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PenFed Credit Union Senior Director, Market Risk in McLean, Virginia

Overview

Are you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members “do better.” Joining PenFed is more than being an employee; it’s about being a part of the PenFed family.

PenFed is hiring a Market Risk Senior Director at our McLean, Virginia location. The primary purpose of this role is to augment effective challenge offered at the second line level, and support the VP/Market Risk in second-line governance, monitoring and reporting to the Executive team and the Board of Directors. The incumbent would also be expected to interact with and support interaction with PenFed’s regulators.

Responsibilities

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.

  • Provide insight on Bond Price sensitivity and maturity risk and premiums, and validate or challenge Economic Value of Equity (EVE) projections upon which future financial capacity is based.

  • Assist in creating and updating policy guidance and overseeing governance related to management of IR risk.

  • Populate the risk catalogue for PenFed in IR risk, providing second line challenge to BU assessment of risks and controls with regard to IR.

  • Assist the Head of Market Risk in developing for Board consideration the appropriate Risk Appetite level for IR risk.

  • Participate in Interest Rate stress-testing scenario creation as well as on the Capital Planning and Stress-testing Working group.

  • Assist the Head of Market Risk in providing challenge with regard to diversification of holdings intended as hedges, and concentration/s across derivative asset classes, as well as secondary marketing activities across the Enterprise.

  • Work closely with Finance to examine bond holding and hedging of fixed-interest holding with IR swaps, options, or other derivatives.

  • Leverage experience creating, using, and governing models to partcipate in PenFed’s Modell risk working group, to ensure PenFed model utilization is aligned with best practices and informed by regulatory recommendations.

  • Involvement in Enterprise data governance efforts ensuring confidentiality, integrity, and availability of data; advocating for , and inparticular as .

  • Assist the Head of Market Risk in effectively challenging models in use or proposed for use at PenFed, and monitoring/validating the performance of models in use

    This role is responsible for ensuring business continuity.

Qualifications

Equivalent combination of education and experience is considered.

  • Master’s degree in finance or related field required.

  • Minimum of twelve (12) years’ of experience in financial institutions and 5 years with management responsibilities.

  • Experience in Capital Markets.

  • Experience in secondary marketing of loan products.

  • Experience in hedging of portfolio assets.

  • Experience with management and governance of concentration risk.

  • Experience in quantitative modeling.

  • Management of investment portfolios.

  • Management and hedging of interest rate and volatility exposures.

  • Ability to communicate understanding of financial risk clearly and credibly, to varied audiences.

  • Ability to present concise empirical analyses to Executive and Board level audiences.

  • Ability to work with confidence in environments of significant velocity.

  • Ability to deliver ongoing, effective challenge to day-to-day partners.

  • Proven partnership skills in areas of complexity and change.

  • Capital planning and Stress-testing experience.

  • Expertise with model construction, testing, validation, and use, as well as model risk mitigation.

  • Expertise creating policies and procedures codifying best practice management of interest rate and market risk areas and gaining Enterprise acceptance.

  • Familiarity with risk framework and processes at financial institutions.

    Supervisory Responsibility

    This position may directly supervise employees

    Licenses and Certifications

    There are no additional certifications required.

    Work Environment

    While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.

    Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.

    Travel

    Ability to travel to various worksites and be on-call will be required.

    Special Message Regarding COVID 19

    PenFed is continuing to hire and train exceptional individuals to help us serve our 2 million members both here and around the world. In light of the current situation with COVID-19, we have modified our hiring, onboarding, training, and deployment protocols in order to comply with applicable current local and state guidance.

About Us

Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 2 million members and over $26 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.

We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.

Equal Employment Opportunity

PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.

PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 240-224-4256.

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