Euronext Clearing- Senior Associate, Financial Risk LOD2

About the role

We are looking for a quantitative profile to join the Risk Oversight & Controls (ROC) function within the Second Line of Defence (LOD2) of a Central Counterparty (CCP). The role is focused on independent model challenge, EMIR regulatory testing and controls across margin, default fund, and risk frameworks. This is a high-impact position: you will not develop models, but you will assess, challenge, and strengthen them. You will work at the intersection of quantitative modelling, risk governance, and regulatory expectations.

Responsibilities

• Model Challenge (core focus)
• Perform independent challenge of Initial Margin, Default Fund, and stress testing frameworks across asset classes (Fixed Income, Equities, Derivatives, Commodities, Power)
• Analyse model assumptions, limitations, and behaviour under stressed and non-linear market conditions
• Identify weaknesses and propose improvements, recalibration, or redesign
• Contribute to structured reviews of new models, parameter changes, and new business initiatives
• EMIR Tests & Quantitative Validation Activities
• Execute and enhance EMIR-mandated tests (Backtesting, Sensitivity Analysis, Reverse Stress Testing)
• Analyse results with a critical view on model performance, stability, and procyclicality
• Support interpretation of outcomes and escalation of key findings
• Contribute to continuous improvement of testing frameworks and methodologies
• Controls & Risk Monitoring
• Design and perform quantitative controls on margin, default fund, and key risk metrics
• Monitor consistency, stability, and risk sensitivity of model outputs
• Develop anomaly detection approaches (including data-driven or ML-based techniques)
• Investigate outliers and perform deep-dive analyses when needed
• Other responsibilities (secondary scope)
• Contribute to the challenge of key risk policies (Default Management, Liquidity, Collateral, Investment)
• Support default-related activities (e.g. liquidation logic, fire drills)
• Contribute to liquidity and investment risk monitoring tools
• Support development of internal analytics (including credit-related insights where relevant)
• Contribute to regulatory monitoring (EMIR / ESMA / IOSCO) and internal reporting
• Participate in the development of tools, dashboards, and automation initiatives

Requirements

• We are looking for a strong quantitative thinker, able to challenge and not just execute.
• Required:
• Degree in Mathematics, Physics, Engineering, Quantitative Finance or similar
• Strong understanding of financial risk concepts
• Solid analytical mindset with the ability to question models and assumptions
• Good programming skills (Python preferred) for data analysis and modelling
• Ability to work independently on complex and unstructured problems
• Preferred:
• Experience in CCPs, clearing houses, or financial markets
• Knowledge of margin methodologies (VaR, Expected Shortfall, stress testing)
• Familiarity with EMIR or similar regulatory frameworks
• Exposure to large datasets and/or machine learning / AI techniques
• What makes this role interesting
• Direct involvement in the independent challenge of CCP risk models
• Exposure to regulatory-driven quantitative frameworks (EMIR testing)
• High visibility and interaction with senior stakeholders
• Opportunity to develop a critical understanding of how risk models behave in practice
• Steep learning curve across multiple asset classes and risk dimensions
• Why join us
• You will be part of a function that plays a critical role in ensuring the robustness and credibility of the CCP risk framework.
• This is an opportunity to work on complex quantitative problems with real impact, in an environment where critical thinking and independence are key.
• Additional Information
• This job description is only describing the main activities within a certain role and is not exhaustive. It does not prevent to add more tasks, projects.

Additional Information

Join us as a Senior Quantitative Risk Analyst - Financial Risk (LOD2, CCP) Location: Rome (Hybrid) Team: Clearing Risk - LOD2 Financial & Credit Risk Reporting to: Head of Financial & Credit Risk

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