Benchmarking Capital Models Consultant (CCR / FRTB)

The Risk and Capital function works with members, regulators, policy makers and other standard setting bodies to develop industry positions and produce technical analysis on risk, margin and regulatory capital issues in the cleared and uncleared derivatives markets. The function’s objectives include:

 Ensuring prudent, risk sensitive capital and margin regulation is applied consistently across risks,

products and jurisdictions

 Promoting sound risk management practices and consistent model implementation across market participants

 Supporting safe, efficient and resilient cleared and uncleared derivatives markets

Within Risk and Capital, the Capital Models Benchmarking function is responsible for evaluating the implementation and outcomes of regulatory capital frameworks under Basel III, with a particular focus on market risk and counterparty credit risk. The team conducts detailed benchmarking and comparative analyses of firm submissions to identify inconsistencies, support best practices and underpin fact based regulatory engagement.

The Role

This Director‑level role is central to maintaining continuity across capital models

benchmarking projects. The successful candidate will contribute senior technical expertise to ongoing and planned benchmarking work, with a strong focus on market risk (FRTB) and counterparty credit risk (CCR) under Basel III.

The role is analytical and delivery focused, combining technical analysis with hands on coordination across multiple contributors, including engagement with member firms to manage inputs, queries and follow ups in support of project timelines.

Specific Responsibilities of the role:

 Support benchmarking and research activities related to Basel III capital frameworks, with

emphasis on FRTB and/or CCR.

 Lead and perform analysis on a broad range of risk data, including firm submissions, aggregated

datasets, published sources and internally developed data, to support benchmarking and policy

analysis.

 Develop and analyse hypothetical examples or stylised scenarios to clearly illustrate regulatory,

methodological and implementation issues in support of advocacy themes.

 Coordinate inputs, clarifications and follow‑ups with member firms and internal stakeholders to

ensure completeness, consistency and timeliness of analytical deliverables.

 Provide subject‑matter input to the development of benchmarking methodologies, analytical

approaches and narrative framing.

 Contribute to technical documentation, analytical papers, briefing materials and internal notes

supporting projects and regulatory engagement.

 Deliver high‑quality outputs across multiple workstreams within agreed timelines.

 Respect and promote ISDA’s corporate values

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Required Skills and Knowledge

 In‑depth knowledge of Basel III regulatory capital frameworks, with strong expertise in market risk and/or counterparty credit risk, including key design choices, implementation challenges and

supervisory priorities.

 Proven ability to analyse complex risk data and translate technical findings into clear,

well‑structured narratives.

 Strong analytical and quantitative skills, with confidence working independently on complex topics.

 Excellent written and verbal communication skills, including the ability to engage clearly and

credibly with member firms and internal stakeholders.

 Advanced working knowledge of Excel and PowerPoint; experience with Python or similar tools is

desirable but not essential.

 Significant experience in derivatives risk management or regulatory capital at a global bank,

consulting firm, regulatory authority or industry body.

 Hands‑on exposure to market risk and/or counterparty credit risk models.

 Familiarity with clearing and cleared derivatives frameworks is a strong plus.

 Experience operating at Director or equivalent seniority, delivering complex analytical or technical work.

 Advanced degree in a quantitative discipline; FRM or CFA beneficial.