Team: Enterprise Risk Management - Climate Risk Level: Vice President Location: New York Divisional Overview: The Risk division identifies, monitors, assesses, and manages financial and non-financial risks in support of the firm's appetite and strategic plan as well as the risk of expected and unexpected events that may have an adverse impact on the firm. Risk teams play a critical function for the firm, driving how risk is taken and managed. Risk professionals execute critical day-to-day risk management activities, operating in a fast-paced and dynamic environment and utilizing best-in-class risk tools and frameworks. Risk teams are analytically curious, have an aptitude for challenge, and an unwavering commitment to excellence. Effective coordination with executive management, business units, control departments, and technology is critical for success.
The Enterprise Risk Management (ER) department manages a range of pan-Risk capabilities to ensure that Risk and divisional leadership have a comprehensive and aggregate view of the firm's risk profile, inclusive of both financial and non-financial risks, in a way that facilitates strategic planning and risk decision making. ER oversees the evaluation and planning of new business initiatives, management of evolving or emerging risks, governance of the division's frameworks, processes, and capabilities, as well as regional and legal entity governance.
Job Summary: The Climate Risk team leads the firm's strategy and framework for monitoring, assessing, and managing climate-related and environmental risks. This includes evaluating the firm's exposure to both physical and transition risks through its balance sheet positions and determining the potential impact on firmwide operations. Climate Risk professionals execute critical day-to-day risk management activities, lead projects, and contribute to the ongoing advancement of a robust climate and environmental ("C&E") risk management program.
The team interacts closely with all areas of Risk, as well as with various groups across the firm including Executive Office, Controllers, Global Banking & Markets, Asset and Wealth Management, and Risk Engineering.
This role will report to the Head of Climate Risk.
RESPONSIBILITIES - Manage day-to-day priorities and deliverables for the Climate Risk program
- Support the Head of Climate Risk and work with the broader team to execute strategic initiatives as the program expands, in consideration of new regulatory feedback and industry changes
- Present to and interact with regulators as part of the ongoing supervision process, regulatory examinations, and other regulatory deliverables
- Monitor the changing regulatory Climate and ESG landscape including providing feedback through internal working groups and external industry forums to help shape the further development of the Climate program
- Drive implementation of C&E considerations into 1LoD and 2LoD processes
- Manage and enhance the design of the Risk Appetite Statement framework, including calibrating limits and monitoring utilization reports
- Partner with the quant team to understand the use of climate risk models and scenario capabilities to inform views of portfolio risks
- Manage internal risk frameworks and processes including risk identification
- Provide oversight across Risk Committee and Board Risk Committee materials, regulatory submissions, and external disclosures
- Maintain relationships with key stakeholders across Sustainable Finance Group, Controllers, Office of Government and Regulatory Affairs, and Legal
SKILLS & EXPERIENCE - Bachelor's degree
- 6+ years in the Financial Services / Banking industry
- Background in sustainability and/or climate-related risks
- Strong understanding of climate risks, including transition and physical risk
- Familiarity with climate scenario analysis and models
- Strong understanding of financial and non-financial risk disciplines
- Exceptional verbal, written, and interpersonal communication skills
- Strong analytical skills with high attention to detail and accuracy
- Proven experience in driving own book of work and delivering against firmwide and cross-divisional initiatives
- High proficiency in Excel and PowerPoint required
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