Under oversight of the Investment Committee of the Board of Trustees, the Office of Investments is responsible for managing the investment assets of the University. Portfolio assets total nearly $13 billion, with another $5 billion in DC plans. The endowment invests in diversified asset classes including global stocks and bonds, real estate, natural resources, private equity, and absolute return strategies. Six functional teams oversee the management of the portfolio—public markets and absolute return, private equity, real assets, risk, strategy, and operations.
The Office of Investments and the Investment Committee of the Board of Trustees constantly aim to embody best practices and to be among the most sophisticated investment programs in the nation. The Risk Management team supports all aspects of investment management, with the ultimate goal of improving the University’s investment risk-return outcome, and embedding risk in the culture and governance of the investment process. The Risk team is responsible for risk modeling, measurement, analysis, reporting, monitoring, management, evaluation, and manages the complex strategic protection portfolio. Day-to-day, the team engages in an interesting variety of projects, and improves risk models and develops solutions, to answer the Investment Office’s most pressing questions in an intellectually-challenging environment.
The University of Chicago’s Office of Investments is looking for a talented Chief Risk Officer, who will help lead us to the next level of endowment investment management. The Chief Risk Officer reports to the Chief Investment Officer. You would lead a high-impact team and manage an interesting variety of challenging risk and investment projects to improve and communicate the risk-return characteristics of the University of Chicago’s investment assets, manage our industry-leading risk management framework, and improve our state-of-the-art risk modeling. The CRO will lead a risk team and provide senior leadership for the investment office partnering with the other managing directors. This executive position will develop a risk culture and improve the overall investment decision making process, leading to a better risk-return relationship. The CRO will co-Chair the Risk Management Committee, and will lead the integration of offensive and defensive approaches to risk management, looking across all asset classes and investments. This leadership role will be responsible for working closely with senior executives in University leadership, and serve as a trusted partner working closely with University Trustees on the Investment Committee on the University of Chicago risk framework.
- Shape the way the University and Investment Office reviews, assesses, and manages market risks.
- Co-chair the Risk Management Committee.
- Manage and develop a team of risk professionals. Act as a mentor to junior staff with respect to risk-related issues.
- Partner with the governing body (Investment Committee) to assess risk appetite and recommend appropriate risk exposure.
- Responsible for creating and developing leading-edge investment risk solutions and communications in collaboration with the Chief Operating Officer.
- Partner with the other leadership of the Investment Office to integrate risk management methodologies into the investment process resulting in improved investment risk-return relationships.
- Architect and engineer state-of-the-art risk infrastructure and modeling processes for the Investment Office, which include risk models, factor models, liquidity forecasting model, liquidity calendar, and scenario-and-response models.
- Be a subject matter expert in allocation discussions and investment decisions, adding value to portfolio strategy and tactics.
- Review and approve recommendations for the endowment’s capital allocation to long-volatility funds / portfolio protection.
- Identify new areas or themes that will enhance the Office’s investment decisions and understanding of investment risks. Direct staff to perform extensive research and rigorous analysis, which includes testing and confirming their work.
- Lead ad hoc governance projects coordinating with the CIO, Administration, or Investment Committee.
- Collaborate with the University’s senior leaders, such as the CFO, Controller, and Treasurer, to influence the University’s financial/investment strategy and support leadership’s planning efforts for the University.
- Represent the Investment Office, communicating the University of Chicago endowment story at major conferences.
- Serve as a senior partner in communicating and working with the Investment Committee on risk management issues.
- Excellent executive skills in risk management; strong ability to synthesize all key risk management factors in a coherent risk framework.
- Exceptional skills in effectively synthesizing analysis and applying to business solutions.
- Proven ability to manage quantitative teams in a fast-paced environment.
- Outstanding creativity, intelligence and problem-solving ability.
- Skilled in developing risk infrastructure and architecting and leading the implementation of broadly-integrated solutions to a wide range of investment and risk problems.
- Good executive communication and influencing skills, with strong oral and written communication skills, organizational skills, and presentation skills; has the ability to influence several key senior constituencies.
- Direct financial markets and products unit management experience, with fluency across all relevant asset classes, including public and private equities, fixed income, hedge funds, real assets, and derivatives. Strong skills managing risk across a wide variety of asset classes; in an endowment setting, preferred.
- Well-developed management skill set across the full spectrum of derivatives and other risk management tools.
- Overall, the Chief Risk Officer should be able to work confidently as a senior partner to an experienced investment leadership team and an engaged Investment Committee consisting of very seasoned investment professionals.
Education, Experience, or Certifications:
- Bachelor's degree required.
- PhD degree in a math-heavy discipline preferred.
- More than 15 years experience in risk management roles.
- Executive experience at a director level in a financial institution.
- Significant experience managing a quantitative analytics team.
- Working knowledge in a leadership role at a major endowment or foundation.
- Proven success at building custom risk systems, and implementing new risk framework.
- Background providing leadership and oversight to portfolio managers of complex volatility instruments.
When applying, the document(s) MUST be uploaded via the My Experience page, in the section titled Application Documents of the application.
Depends on Qualifications
Scheduled Weekly Hours
Job is Exempt
Drug Test Required
Motor Vehicle Record Inquiry Required
Health Screen Required
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