Securitized Products Market Risk Senior Vice President
BBVA · New York, United States · 26d ago
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About the job:
Role Overview
We are seeking an experienced Senior Manager within Market Risk with deep expertise in U.S. structured products, including ABS, MBS, CMBS and related securitized products.
The role requires a strong understanding of the U.S. securitized-products market and the ability to independently assess market risk, pricing and valuation dynamics across complex portfolios.
This is a senior technical and risk-management position requiring sound judgment, market expertise and the ability to challenge trading and valuation assumptions from an independent Market Risk perspective.
Key Responsibilities
Provide independent Market Risk oversight of structured-product portfolios, with particular focus on ABS, MBS, CMBS and other securitized or mortgage-related instruments.
Monitor and assess market risk exposures across the portfolio, including key sensitivities, spread risk, interest-rate risk, volatility risk, basis risk and other relevant risk drivers.
Develop a deep understanding of portfolio positioning and risk concentrations, identifying emerging risks and potential vulnerabilities under changing market conditions.
Perform rigorous analysis of valuation and pricing, independently assessing whether market prices, model outputs and valuation assumptions appropriately reflect prevailing market conditions and underlying risk characteristics.
Challenge Front Office pricing and valuation methodologies where appropriate, using market data, comparable instruments, model analysis and professional judgment.
Understand and assess the impact of key structural characteristics of securitized products, including prepayment behavior, extension/contraction risk, credit enhancement, collateral performance, tranche structure and optionality.
Monitor developments in the U.S. ABS, MBS and CMBS markets, including changes in liquidity, spreads, issuance activity, investor positioning, collateral performance and macroeconomic drivers.
Evaluate portfolio risk under both normal and stressed market conditions and contribute to the development and interpretation of stress-testing and scenario-analysis frameworks.
Assess the adequacy of risk metrics and methodologies used to capture the specific characteristics and nonlinear behavior of structured products.
Perform independent analysis using industry-standard valuation and analytics platforms, including Numerix and/or Polypaths, as well as other relevant analytical tools.
Support the review and enhancement of market-risk frameworks, limits, controls and monitoring processes applicable to securitized-product portfolios.
Identify material changes in portfolio risk, valuation uncertainty or market liquidity and communicate them clearly to Market Risk management and relevant senior stakeholders.
Partner effectively with Trading, Finance, Model Risk and other control functions while maintaining an independent Market Risk perspective.
Provide senior-level technical expertise and guidance on structured-product risk without requiring the broader organizational or strategic scope expected of a Principal or Director-level role.
Required Experience
10+ years of relevant professional experience in Market Risk, Trading Risk, Valuation, Product Control or a closely related function within fixed income or structured products;
At least 5–7 years of direct experience covering U.S. securitized products, including ABS, MBS and CMBS.
Demonstrated experience in market risk measurement, valuation and pricing assessment of complex fixed-income and structured-product portfolios.
Strong track record analyzing sensitivities, stress scenarios, spread risk, interest-rate risk, optionality, prepayment risk and extension risk.
Significant exposure to the U.S. structured-products market, ideally within a major bank, broker-dealer, asset manager or other institution with meaningful securitized-products activity.
Hands-on experience using Numerix and/or Polypaths for valuation, cash-flow analysis and risk measurement.
Experience independently challenging Front Office assumptions, pricing and risk assessments from an independent Market Risk perspective.
Prior experience interacting with senior stakeholders across Trading, Risk, Finance, Valuation and Model Risk.
Required Qualifications and Expertise
Deep expertise in ABS, MBS and CMBS, with strong understanding of product structures, cash-flow behavior, embedded optionality and key valuation and risk drivers.
Strong and demonstrable knowledge of the U.S. securitized-products market.
Significant experience analyzing market risk through sensitivities, scenario analysis, stress testing and other quantitative and qualitative risk measures.
Strong valuation and pricing expertise, including the ability to independently assess market levels and critically evaluate model-based valuations.
Strong understanding of fixed-income markets, yield curves, credit spreads, volatility, liquidity and relative-value dynamics.
Excellent analytical and quantitative capabilities, combined with strong commercial and market judgment.
Ability to interpret complex portfolios and translate technical risk analysis into clear conclusions and actionable risk assessments.
Strong communication skills and the ability to engage credibly with senior stakeholders, traders, quantitative teams and other control functions.
Demonstrated ability to work independently and exercise sound judgment in complex or fast-moving market environments.
Preferred Background
Prior experience within a major U.S. or international bank, broker-dealer, asset manager or other institution with significant structured-products activity.
Experience covering trading desks active in U.S. securitized products from a Market Risk or independent risk-management perspective.
Strong familiarity with mortgage analytics, prepayment models, cash-flow modeling and structured-product valuation methodologies.
Knowledge of relevant market data sources, valuation platforms and risk infrastructure used within securitized-products businesses.
All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
With respect to this position in our New York Office, the expected base salary ranges from $190,000 to $210,000. It is not typical for offers to be made at or near the top of the range. Salary offers are based on a wide range of factors including relevant skills, training, experience, education, and, where applicable, certifications obtained. Market and organizational factors are also considered. In addition to salary and a generous employee benefits package, successful candidates are eligible to receive a discretionary bonus.
*Employment eligibility to work with BBVA in the U.S. is required as the company will not pursue visa sponsorship for these positions
Legal requirements
It is not typical for offers to be made at or near the top of the range. Salary offers are based on a wide range of factors including relevant skills, training, experience, education, and, where applicable, certifications obtained. Market and organizational factors are also considered. In addition to salary and a generous employee benefits package, successful candidates are eligible to receive a discretionary bonus.
Pay Transparency Policy Statement
The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information (41 C.F.R. 60-1.35 (c)).
Individuals with Disabilities
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EEO Statement
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