Senior Associate, Risk Business Analyst - SwapClear

Senior Associate, Risk Business Analyst - SwapClear

LCH Ltd is an international multi-asset class central counterparty clearing house (CCP), part of the London Stock Exchange Group. LCH Ltd serves a broad range of exchanges and over-the-counter trading platforms providing critical risk management services. It has a unique membership model and its customers span the globe and include major financial groups (including the majority of the major investment banks), broker-dealers and specialist commodity houses and a wide range of buy-side and real-money firms including major asset managers and large hedge funds.

This role provides an opportunity to work on one of the most critical finance technology functions in the world. The LCH CCP is systematically important to the world’s financial markets which requires technology that has to be very resilient and with strong controls. LSE Group also provides a chance to work with other technology teams across the Exchange, and the rest of the Post Trade Businesses

LCH SwapClear & Listed Rates is the major clearing business for LCH and LSEG, one of the company flagships and the market leader in IRS Clearing. SwapClear is the largest global Rates platform in the world with the highest standards of resilience. The Platform clears ~9m new trades per annum and supports various daily post-trade processing features, such as margin optimisations. 90% of the cleared interest rate swaps globally pass through the platform and we regularly clear in excess of $3.5 trillion notional per day with over 60 member bank groups and over 1000 clients serviced.

Role Profile

This role is part of the SwapClear Risk Change team, which is responsible for delivering key risk-related change initiatives for the SwapClear service. The position involves supplying to risk projects and providing domain expertise to support the end-to-end delivery of products and enhancements.

As a member of a dedicated scrum team, the successful candidate will support the Product Owner in delivering risk-related items and will be involved throughout the full project lifecycle — from functional and test design to validation and hands-on testing of deliverables.

A good understanding of the Interest Rate Derivatives Risk framework and familiarity with the supporting technology landscape are essential. The role requires excellent analytical and solving skills, with the ability to dissect complex problems, identify root causes, validate assumptions with evidence, and communicate findings clearly.

The ideal candidate will demonstrate a proactive, solution-oriented attitude, with a natural inclination to identify inefficiencies and reduce manual effort through automation and process improvement. A focus on simplification, scalability, and continuous improvement is highly valued.

This position offers the opportunity to supply to a wide range of SwapClear projects and develop deep business knowledge. Regular engagement with collaborators across Risk Management, Technology, Operations, and other internal and external teams at all levels of seniority is expected.

This is a hybrid role with strong career development potential. The working arrangement includes three days per week in the office, with flexibility on which days, except for one fixed day to support team collaboration.

Key responsibilities of the role:

Requirements, Solution Design & Delivery

• Supply to the Agile ceremonies, including sprint planning, refinement sessions, reviews, and retrospectives, to support continuous delivery and iterative improvement.
• Support the design and documentation of functional products by drafting user stories, test cases, and acceptance criteria in alignment with Agile methodologies.
• Collaborate with the scrum team to design effective business and technology solutions that address complex challenges.
• Conduct in-depth analysis of business requirements, including edge cases, risk constraints, and alignment with strategic objectives.
• Work closely with the Technical Lead to ensure proposed solutions are technically feasible and align with the existing system architecture.
• Engage with Risk collaborators to ensure solutions adhere to current Risk framework and standards.
• Ensure that all solutions are resilient and incorporate appropriate risk controls.
• Evaluate the risk impact of proposed changes through first-principles risk analysis.
• Promote a culture of continuous improvement by challenging the status quo and identifying multi-functional efficiencies to accelerate delivery and reduce project costs.
• Deliver timely and accurate analysis of risk analytics to support informed decision-making.

Governance

• Support the Risk team to write Risk governance when it is required for a given change
• Supply to design and governance artefacts such as Business Design Authority (BDA) and Operational Readiness Assessment (ORA) documents

Testing & Quality Assurance

• Hands on validation from functional and technical perspective. Take ownership of successful functional testing and successful implementation
• Design efficient testing by providing testing scenario and Risk validation prototypes when possible
• Validate test coverage against requirements and ensure traceability.
• Provide the necessary oversight and support to QA team for automated test validation and sign off.
• Supply to the improvements in existing risk testing techniques and processes through the application of advanced automated processes.
• Ensure cohesiveness and delivery of functional and system testing. Own issues and their resolution.
• Support Risk team to provide Risk sign off during go lives.

Collaborator Engagement & Communication

• Facilitate workshops, interviews, and walkthroughs to gather and validate requirements.
• Advise and guide senior members of business silos making recommendations regarding approach, practicalities of implementation, process improvement and automation.
• Communicate accurately expected Risk impacts to the Collaborators when it is observed during design and implementation.
• Support change management activities including training, user confluence documentation, and transition planning.
• Good communication skills to interact with various collaborators and teams (from both side technology and business)
• Call out appropriately to ensure projects and the programme are efficient and on track.

Skills

Functional Skills

• Solid understanding of Risk management and interest derivatives.
• Interest curve construction bootstrapping
• Good understanding of interest rate Swaps & FRA products, payoff, pricing and Risk calculations
• Good understanding of VAR calculation is desirable
• Good mathematical skills

Technical Skills & Technical Awareness

• Data Analysis
• Acquire data from various sources to build reconciliations.
• Create data reconciliation reports.
• Results analysis to identify causes of errors.
• Interpret trends in data sets to help identify failures.
• Writing simple SQL queries to analyse Risk data
• Very good knowledge of Excel formulas & shortcuts. Knowledge of VBA code is desirable.
• Knowledge of vendor systems Murex and python skills are desirable.
• Awareness of programming concepts, APIs, and system integration principles.

Analytical & Problem-Solving Skills

• Strong analytical and practical skills to evaluate complex business and technical problems.
• Defines problems clearly, supplies to and evaluates solutions, and identifies the most effective resolution.
• Applies structured thinking to break down high-level product visions into detailed, actionable requirements and acceptance criteria.

Communication & Influence

• Communicates with clarity and precision, tailoring complex or technical information to suit different audiences.
• Engages in discussions to influence outcomes, behaviours, or decisions of others.
• Experience communicating effectively with both internal and external collaborators.

Planning & Delivery

• Plans, leads, and optimises team resources to maximise results and meet performance goals.
• Demonstrates ownership of deliverables and timelines, ensuring alignment with project objectives.

Testing & Automation

• Manual and Automated Tests
• Good exposure on financial functional testing
• Design automated solutions by using existing inhouse testing capabilities.
• Investigate the testing breaks from business perspective.

Delivery & Methodology Skills

• Familiarity with Agile and Scrum methodologies is desirable
• Writing clear Stories that could fit within a sprint with clear detailed business requirements tests/prototype and acceptance criteria
• Good knowledge of the full project lifecycle
• Demonstrates understanding of technology development lifecycles and sound architectural principles.

Join us and be part of a team that values innovation, quality, and continuous improvement. If you're ready to take your career to the next level and make a significant impact, we'd love to hear from you.

LSEG is a leading global financial markets infrastructure and data provider. Our purpose is driving financial stability, empowering economies and enabling customers to create sustainable growth.

Our purpose is the foundation on which our culture is built. Our values of Integrity, Partnership, Excellence and Change underpin our purpose and set the standard for everything we do, every day. They go to the heart of who we are and guide our decision making and everyday actions.

Working with us means that you will be part of a dynamic organisation of 25,000 people across 65 countries. However, we will value your individuality and enable you to bring your true self to work so you can help enrich our diverse workforce.

We are proud to be an equal opportunities employer. This means that we do not discriminate on the basis of anyone’s race, religion, colour, national origin, gender, sexual orientation, gender identity, gender expression, age, marital status, veteran status, pregnancy or disability, or any other basis protected under applicable law. Conforming with applicable law, we can reasonably accommodate applicants' and employees' religious practices and beliefs, as well as mental health or physical disability needs.

You will be part of a collaborative and creative culture where we encourage new ideas. We are committed to sustainability across our global business and we are proud to partner with our customers to help them meet their sustainability objectives. Our charity, the LSEG Foundation provides charitable grants to community groups that help people access economic opportunities and build a secure future with financial independence. Colleagues can get involved through fundraising and volunteering.

LSEG offers a range of tailored benefits and support, including healthcare, retirement planning, paid volunteering days and wellbeing initiatives.