The posting
In 2018, Bitvavo launched the first version of its digital assets trading platform, to bridge the gap between traditional currencies and digital assets. By offering transparent fees, a wide range of assets and an easy to use platform, Bitvavo is making the currency of the future accessible for everyone.
In two years' time, Bitvavo has established itself as the market leader in the Netherlands and one of the largest in Europe, with over one million users exchanging tens of billions of digital assets a year.
ABOUT THE ROLE
This is a local Head of Risk role, based in Limassol, owning risk management for Bitvavo Europe Limited, our MiFID II regulated entity in Cyprus and reporting to our Group Head of Risk in Amsterdam.
As this is a local role, we are only considering candidates who are currently based in Cyprus and able to work from Limassol.
WHAT YOU'LL BE DOING
Enterprise Risk and Governance
- Own and continuously improve the risk management framework, including risk taxonomy, risk appetite, tolerance levels, risk register, policies, RCSA methodology and the three-lines-of-defence operating model
- Maintain the risk appetite framework across credit, market, solvency, liquidity, operational, reputational, strategic and technology risk
- Produce concise, decision-oriented reporting for the Board and Risk Committee, covering the risk tolerance dashboard, top risks, appetite breaches, emerging themes and open issues
- Support the Board's annual assessment of framework effectiveness and respond to Internal Audit and CySEC findings within the function's remit
Financial Risk
- Counterparty and credit: Monitor exposure to clients, clearing members, CCPs, bilateral counterparties and custodians, including limits, concentration analysis and collateral
- Client margin and leverage: Conduct independent review of margin methodology, define stress tests, set tolerance levels and gap risk on derivatives and leveraged products, and challenge assumptions and back test outcomes
- Market risk: Manage inventory, hedging, settlement mismatches, FX and corporate action exposure, within set sensitivity and position limits
- Liquidity and funding: Oversee settlement liquidity, cash funding for settlement purposes, liquidity stress testing and the contingency funding plan
- Capital: Own the ICARA, including own funds and K factor monitoring, internal capital and liquidity adequacy, and wind down analysis, supporting accurate prudential reporting to CySEC
- Stress testing: Run firm wide and reverse stress tests covering extreme market moves, gap events, venue or CCP disruption, clearing broker default and volume spikes, with clear management actions
Non-Financial Risk
- Third party and outsourcing: Conduct criticality assessment, due diligence, concentration risk analysis, exit strategies and maintenance of the register of arrangements
- Business impact analysis: Own the methodology and cycle, criticality, MTO, RTO/RPO and dependencies, feeding BCP/DR and third party criticality
- Incident management and escalation procedure: Manage severity classification, escalation triggers to ExCo, Board and CySEC via Compliance, live assessment and post incident remediation
- Operational resilience: Define important business services, impact tolerances and resource mapping, run scenario and tabletop testing, and close gaps under DORA
WHAT WE'RE LOOKING FOR
- Based in Cyprus and able to work from our Limassol office, as this is a local role and only candidates already based in Cyprus are being considered
- Approximately 8 to 10 years in risk management within a regulated broker, investment firm, exchange or clearing member, including several years leading a risk function or major risk domain
- Demonstrated ownership of enterprise risk framework and risk self assessment (not solely advisory or policy experience)
- Proficient knowledge and experience in both financial and non-financial risk within an exchange or broker firm operating in the capital markets and or crypto domain
- Expert knowledge of financial instruments, including crypto, stocks, ETFs, derivatives and commodities, and the clearing and settlement process
- Working knowledge of the CIF prudential framework, including the IFD/IFR regime, ICARA, K factor requirements and prudential reporting to CySEC, including FinRep and Corep
- Familiarity with the wider requirements applying to a CIF, including the Investment Services and Activities and Regulated Markets Law, relevant CySEC circulars and directives, MiFID, DORA, MiFIR and EMIR
- Quantitative fluency, with the ability to interrogate margin models, stress scenarios and exposure data rather than accept the output
At Bitvavo, we believe that diverse perspectives drive innovation, foster creativity, and lead to better outcomes. We are committed to building a team that reflects the diversity of the communities we serve and creating an inclusive environment where everyone can thrive. We welcome applicants of all backgrounds, identities, and experiences. Regardless of race, ethnicity, gender, sexual orientation, age, religion, ability, or any other characteristic. Join us and be part of a team that values and celebrates your unique contributions.
Bitvavo does not accept resumes from staffing, search, or recruitment firms without a signed agreement. If you send us a resume without such an agreement, we may contact the candidate directly without any obligation whatsoever and no fee of any kind will be paid should we hire the candidate.
WHAT WE OFFER
At Bitvavo, we believe in attracting, motivating and retaining talented people through market-competitive offerings that go beyond compensation alone. To learn more about our total rewards package and the benefits we offer, visit our Life at Bitvavo page.
