Millennium
Contact Detail:
Millennium Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Risk Manager - Credit
✨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 conditions.
✨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 be shy about 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 approach.
We think you need these skills to ace Risk Manager - Credit
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, as we want to see how you fit into our team.
Craft a Compelling Cover Letter: Your cover letter is your chance to shine! Use it to explain why you're passionate about credit risk management and how your background aligns with our needs. Be sure to mention any experience with corporate bonds or structured products.
Showcase Your Analytical Skills: Since this role involves a lot of analysis, make sure to include examples of how you've successfully analysed risk drivers or P&L attribution in your previous roles. We love seeing concrete examples that demonstrate your analytical prowess!
Apply Through Our Website: We encourage you to apply directly through our website for the best chance of getting noticed. It’s the easiest way for us to keep track of your application and ensure it reaches the right people!
How to prepare for a job interview at Millennium
✨Know Your Credit Products Inside Out
Make sure you have a solid understanding of the credit products 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 instruments. This will show that you're not just familiar with the terms but can also discuss them intelligently.
✨Demonstrate Your Analytical Skills
Prepare to discuss your experience with analysing P&L and risk drivers. Bring examples of how you've assessed risk in previous roles, particularly focusing on scenario behaviour and tail outcomes. Being able to articulate your thought process will impress interviewers.
✨Showcase Your Quantitative Skills
Since strong quantitative and programming skills are essential, be ready to talk about your experience with Python and SQL. If possible, prepare a small example or case study where you used these skills to solve a problem or improve a process in risk management.
✨Communicate Clearly and Confidently
Effective communication is key in this role. Practice explaining complex concepts in simple terms, as you may need to present findings to senior leadership. Use clear examples from your past experiences to demonstrate your ability to communicate effectively with various stakeholders.