Job Title: Head of Risk/Chief Risk Officer (SMF4)
Location: London, UK
About the Firm:
A growing, institutional-grade prime brokerage firm providing multi-asset execution, financing, clearing, custody, and risk services to hedge funds, asset managers, family offices, and professional investors. The organisation emphasises transparency, disciplined execution, and strong governance as it scales its prime services platform.
Role Purpose:
You will be appointed as the Senior Management Function 4 (SMF4) Chief Risk Officer under the UK FCA Senior Managers & Certification Regime (SMCR), responsible for establishing, leading, and maturing the firm's Risk & Capital Framework. This includes building the Internal Capital and Risk Assessment (ICARA) from the ground up; defining risk appetite and governance; and embedding robust second-line oversight and control frameworks across the prime brokerage business. This is a senior leadership position reporting to the Chief Executive Officer and working closely with the Board Risk Committee, Finance, Front Office, Operations, Compliance, and Legal functions.
Key Responsibilities:
Lead the design, implementation, and ongoing refinement of the enterprise wide risk management framework, including credit, market, liquidity, operational, conduct, regulatory, and model risk disciplines.
Develop and own the ICARA process, ensuring it meets FCA expectations and is embedded company-wide.
Establish risk appetite, tolerance levels, limits, and risk governance policies with clear escalation paths.
Act as SMF4 under the UK FCA SMCR, accountable for risk oversight and compliance with regulatory obligations.
Maintain active engagement with the FCA on risk and regulatory matters; act as the firm's primary risk contact with regulators.
Track regulatory developments relevant to prime brokerage, capital, and liquidity requirements.
Provide timely, accurate risk reporting to Executive Management and the Board/Board Risk Committee.
Chair or contribute to risk committees, ensuring consistent challenge to first line activities.
Monitor risk exposures across global markets, product sets, and client segments on an ongoing basis.
Build and lead ICARA modelling (capital, liquidity, stress scenarios).
Coordinate stress testing and scenario analysis, including reverse stress testing, with appropriate documentation and rationale.
Ensure capital plans and projections are adequately supported and aligned with business strategy and risk appetite.
Promote a strong risk culture across the organisation, reinforcing accountability, prudent decision-making, and ethical behaviour.
Design second-line control mechanisms, risk limits, and oversight processes that align with evolving business activities.
Partner with Compliance and Legal to integrate risk, conduct, and regulatory compliance controls.
Sought Candidate Profile:
Extensive senior risk leadership experience within prime brokerage, broker dealer, investment bank, or similar regulated financial services environment.
Proven track record building or significantly enhancing enterprise risk frameworks, ideally including ICARA or equivalent capital risk assessments under a UK/EU regulatory regime.
Prior SMF4 designation or demonstrable eligibility for FCA approval.
Deep understanding of risk methodologies across credit, market, liquidity, operational and regulatory/rulebook domains.
Strong knowledge of FCA Handbook, SMCR, CASS, ICARA expectations, regulatory capital adequacy, liquidity and stress testing frameworks.
Familiarity with prime brokerage products (execution, financing, securities lending, collateral, margin, clearing) and associated risks.
Strategic thinker with ability to influence at senior levels and drive cohesive risk management practices.
Excellent communicator, capable of presenting complex risk issues to executives, Board, regulators and control functions.
Demonstrated ability to recruit, develop, and lead high-performing risk teams.
Degree in Finance, Economics, Mathematics, Risk Management or related field; advanced / professional qualifications (e.g., FRM, PRM, CFA, MBA) preferred.