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Bullish · 9 hours ago

Director, Financial Risk

New York, United States

Full-time

Onsite

Senior Level, Lead/Staff

$265K/yr - $330K/yr

10+ years exp

Bullish is a global digital asset platform focused on market infrastructure and information services. They are seeking a Director of Financial Risk to oversee risk management for their U.S. clearing business, ensuring compliance with regulatory requirements and stability in the derivatives market.

BlockchainCryptocurrencyFinancial Services

Responsibilities

Default Management: Own and implement the Default Management Waterfall procedures, ensuring maintenance of an appropriate pre-funded financial resource package sufficient to cover losses

Margin System Oversight: Direct and oversee the development, validation, and calibration of the US clearing risk-based margin models (e.g., VaR or SPAN). Ensure margin is calculated with sufficient frequency to cover the potential loss of participant portfolios to a high degree of confidence, while ensuring digital asset operational characteristics are applied where feasible

Stress Testing: Direct the daily, frequent, and extreme stress testing program across all cleared products and market scenarios. Report results and ensure models are adapted based on testing outcomes

Liquidity Risk: Oversee the liquidity risk management framework, ensuring maintenance of sufficient liquid resources to manage obligations in an emergency

Risk Framework Ownership: Develop, maintain, and enforce the written Risk Management Framework and policies, ensuring strict compliance with all applicable regulatory rules, guidelines and principles (including financial resources, risk management, settlement, and transparency)

Regulatory Liaison: Act as the primary risk contact with all relevant financial regulators. Oversee all internal and external risk audits and examinations

New Product Review: Serve as the final approver for the risk profile of all new products or services introduced for clearing, ensuring adequate margin and financial resources are in place before launch

Reporting: Prepare and present regular, comprehensive risk reports to the Risk Committee, Board of Directors, and regulators, highlighting key exposures, stress test results, and policy changes

Operational Resilience: Oversee the framework for operational resilience, including the Business Continuity Plan (BCP) and Disaster Recovery (DR) capabilities. Ensure critical operations can resume within the defined recovery time objectives

Cybersecurity Risk: Collaborate with the Chief Information Security Officer (CISO) to manage, monitor, and report on all cybersecurity risks, ensuring system safeguards protect critical infrastructure and data

Affiliate Risk: Identify and manage potential risks arising from the activities of any affiliates operating within the Bullish US market infrastructure

Enterprise Risk Strategy and Framework: Develop and implement the overall risk management strategy for Bullish's U.S. business, including identifying, assessing, and prioritizing all key risks (operational, financial, regulatory, cybersecurity, market volatility, liquidity, and credit)

Team Leadership: Lead, mentor, and build a high-performing team of risk professionals, providing guidance and fostering a culture of risk awareness across the organization

Risk Mitigation and Controls: Establish and oversee robust risk controls, policies, and procedures to mitigate potential threats

Reporting and Analysis: Conduct regular risk assessments and stress tests. Monitor and analyze key risk indicators (KRIs) and metrics to measure risk exposure and identify emerging risks. Prepare and present detailed reports on risk exposures and performance to senior management and the Board of Directors

Cross-Functional Collaboration: Work closely with other departments, including Legal, Compliance, Trading, Operations, and Technology, to ensure a cohesive and integrated approach to risk management and to support new product development

Incident Response: Lead incident response and crisis management efforts, ensuring timely resolution and reporting of any risk-related incidents

Qualification

Risk Management FrameworkFinancial Risk ManagementRegulatory ComplianceClearingSettlementCybersecurity RiskStress TestingOperational ResilienceQuantitative MethodsTeam LeadershipExceptional CommunicationMentoring SkillsCross-Functional Collaboration

Required

Master's degree in Finance, Economics, Quantitative Methods, or a related field required

10+ years of progressive risk management experience within the financial services industry, with at least 5 years in a senior leadership role at a DCO, major clearing bank (FCM), central bank, or equivalent systematically important financial institution (SIFI)

Deep, demonstrable expertise in clearing and settlement mechanics, collateral management, and the specific risk models (VaR, SPAN) used in futures, options, and swaps clearing

Expert understanding of CFTC regulations, Title VII of the Dodd-Frank Act, and the Principles for Financial Market Infrastructures (PFMI)

Understanding of U.S. regulatory requirements with the New York State Department of Financial Services (NYDFS) BitLicense and Money Transmission License a plus

Proven ability to build, lead, and mentor a high-performing, independent Risk Management team

Exceptional written and verbal communication skills, with the ability to articulate complex quantitative concepts to the Board, regulators, and non-risk executives