Director, Derivatives and Risk Management - PenFed Credit Union

Are you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members “do better.” Joining PenFed is more than being an employee; it’s about being a part of the PenFed family.

PenFed is hiring a (Hybrid) Director, Derivatives and Risk Management at our Tysons, Virginia location.  The primary purpose of this job is to develop, implement, and manage PenFed’s derivative hedging strategies to mitigate interest rate risk for the overall balance sheet, specific assets/liabilities, and future loan sales and securitization. This position will represent the management in interacting with ALCO, executive team, auditors and regulators.

Responsibilities:

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned. 

• Assess macro Asset-Liability Management (ALM) positions to analyze sources of interest rate risks including duration, convexity, and volatility; identify hedging needs and develop hedging strategies accordingly.
• Assess, develop, and manage hedging strategy for specific assets and liabilities specifically for those with marked-to-market changes directly impacting income statement such as Mortgage Services Rights and loans accounted for at fair value.
• Assess, develop, and manage the hedge program for loan sales including whole loans sold to other institutions as well as loans sold through the capital markets such as securitizations.
• Be an active member of the Investment Working Group to provide expertise on option-embedded investments; and to develop and execute hedging strategies for investments.
• Monitor regulatory, accounting and market developments to identify trends and hedging opportunities.
• Conduct pre-trade analysis to determine financial impact and whether hedge accounting treatment is attainable and desirable.
• Implement derivative trades to achieve best execution.
• Serve as primary contact with derivative counterparties and continue to evaluate counterparty performance for price execution, liquidity, and flow of information.
• Monitor portfolio performance and hedged items; identify restructuring needs/opportunities.
• Monitor marked-to-market values and portfolio size to ensure policy and regulatory compliance.
• Work with the mid-office/treasury operations team to optimize post-trade settlement, collateral management, and ongoing payments.
• Work closely with Accounting to understand hedging accounting treatments for various trade strategies and impact on PenFed’s net income and balance sheet size.
• Work closely with Financial Planning & Analysis team by projecting impact of derivatives on future profitability and future hedging needs.
• Support the Capital Planning team by analyzing impact of rate/composition movements in various scenarios on hedging needs and capital.
• Work as a key member of the Treasury team and provide cross-functional support to other Treasury functions, namely, Funding and Liquidity, IRR management and investments as appropriate.

*This role is responsible for ensuring business continuity.*

Equivalent combination of education and experience is considered.

• Bachelor’s Degree in accounting, economics, finance, statistics or business required.
• Master’s Degree in accounting, economics, finance, statistics or MBA preferred.
• Minimum of four (4) years of direct management experience.
• Minimum five (5) to seven (7) years of experience in Derivatives Trading/Risk Management.
• Ten (10) years plus of experience in Derivatives Trading/Risk Management is preferred.

Licenses and Certifications

Chartered Financial Analyst (CFA) or comparable qualification highly preferred.
 

Work Environment

While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.

*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.*

Travel

Ability to travel to various worksites and be on-call may be required.

Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 2.8 million members and over $36 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.
 
We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.
 
Equal Employment Opportunity
PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.
 
PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 402-639-8568.