Risk Manager

Cboe Global Markets, Inc.; Chicago (IL); Hybrid; USD 136,000 - 175,000; Full time

Benefits offered by this job

Competitive salary

401(k) match

Paid time off

On-site gym

Job summary

Cboe Global Markets, Inc. is seeking a Risk Manager to lead onboarding reviews, monitor exposures, and validate margin calculations using Python. You will coordinate default management exercises and contribute to enterprise risk programs within a regulated clearinghouse framework.

The role requires extensive experience in derivatives risk, CCP/CCA environments, and strong communication with internal risk committees and senior leadership.

Qualifications

• Bachelor’s degree in Finance, Economics, Accounting, Business, Risk Management or related field.
• 7+ years of progressive experience in financial services with exposure to derivatives clearing, prime brokerage, FCM operations, or broker‑dealer risk management.
• Experience with CCP clearing operations and risk management processes.

Responsibilities

• Oversee onboarding reviews for Clearing Members and assess risk management policies for compliance with regulatory requirements.
• Monitor daily exposures and intraday alerts; adjust risk controls as needed.
• Maintain Python codebases to validate margin calculations and margin model updates.
• Review daily/monthly filings to update risk profiles and determine protective actions.
• Coordinate Default Management simulations and document outcomes for committees and Board.
• Support Enterprise Risk Management activities and evaluate control effectiveness.

Skills

Python

Risk Management

Financial Analysis

Regulatory Knowledge

CFTC/SEC Knowledge

Communication

Education

Bachelor's degree in Finance, Economics, Accounting, Business, Risk Management

MBA or MS in Finance/Risk (preferred)

FRM, CFA, PRM (preferred)

Tools

SQL

SPAN margin knowledge

Job description

Job Description

Building trusted markets — powered by our people

At Cboe Global Markets, we inspire our people to solve complex challenges together because what we do matters. We provide the financial infrastructure that powers the global economy. As a leading provider of market infrastructure and tradable products, Cboe delivers cutting‑edge trading, clearing and investment solutions to market participants around the world.

We’re building meaningful ways to support professional and personal development while strengthening the trust we’ve earned as a global market leader. Our teams are empowered to share ideas, actively pursue them and bring on a challenge. As champions of internal mobility and access to opportunity, we encourage our people to “go for it” and equip our managers with the training to coach their teams to the next level. We strive to provide employees a safe space to network, share ideas and create opportunities.

To support strong partnership and team connection, this role follows a four day in office work model.

Location Overview

Cboe HQ is located in the historic Old Post Office district, it’s a landmark that blends classic architecture with modern amenities. The building features expansive spaces with high ceilings and large windows, offering an abundance of natural light and panoramic views of the city skyline and the Chicago River.

With its prime location in the heart of downtown, the OPO Building provides easy access to major transportation hubs, including Union Station and multiple CTA lines, making it convenient for commuters. The building is home to a variety of amenities, including restaurants, a fitness center, and collaborative workspaces, creating a vibrant and dynamic work environment in one of Chicago's most iconic areas.

Role Description

Cboe Clear U.S. operates a CFTC‑registered Derivatives Clearing Organization offering digital assets futures and is pending registration as an SEC Covered Clearing Agency to clear novel Binary KPI Options. We are looking for a Risk Manager to join our growing Risk Management team. This position will report directly to the Chief Risk Officer.

Responsibilities

Clearing Member Onboarding

• Oversee the financial and operational reviews of Futures Clearing Member and Broker Dealer Clearing Member applicants.
• Ensure applicants’ risk management policies and procedures are appropriate for the risks presented by the applicant’s various business lines.
• Determine post‑trade thresholds specific to each Clearing Member by regulatory origin based on the entity’s financial condition.
• Prepare memos with recommendations based on observations from supporting documentation provided as a part of the application to internal and board‑level committees.

Ongoing Monitoring

• Review daily exposure reports to identify positions that may present outsized or concentrated exposures compared to Clearing Members’ financial resources.
• Monitor intraday alerts and determine appropriate follow‑up with risk management personnel at the Clearing Member based on the underlying positions, current threshold, and most current financial information.
• Maintain a Python codebase used to validate mid‑day and end‑of‑day initial margin requirements are calculated accurately, the margin model is updated successfully based on current closing prices, and SPAN files are generated and distributed successfully.
• Complete reviews of daily and monthly financial and notice filings to maintain a current risk profile for each Clearing Member based on changes to business lines, customer activity, and financial condition. Based on the results of these reviews, determine whether any protective measures or enhanced monitoring should be imposed.

Default Management

• Coordinate tests of the Clearinghouse’s Default Management Plan by ensuring Clearing Members participate in the tests and all steps are documented.
• Summarize the effectiveness of the test for internal committees and the Board of Directors.
• Identify opportunities for improvement in the Default Management Plan, draft updates, and work to implement the changes for future tests or executions of the plan.

Enterprise Risk Management

• Perform periodic assessments of risks faced by Clearinghouse, evaluate processes to support its operations, and determine whether appropriate controls are in place.
• Coordinate testing of existing controls to ensure they are effective and report on the effectiveness to support effectiveness reviews.
• Use the control testing results as well as internal and external audit findings to support scoring risk factors and determining whether they are within applicable risk tolerances.

Regulatory Coordination

• Serve as a subject matter expert on Clearing Member onboarding, ongoing monitoring, default management, and Clearinghouse enterprise risk management when responding to internal audit as well as CFTC and SEC audit requests.

Education & Foundation

• Bachelor’s degree in Finance, Economics, Accounting, Business, Risk Management, or a related quantitative field; advanced degree (MBA, MS in Finance/Risk) or professional certification (FRM, CFA, PRM) preferred
• 7+ years of progressive experience in financial services, with direct exposure to derivatives clearing, prime brokerage, futures commission merchant (FCM) operations, or broker‑dealer risk management

Clearing & Market Structure Knowledge

• Demonstrated experience with central counterparty (CCP) clearing operations, ideally at a CFTC‑registered Designated Clearing Organization (DCO) or SEC‑registered Covered Clearing Agency (CCA)
• Working knowledge of futures, options, and/or securities clearing member relationships, including membership standards, financial requirements, and risk‑based access criteria
• Familiarity with SPAN margin methodology or comparable portfolio margining systems, and experience validating or interpreting margin model outputs
• Understanding of customer segregation rules (e.g., CFTC Part 1 and Part 22, SEC Rule 15c3‑3) and their impact on Clearing Member risk profiles

Financial & Credit Analysis

• Experience conducting financial statement analysis, credit risk assessment, and liquidity analysis of regulated financial institutions (FCMs, broker‑dealers, banks)
• Experience reviewing regulatory financial filings such as FOCUS Reports, Form 1‑FRC‑FCM, Net Capital computations, or equivalent notice filings
• Ability to evaluate risk management frameworks and internal controls of counterparties relative to their business activities and risk exposures

Quantitative & Technical Skills

• Proficiency in Python for developing, maintaining, and validating production‑level codebases, particularly around margin calculation, data validation, and file generation/distribution processes
• Experience working with large data sets, exposure reporting tools, or risk dashboards to monitor intraday and end‑of‑day positions
• Comfort with SQL or similar tools for data extraction and analysis
• Familiarity with statistical or quantitative risk modeling concepts (VaR, stress testing, margin backtesting) is a plus

Default Management & Enterprise Risk

• Experience participating in or coordinating default management simulations, tabletop exercises, or actual default events at a clearinghouse or similarly systemic financial institution
• Experience with enterprise risk management (ERM) frameworks, including risk and control self‑assessments (RCSAs), control testing, and risk tolerance/appetite frameworks
• Familiarity with COSO ERM framework or equivalent structured risk governance methodology

Governance & Regulatory Engagement

• Experience preparing memos, risk assessments, or recommendations for presentation to internal risk committees, senior management, and/or Boards of Directors
• Direct experience interacting with CFTC and/or SEC examiners, or supporting internal/external audit engagements, particularly around DCO Core Principles or CCA compliance standards (e.g., Regulation SCI, SEC Rule 17Ad‑22 / Covered Clearing Agency Standards)
• Strong written communication skills, with demonstrated ability to translate technical risk findings into clear recommendations for non‑technical stakeholders

Additional Competencies

• Ability to manage competing priorities across onboarding, ongoing monitoring, and ad hoc regulatory requests in a fast‑paced, deadline‑driven environment
• Sound judgment in escalating risk concerns and recommending protective measures (e.g., enhanced monitoring, additional margin, restricted trading privileges)
• High degree of discretion given access to confidential futures commission merchant and/or broker‑dealer financial data

Benefits And Perks Of Working For Cboe Global Markets

We value the total wellbeing of our people – including health, financial, personal and social wellness. We believe standard benefits like health insurance and fair pay are a given at any organization. Still, you should know we offer:

• Fair and competitive salary and incentive compensation packages with an upside for overachievement
• Generous paid time off, including vacation, personal days, sick days and annual community service days
• Health, dental and vision benefits, including access to telemedicine and mental health services
• 2:1 401(k) match, up to 8% match immediately upon hire
• Discounted Employee Stock Purchase Plan
• Tax Savings Accounts for health, dependent and transportation
• Employee referral bonus program
• Volunteer opportunities to help you give back to your communities

Some of our associates’ favorite benefits and perks include:

• Complimentary lunch, snacks and coffee in any Cboe office
• Paid Tuition assistance and education opportunities
• Generous charitable giving company match
• Paid parental leave and fertility benefits
• On- site gyms and discounts to other fitness centers
• Paid Time Off

More About Cboe Global Markets

We’re reimagining the future of the workplace by focusing on what matters most, our people. Our journey is an inclusive one. We’re investing deeply in leadership programs and career development initiatives that ensure everyone has an equal chance to succeed.

We work with purpose, solving problems with ingenuity, collaboration, and a lot of passion. We’re an engaged and excited team connecting markets across borders and embracing growth in all its forms to achieve incredible outcomes.

Learn more about life at Cboe on our website and LinkedIn.

Equal Employment Opportunity

We're proud to be an equal opportunity employer do not discriminate against any employee or applicant for employment based on any legally protected characteristic, including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, genetic information, or veteran status. We are committed to fostering a workplace where all individuals are valued and respected.

This position is not eligible for visa sponsorship. Candidates must be legally authorized to work in the United States without the need for employer sponsorship now or in the future.

Salary Ranges (applicable for US locations only)

At Cboe, we are committed to providing a competitive, transparent, and market‑informed total rewards program. The anticipated base salary range for this role is $135,575-$175,450, with actual compensation determined by job‑related factors such as skills, relevant experience, education, internal alignment, and location.

This role may also be eligible for annual incentive compensation and, where applicable, participation in Cboe's long‑term equity programs.

Additional information about Cboe's total rewards program, including benefits and other compensation components, can be found here: Total Rewards at CBOE.