Head of Financial Risk Management, Bitnomial

Trammell Venture Partners, L.L.C.; United States; Remote; USD 180,000 - 240,000; Full time

Job summary

Kraken seeks a Senior Risk Manager with 10+ years of risk expertise at a CFTC‑registered DCO to lead margin models, stress testing, and risk governance. You will work cross-functionally with operations, technology, compliance, and senior leadership to ensure regulatory alignment and robust risk controls across cleared products.

Ideal candidates will have deep CFTC Part 39 knowledge, hands-on margin design experience (SPAN/SPAN 2), and strong communication skills for regulators and executives.

Qualifications

• 10+ years of risk management at a CFTC-registered DCO.
• Expertise in market risk concepts (VaR, ES) and portfolio risk.

Responsibilities

• Lead margin modeling and governance for cleared products.
• 0
• Develop and refine stress testing programs across scenarios.

Skills

Risk management

CFTC regulations

Margin modelling

Stress testing

Regulatory reporting

Data analysis

Education

Bachelor’s degree in quantitative field

Master’s degree preferred

Tools

SPAN / SPAN 2

VaR methods

Risk dashboards

Job description

Head of Financial Risk Management, Bitnomial

Remote

Building the Future of Crypto

Our Krakenites are a world-class team with crypto conviction, united by our desire to discover and unlock the potential of crypto and blockchain technology.

What makes us different?

Kraken is a mission-focused company rooted in crypto values. As a Krakenite, you’ll join us on our mission to accelerate the global adoption of crypto, so that everyone can achieve financial freedom and inclusion. For over a decade, Kraken’s focus on our mission and crypto ethos has attracted many of the most talented crypto experts in the world.

As a fully remote company, we have Krakenites in 70+ countries who speak over 50 languages. Krakenites are industry pioneers who develop premium crypto products for experienced traders, institutions, and newcomers to the space. Kraken is committed to industry-leading security, crypto education, and world‑class client support through our products like Kraken Pro, Desktop, Wallet, and Kraken Futures.

Become a Krakenite and build the future of crypto!

The Team

We are seeking a seasoned Senior Risk Manager with 10+ years of risk management experience at a CFTC-registered Derivatives Clearing Organization (DCO) to join our risk function. This individual will play a critical role in safeguarding the integrity of our clearinghouse by leading the design, calibration, and ongoing oversight of margin models, stress testing frameworks, and broader market risk methodologies. The successful candidate will work cross-functionally with clearing operations, technology, compliance, and senior leadership to ensure that the DCO’s risk management framework meets the highest regulatory and industry standards. Prior experience at a Futures Commission Merchant (FCM) is strongly preferred and will bring valuable perspective on the participant side of cleared markets.

The Opportunity

Margin Modeling & Methodology

• Ongoing performance monitoring of initial and variation margin models across cleared products, including futures, options, and swaps.
• Lead periodic recalibration of margin parameters (lookback windows, volatility scaling, anti-procyclicality measures, liquidity add‑ons, concentration charges) and document changes in accordance with the DCO’s model governance framework.
• Evaluate and enhance portfolio‑based margining methodologies (e.g., SPAN-style, VaR/Expected Shortfall, filtered historical simulation) for accuracy, defensibility, and regulatory compliance.
• Conduct back‑testing, sensitivity analysis, and model performance reviews; clearly articulate findings to internal stakeholders, the Risk Committee, and regulators.
• Design, execute, and continuously refine the DCO’s stress testing program, including historical, hypothetical, and reverse stress scenarios.
• Monitor market risk exposures of clearing members and the clearinghouse as a whole, including concentration, wrong‑way risk, liquidity risk, and tail‑risk exposures.
• Assess the adequacy of the default waterfall, guaranty fund sizing, and skin‑in‑the‑game contributions in light of evolving market conditions.
• Produce daily, weekly, and monthly risk reporting to senior management, the Risk Committee, and external regulators.

Regulatory & Governance

• Ensure ongoing compliance with CFTC Part 39 DCO Core Principles, including those governing financial resources, margin, risk management, default procedures, and system safeguards.
• Serve as a liaison to the CFTC and other regulators during examinations, rule certifications, and ad hoc inquiries.
• Maintain robust model risk management documentation aligned with industry standards and the DCO’s internal governance policies.
• Support the Chief Risk Officer in Risk Committee preparation, member due diligence, and the evaluation of new products and clearing services.

Clearing Member Oversight

• Conduct financial and operational risk reviews of clearing members, including assessment of capital adequacy, liquidity, and risk management practices.
• Monitor intraday and end‑of‑day exposures, margin calls, and collateral sufficiency; elevate emerging risks to the CRO and senior leadership.
• Partner with operations and technology to enhance real‑time risk monitoring tools and dashboards.

What You Bring

• Minimum of 10 years of risk management experience at a CFTC-registered DCO, with direct ownership of margin and/or stress testing methodologies.
• Deep, practical knowledge of CFTC regulations, particularly Part 39 DCO Core Principles, and familiarity with adjacent rules under Parts 1, 22, and 190.
• Demonstrated expertise in market risk concepts: VaR, Expected Shortfall, scenario analysis, volatility modeling, and portfolio risk aggregation across futures and options.
• Foundation in margin model design and validation (SPAN, SPAN 2, historical simulation, parametric, or Monte Carlo-based approaches).
• Hands‑on experience designing and executing stress testing programs that meet DCO regulatory expectations (liquidity stress, default management drills).
• Bachelor’s degree required in a quantitative discipline (Finance, Economics, Mathematics, Statistics, Engineering, or related field); advanced degree (Master’s) preferred.
• Excellent written and verbal communication skills, with proven ability to present complex risk concepts to executives, board members, and regulators.
• Sound judgment under pressure, with the ability to make defensible risk decisions in volatile markets.
• Intellectual rigor and attention to detail in model design, validation, and documentation.
• Collaborative orientation across risk, operations, technology, compliance, and legal functions.
• Comfort engaging directly with regulators, clearing members, and senior internal stakeholders.

Nice To Haves

• Prior experience at a Futures Commission Merchant (FCM), including familiarity with customer segregation requirements, house vs. customer margining, and FCM risk management practices.
• Experience with cleared derivatives across multiple asset classes (digital assets, interest rates, energy, agricultural, metals, equity indices, FX).
• Working knowledge of default management processes, including auction protocols, hedging, and porting of customer positions.
• Experience supporting regulatory examinations, rule filings, or new product self-certifications under CFTC Part 40.