Chief Risk Officer

Location: Limassol Cyprus
Language: Fluent Hebrew and English
Industry: Investment Fund / Proprietary Trading

Role Overview

On behalf of our client we are seeking an experienced Senior Market Risk Manager / Chief Risk Officer to join a newly established investment fund based in Limassol. The role will be responsible for independently monitoring and managing the funds market risk across a multi asset portfolio working closely with the Portfolio Managers and the funds investor.

This is a hands on market risk position. We are specifically looking for someone with strong experience in trading environments derivatives interest rates and FX rather than primarily regulatory compliance or operational risk experience.

The successful candidate will also play a key role in establishing the funds risk infrastructure limits reporting framework and live risk monitoring capabilities.

Key Responsibilities

• Monitor the funds positions and market exposures on an ongoing basis at position strategy and total portfolio level.
• Monitor and analyse VaR Expected Shortfall stress tests scenario analysis DV01 option Greeks FX exposure gross and net exposure leverage concentration liquidity and drawdown.
• Independently assess risks arising from interest rate products government bonds IRS futures FX forwards FX options and other derivatives.
• Analyse Relative Value strategies yield curve positions spread trades basis trades directional macro positions and other trading strategies.
• Establish and maintain risk limits at fund strategy and position level including warning thresholds operating ranges and hard limits.
• Monitor compliance with risk limits in real time and immediately escalate material breaches or unusual changes in portfolio risk.
• Work with Bloomberg MARS Enterprise or equivalent institutional risk systems to develop the funds live risk monitoring infrastructure.
• Ensure accurate and timely capture of trades from Prime Brokers execution platforms and external trading venues into the risk system.
• Identify missing trades data inconsistencies pricing issues and feed failures and coordinate their resolution.
• Perform reconciliation between Prime Brokers the risk system trading records and the Fund Administrator.
• Develop clear live risk dashboards for the Portfolio Managers CRO function and investor.
• Design portfolio specific stress scenarios including significant moves in interest rates yield curves FX volatility correlations spreads and liquidity conditions.
• Identify hidden concentrations and situations where apparently different positions create the same underlying
• macroeconomic or market exposure.
• Maintain a comprehensive audit trail covering risk limit breaches alerts actions taken and resolution of exceptions.
• Work closely with Prime Brokers Bloomberg the Fund Administrator and other external service providers on risk and position data.
• Participate in investment and risk meetings and provide an independent assessment of portfolio risk.

• Communicate portfolio risk clearly and effectively to the Portfolio Managers and investor.
  

  Required Experience and Qualifications

• At least 7 years of relevant experience in Market Risk Trading Risk Hedge Fund Risk Bank Treasury Risk Proprietary Trading Risk or a comparable institutional trading environment.
• Strong practical understanding of fixed income interest rates FX and derivatives.
• Strong understanding of DV01 duration yield curve risk option Greeks volatility correlation and leverage.
• Practical experience with VaR Expected Shortfall stress testing and scenario analysis.
• Experience monitoring complex trading portfolios rather than primarily producing regulatory risk reports.
• Experience with Bloomberg or another institutional portfolio and risk management platform.
• Ability to understand the underlying positions and trading strategies behind risk numbers rather than relying solely on system generated metrics.
• Ability to operate effectively in a fast moving trading environment and challenge Portfolio Managers when necessary.
• Fluent Hebrew and English.
• Based in Cyprus or willing to relocate to Cyprus.

Strong Advantages

• Previous experience as a CRO Deputy CRO Head of Market Risk Senior Market Risk Manager or Trading Risk Manager within a hedge fund proprietary trading firm investment bank broker or asset manager.
• Direct experience with Bloomberg MARS Enterprise.
• Strong experience with interest rate derivatives and FX options.
• Experience with Relative Value and macro trading strategies.
• Experience establishing a risk framework for a new fund or trading operation.
• Python SQL or other risk data analysis capabilities.
• Experience working directly with institutional investors Family Offices or sophisticated private investors.
• Relevant CySEC qualifications or experience within the Cyprus financial industry.

Candidate Profile

We are looking for someone who combines strong quantitative risk knowledge with genuine market ideal candidate should be able to look beyond a VaR number and understand how the portfolio could actually lose money under different market conditions. The individual should be comfortable working closely with experienced Portfolio Managers while maintaining independence and the authority to challenge positions exposures and risk decisions when required.

This is intended to be a senior and influential role within the fund with significant responsibility for building and maintaining the risk management framework as the business grows.