Director of Risk

Based in the Albany or New York City office, the Director of Risk will report to the Executive Deputy Comptroller for the New York State and Local Retirement System (NYSLRS) and through their role as Chair of the NYS Common Retirement Fund Risk Committee, serve as an independent advisory function to the Comptroller in connection with CRF enterprise and investment risks.

The Risk Committee will provide guidance, advice, and support to the Director of Risk on organizational and investment risk issues and provide multidisciplinary oversight of risk and risk management programs at the CRF. This oversight function encompasses CRF’s risk oversight of external and internal investment strategies managed by the CRF, and enterprise risks, including, but not limited to, oversight of CRF risk management programs and associated processes, and of compliance with risk standards and policies that affect the ability of the CRF to deliver on its mission to provide NYSLRS members, retirees and beneficiaries with a secure pension through prudent asset management.

Essential Duties and Responsibilities include:

• Advise and make recommendations to the CIO, Risk Committee and the Comptroller on investment risk including, but not limited to, portfolio, market and credit, liquidity, and asset/liability risk.
• Maintain an inventory of risk dashboards to catalogue key risks for the Fund and asset classes (e.g. exposure by sector, scenario analysis, liquidity concerns, counterparty failure) and make recommendations to the Risk Committee for updates and/or the design of new risks reports.
• Chair the CRF’s Strategic Asset Allocation Rebalance Committee and consult with the CIO on changes to and variances from the Strategic Asset Allocation Policy.
• Serve as a member and Chair of the Risk Committee: conduct meetings, prepare agendas and track/monitor various organization, investment and investment-related risk reports (including, but not limited to, securities lending, investment accounting, custody bank, performance, monthly rebalancing activities and work with internal stakeholders (IT, ISO, Internal Audit) to provide consolidated and periodic reporting to the Committee in connection with regular meetings (at least quarterly) to facilitate Committee oversight functions.
• Monitor market risk at the portfolio and manager level across asset classes and undertake risk projects contributing to the development of risk assessment infrastructure.
• Collaborate with the Risk Committee and Risk staff to:
• Consult and advise the CIO and Comptroller on CRF’s Risk Appetite Statement.
• Ensure continued success of risk management system.
• Provide input on major fund-wide decisions, lead the implementation of a systematic risk taxonomy and oversee risk monitoring to ensure enforcement of risk policies.
• Review and develop necessary updates to the Investment Risk Policy Manual; contribute to the implementation of risk policies and procedures.
• Develop peer-to-peer relationships with stakeholders including senior investment professionals, risk consultants, external investment managers, and industry organizations.
• Provide direct leadership, management, and mentorship to the risk investment officers.

Position Summary:

Item #: 06875

Bargaining Unit: Management Confidential

Division: Pension Investments & Cash Management

Bureau: Pension Investments & Cash Management - Executive Staff

Jurisdictional Class: Exempt

Appointment Type: Contingent-Permanent

Salary Grade: 600

Salary Range: $192,710 – $255,340

Employment Type: FULL TIME

Occupational Category: Financial, Accounting, Auditing

NY HELPS: No

Travel Percentage: 5%

Work Week: Monday - Friday

Work Hours: 9-5PM

Shift: Day

Mandatory Overtime: No

Compressed Workweek Allowed: No

Telecommuting Allowed: Yes

How to Apply:

To be considered for this position, you must click here, create a candidate profile or log in to your profile and submit a clear, concise cover letter and resume stating how you meet the above minimum qualifications. Reference Item #06875-BEP on your cover letter for proper routing. Documents must be sent as unlocked and accessible attachments.

Minimum Qualifications:

To be appointed to the Director of Risk, you must have:

• A Bachelor’s degree in business, finance, economics, or similar quantitative field.
• CFA, MBA, Master of Science in Finance, or equivalent advanced degree/certification preferred.
• At least ten (10) years of:
• Financial risk management experience, preferably in an institutional investor role; or
• Professional experience in a financial services organization, handling complex financial transactions/matters with exposure to asset management (fixed income, private equity, public equities); or
• Actuarial science experience, preferably in an institutional investor role, with a specialization in Risk Management and/or Investments; and
• Leadership experience, including managing and developing staff.
• Knowledge and experience with prevailing asset management software systems Experience conducting portfolio risk and performance attribution analysis; running simulations for projections leveraging concepts like Monte Carlo simulations.

Preferred Qualifications/Knowledge, Skills and Abilities:

• High ethical standards and commitment to the fiduciary responsibilities of a public pension fund.
• Expert knowledge of modern portfolio theory, capital markets, stress test modeling, investment risk management tools, investment portfolio mechanics, and general knowledge of both public and private asset classes.
• Demonstrated skill in analyzing and recommending portfolios that meet specific risk and return objectives.
• Ability to take output from risk-related analyses and communicate clear and persuasive guidance to asset classes on how to mitigate identified risks effectively.
• Ability to contribute to risk discussions on market, operational, and other risks to diligence investments.
• Experience building visualizations or reporting using current reporting and dashboard technologies
• Experience with scripting to manipulate data points
• Excellent written and oral communicator, including the ability to interact with the Risk Committee and Internal Investment Committee, build consensus around specific risks and instill confidence.
• Team player energized by a collaborative working environment.

Contact Information:

If you have questions about this vacancy, please contact:

Division Contact:

Shari J. Burnett

[email protected]

Human Resources Contact:

Brittany Pebler

(518) 474-1924

[email protected]

The Office of the State Comptroller does not participate in E-Verify or sponsor visa applications.

Telecommuting

The Office of the New York State Comptroller (OSC) supports telecommuting where it is reasonable to do so based upon the agency's mission and operational needs. Generally, employees new to OSC will be restricted from telecommuting for at least 8 calendar weeks. After the initial 8 calendar week restriction, if an employee's primary residence location, duties and work performance are aligned with telecommuting they may be allowed to do so. Upon approval to telecommute, OSC employees may telecommute up to 5 days per pay period.

Reasonable Accommodation

The NYS Office of the State Comptroller provides reasonable accommodation to applicants with disabilities. If you need reasonable accommodation for any part of the application and hiring process, please notify the Division of Human Resources at (518) 474-1924.

Equal Opportunity Employment

The Office of the NYS Comptroller values a workforce with a broad, diverse range of backgrounds and perspectives. All employees are expected to contribute to a professional environment focused on self-evaluation and improvement, as well as acceptance and support of coworkers.

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