Climate Risk Specialist

Risk Management helps Northern Trust understand, manage and anticipate risks in a constantly changing environment. For climate risk, the work covers areas such as evaluating climate-specific risk, understanding regulatory change and ensuring that Northern Trust is prepared for the unique attributes of this forward-looking risk.

Climate-related financial and non-financial risks can impact a financial institution through a range of risk types.  Management should oversee the development and implementation of processes to identify, measure, monitor, and control exposures to climate-related financial and non-financial risks within the financial institution's existing risk management framework

As a member of the Global Climate Risk team, reporting into the Chief Climate and Sustainability Risk Officer, you will help drive Northern Trust’s climate risk program across the risk management function and in conjunction with all lines of defence.

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The key responsibilities of the role include:

• Coordinate and lead work with risk teams (e.g. credit risk, non-financial risk teams) and business units to develop effective climate-related risk analysis practices. For example, the monitoring of physical and transition climate-related risks through sectoral, geographic and single-name concentration analysis
• Coordinate and lead work with risk teams to develop appropriate risk measurement and reporting
• Develop and drive to completion, a global climate risk scenario approach / framework that reflects relevant industry best practices, regulatory developments, and academic insights
• Integrate and ensure coherence between the climate scenario program and other risk management framework programs, in particular the existing  scenario analysis programs
• Develop reporting  on climate risk framework
• Present on climate risk framework matters to senior committees, including Board of Directors, and regulators
• Educate partners at all levels of seniority and across the three lines of defence on climate risk and how it impacts their roles
• Have a strong understanding of global trends pertaining to regulation and standard setting related to climate risk.  Engage with global regulators on associated matters, as required.
• Support teams across geographies in developing and executing local climate risk requirements, including scenario analysis and stress testing
• Participate in industry forums and dialogues
• Provide thought leadership across Northern Trust in the area of climate risk
• Collaborate with partners on broader sustainability matters, including nature and social matters, as required

Skills / Qualifications:

• Extensive experience in climate risk
• Experience of scenario analysis / stress testing within risk management frameworks
• Understanding of the climate financial risk management domain, along with a wider knowledge about global climate risk policies and prevalent industry trends
• Strong grasp of the governance, risk management and regulatory aspects in the banking industry pertaining to climate risk
• Understanding of the scope, capabilities, and limitations of relevant climate risk models and ESG data providers
• A good understanding of financial and non-financial risk management methodologies
• The ability to work across multi-disciplinary teams within risk management and lines of defence
• The ability to accept challenge from, and to challenge, stakeholders in a constructive manner
• Clear and concise written and communication skills including experience presenting to committees
• Strong knowledge and understanding of global regulation related to climate risk, in particular Northern Trust’s lead regulators highly desirable
• Accreditation in climate risk management desirable
• Strong knowledge of Microsoft office products
• Strong industry network