Market Risk Associate - FX (5563)

Work Location:

Toronto, Ontario, Canada

Hours:

37.5

Line of Business:

Risk Management

Pay Details:

$81,600 - $115,200 CAD

TD is committed to providing fair and equitable compensation opportunities to all colleagues. Growth opportunities and skill development are defining features of the colleague experience at TD. Our compensation policies and practices have been designed to allow colleagues to progress through the salary range over time as they progress in their role. The base pay actually offered may vary based upon the candidate's skills and experience, job-related knowledge, geographic location, and other specific business and organizational needs.

As a candidate, you are encouraged to ask compensation related questions and have an open dialogue with your recruiter who can provide you more specific details for this role.

Job Description:

Department Overview

Market Risk (MR) provides independent oversight of trading market risk across TD Securities, with a strong focus on quantitative risk measurement, model behaviour, and risk factor dynamics . The team is responsible for evaluating how market movements, model assumptions, and portfolio structure impact risk metrics, capital, and limit utilization, in line with TD’s risk appetite and regulatory expectations.

Within MR, the Global Foreign Exchange (GFX) team covers FX options, FX & short term interest rate trading , partnering closely with front office, product control, and risk analytics teams to ensure risks are well‑understood, consistently measured, and transparently communicated . The group operates in a model‑driven environment , combining risk sensitivities, VaR, stress testing, and scenario analysis with deep product knowledge to support decision‑making across the firm’s global trading platforms

Position Overview

We are seeking an experienced and highly skilled Market Risk Associate to join our dynamic Market Risk Management team. The successful candidate will play a pivotal role in assessing, analyzing, and managing market risks in FX asset class. This individual will provide critical insights to senior management, helping shape strategic decisions and ensuring the firm is well-positioned to manage market volatility and financial risks effectively.

As a Market Risk Associate within the Global Foreign Exchange team, you'll be part of a group that is responsible for providing market risk oversight and reporting across risk sensitivities, VaR, and Stress for the GFX businesses (covering FX Options and Short term interest rate trading) ; ensuring that these risks are understood, appropriately measured, and that the business operate within risk appetite. In addition, the team executes infrastructure changes with regards to the implementation of new or revised risk policies, regulatory requirements, system updates, ad-hoc measurements used by the Bank to monitor market risk holistically. The Market Risk team is a global business supporting trading activities in Toronto, New York, Calgary, Singapore, London, and Dublin.

This Level 9 individual contributor role applies specialized market risk knowledge with minimal management guidance, independently delivers assigned work end to end, and identifies issues and recommends resolutions within the FX area of specialty.

Key Responsibilities:

Market Risk Assessment

• •Provide deep desk and asset class oversight for the Global Foreign Exchange businesses, including FX Options and Short-Term Interest Rate Trading.
• •Review daily risk exposures and P&L, identify key drivers, and assess whether risks are accurately measured, understood, and within approved risk appetite.
• •Define, monitor, and enforce desk and asset class limits, and provide informed guidance to traders using FX product and market expertise.
• •Design, execute, and analyze stress tests and scenario analyses to assess portfolio vulnerabilities and emerging risks.
• •Evaluate new-product assessments and other change-related activities, and represent Market Risk’s independent view.
• •Perform analysis and make recommendations on large and/or complex trades.
• •Escalate limit breaches, notable P&L or valuation issues, and emerging risks through established review and approval processes.
• •Monitor market trends, emerging issues, and evolving regulatory requirements, and assess their potential impact on the GFX portfolio.

Risk Reporting & Analysis

• •Develop, produce, and maintain comprehensive market risk reporting and analysis, ensuring data accuracy, completeness, and relevance.
• •Validate that daily market risk sensitivities, VaR, Stressed VaR, stress testing, and backtesting exposures are captured, aggregated, and reported in accordance with applicable policies.
• •Analyze day-over-day changes in risk measures and P&L, and provide clear commentary and recommendations for Risk Management and senior management audiences.
• •Identify data quality, methodology, model, and system issues; assess their impact on risk and valuation results; and contribute to timely resolution.
• •Maintain strong knowledge of FX trading strategies, products, valuation concepts, and the analytical principles underlying derivative pricing and risk management.

Collaboration & Strategy

• •Partner closely with traders and control functions, including Product Control, Finance, Technology, project delivery, and other Risk teams, to support effective risk oversight.
• •Provide independent challenge and advice on risk drivers, trading strategies, control effectiveness, limit usage, and risk mitigation actions.
• •Actively manage stakeholder relationships and communicate issues, recommendations, and project progress in a timely manner.
• •Contribute as a subject matter expert to cross-functional initiatives, business requirements, infrastructure changes, and implementation of policy, regulatory, model, or system changes.
• •Actively share knowledge and contribute to the development of team capabilities through coaching, guidance, and knowledge transfer.

Regulatory Compliance

• •Ensure market risk practices and procedures comply with relevant regulatory requirements, internal policies, limits, and governance standards.
• •Support established risk escalation, review, approval, and governance processes, while promoting a strong culture of risk management and control.

Continuous Improvement

• •Proactively identify and implement improvements to risk processes, reporting, analytical tools, and controls to enhance efficiency and effectiveness.
• •Create or enhance tools using Python and/or other programming languages to improve daily risk analysis and production processes.
• •Independently perform assigned activities end to end within broad guidelines, exercising judgment based on multiple sources of information.
• •Identify moderately complex problems, recommend practical resolutions, and support remediation of risk, control, governance, or performance issues.

Qualifications

Education : Bachelor’s degree in Finance, Economics, Mathematics, Engineering, or a related field. A Master’s degree or professional certifications (e.g., FRM, CFA) is preferred.

Experience :

• •Minimum of 2+ years of relevant experience. Market risk and FX experience are preferred.
• •Strong experience in risk analytics, portfolio management, and financial modeling.
• •Proven track record of working with financial instruments and derivatives.

Skills:

• •Expertise in quantitative analysis, derivative products (FX Swaps, FX Forwards, FX Options, Cross Currency Swaps etc.) financial modeling, and advanced Excel skills.
• •Strong understanding of risk metrics, such as VaR, stress testing, and scenario analysis.
• •Proficiency in risk management tools, coding and software is nice to have (e.g., Python, Bloomberg, Tableau, Microsoft Excel, etc.).
• •Familiarity with financial regulations, including Basel III and Dodd-Frank.
• •Excellent communication (both written and spoken) and presentation skills, with the ability to translate complex technical informa