Job Purpose
The Chief Risk Officer leads the second line risk function for ICE Clear Europe, with overall responsibility for managing and overseeing its performance. The function provides the framework for identifying, assessing, and independently escalating risks where necessary, setting risk boundaries, and delivering independent risk oversight across the business.
Job Description
The Chief Risk Officer is responsible for shaping and maintaining the firm's risk culture and safeguarding the independence of the second line risk function. They report to the ICE Clear Europe President and the Chair of the ICEU Board Risk Committee, working closely with ICE Inc. executives, including the ICE Inc. Corporate Risk Officer and the Head of Clearing Risk. They are a member of ICE Clear Europe's Senior Management Team and Executive Risk Committee.
Responsibilities
- Executive Management
- Serve as a senior adviser to the President, senior management and the Board on risk-related matters.
- Act as senior adviser to the ICE Inc. Corporate Risk Officer on ICE Clear Europe risk matters.
- Represent the firm as a thought leader in setting industry-wide standards for clearing house risk management, including contributing to relevant consultations and industry forums.
- Own and maintain the policy governing the second line risk function, and provide challenge to first line risk policies.
- Leadership and Team Management
- Lead and develop a high-performing second line risk function, providing clear direction and effective management.
- Ensure robust risk management policies, procedures, and processes are in place, appropriately documented, and consistently implemented, including the risk management framework established by the Board.
- Build and develop a strong team of second-line risk professionals.
- Collaborate with risk resources across the wider ICE Inc. group.
- Risk Reporting and Communications
- Provide timely, high-quality risk information to the Board and senior leadership, including prompt escalation of material risks and concerns.
- Oversee the monitoring of risk appetite and risk management information, and monitor adherence to policy across the business.
- Support ICE Clear Europe's engagement with external stakeholders, including regulators and clearing members.
- Maintain up-to-date awareness of industry developments, best practice, and the regulatory environment to ensure risk oversight remains current and proportionate to the firm's risk profile and systemic importance.
- Risk Identification, Management, and Monitoring
- Ensure independent oversight of risk across ICE Clear Europe.
- Act as an expert sounding board for first line functions on risk matters, providing appropriate and constructive challenge where required.
- Develop and maintain a robust risk appetite framework.
- Lead the risk appetite articulation and calibration process for ICE Clear Europe.
- Administer the annual review of the Risk Appetite Framework, including:
- Assessing whether measures, thresholds, and limits are operating as intended.
- Determining whether recalibration is required.
- Assessing whether all key risks are adequately covered by existing metrics.
- Provide ongoing input to the first line on risk identification and deliver challenge to first line risk policies and processes.
- Risk Control
- Own and maintain Risk Appetite Frameworks, Risk Registers, Risk Assessments, and Emerging Risk processes.
- Review and challenge first line risk controls.
- Produce clear and insightful reports on the firm's risk profile and control effectiveness for Executive, Board, and other relevant committees.
- Risk Measurement, Methodologies, and Models
- Manage quantitative and qualitative risk assessments conducted by the second line as a challenge to the first line's regular risk measurement responsibilities.
- Ensure rigorous challenge to risk model approaches, inputs, assumptions, and stress testing scenarios.
- Oversee independent expert validation of new, amended, and existing models, through both an internal second line model validation team and external validators.
Knowledge and Experience
- MBA/Master’s degree preferred.
- Bachelor’s degree required.
- Strong quantitative academic background preferred.
- Extensive experience in financial services risk management with a minimum of ten years' relevant senior management experience.
- Strong technical understanding of financial and non-financial risks, including hands-on experience with quantitative risk techniques.
- Experience in developing or validating margin models as relevant for clearing houses.
- Excellent knowledge of financial markets and energy derivatives products and markets.
- Proven experience operating at Executive Committee level, with regular Board interaction.
- Experience in financial market infrastructure is preferable.
- In-depth knowledge of the financial market infrastructure regulatory environment, particularly within the UK.
- Experience in a Clearing House or the Clearing business is desirable.
- Seniority, experience, and professional skills required to operate effectively as a member of the senior management team, with excellent written and verbal communication skills and the ability to engage credibly at Board level.
- The confidence and conviction to constructively challenge senior management where appropriate, without compromising relationships or objectivity.
- A sound and technically rigorous understanding of both financial and non-financial risks as they pertain to clearing houses — encompassing credit, market, liquidity, operational risk, and beyond — including their measurement, quantification, and management, as well as relevant policies, processes, and risk-based performance frameworks.
- Proven ability to listen actively, build trusted relationships, and influence stakeholders at all levels — creating genuine demand for risk expertise across the organisation.
- Strong commercial acumen, with an appreciation of how risk considerations intersect with business strategy and operational performance.
- Fluency in English, with the ability to communicate complex risk concepts clearly and accessibly to both technical and non-technical audiences.
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