Credit Risk Officer – Credit Risk & Governance (temporary/interim)
Job description
Deadline for application: 17 December 2025
The ESM is looking for an Interim Credit Risk Officer to join our Credit Risk & Governance team in the Risk Management division to cover a staff absence for a 6 months period. This team monitors credit and counterparty credit risks and manages and develops related models and policies for the ESM investment portfolios and funding activities. This happens within the boundaries of the ESM High Level Principles of Risk Management, Risk Policy and Risk Appetite Statement, and Credit Risk Policy. The selected person will work under the guidance of the Lead Officer for the Credit Risk & Governance team and report to the Head of Risk Management.
Key Accountabilities
Credit risk identification and control
Assess the creditworthiness of financial institutions, sovereigns, government-related agencies, sub-sovereigns, supranational institutions, and other eligible issuers, including analysis of instruments, such as: covered bonds, government guaranteed debt, etc.
Propose recommendations on limit amounts
Assign and monitor exposure at default (EAD)/settlement limits on derivative counterparties and counterparties for secured money market transactions
Identify trends in portfolio concentrations
Contribute to emerging risk analysis and ad-hoc risk management projects, as needed
Credit risk monitoring and reporting
Monitor external indicators and market developments
Help to develop and maintain the credit ratings surveillance system
Provide second line of defence oversight for Middle Office monitoring and reporting of limits
Monitor credit limits/exposures by issuer and conduct regular reporting for the Internal Risk Committee (IRC) and the Board Risk Committee (BRC)
Monitor and report on portfolios’ creditworthiness (e.g. average rating, expected loss, portfolio metrics Credit Value-at-Risk and Expected Shortfall)
Provide clear and concise credit risk reports, presentations and statistics to internal and external stakeholders, including regular reporting to the IRC and BRC
Credit risk framework and policies
Assist in developing the ESM high level risk policies, within the ESM’s institutional framework
Contribute to ESM and EFSF credit risk policies and procedures
Support preparations for internal and board level risk committees
Work collaboratively with several ESM divisions, such as Funding and Investor Relations, Investment and Treasury, Asset and Liability Management, and Middle and Back Office, for matters related to credit risks and controls
Key Background & Experience
Advanced university degree in a field such as economics, finance, risk management or quantitative studies
At least 1 year of relevant work experience in credit risk or related disciplines, preferably in an international financial institution or other relevant public institution
Good background in financial analysis modelling
Knowledge of Fitch, S&P, and Moody’s rating systems
A certificate in risk management or financial analysis (FRM, PRM, CFA) is considered a plus
Advanced Excel skills, familiarity with PowerBI and programming skills such as Python is considered an asset
Fluency in English, both oral and written
Key Competencies
Good analytical and conceptual skills
Communication and interpersonal skills
Developing self and others
Attention to detail, with rigorous approach
Innovative thinking
Well-structured and organised with ability to prioritise competing tasks in a fast-paced deadline-driven environment
Application Process And Practical Information
Deadline for application: 17 December 2025
Contractual terms: Non-ESM staff (assignment contract via a temporary agency)
Contract duration: 6 months (with possibility of extension by a further 6 months)
Place of employment: Luxembourg
Current working arrangements: possibility to work remotely, usually up to two days a week, from Luxembourg and the border region (under certain conditions).
The ESM strives to provide equal opportunity to all candidates irrespective of their gender, nationality, age, race, culture, education, religious beliefs, sexual orientation or disability. To further enhance the diversity of our workforce, we particularly encourage women to apply.
Note 1: the ESM reserves the right to refrain from hiring, or to slightly modify job responsibilities, as needed.
Note 2: As a result of the selection process, please note that you may be placed on a ‘reserve list’ valid for a duration of six months during which you might be considered for a similar position with a similar level of requirements. Only those candidates who have been notified will be placed on the ‘reserve list’. After this period, you will need to apply again for our vacancies to be considered for a different selection process.
About us
The European Stability Mechanism (ESM) is the permanent crisis resolution mechanism for euro area countries. It provides financial assistance to Members facing financing difficulties. To date, the ESM and its predecessor organisation, the European Financial Stability Facility (EFSF), have launched six financial assistance programmes to five countries, provided financial support, monitored repayment capacity, and engaged with partner institutions for programme design in areas of financial interest.
The ESM is a unique place to work with around 230 individuals committed to making a difference to the future of the euro area. It recruits talented professionals of any nationality from both the private and public sectors. The ESM’s senior management is committed to preserving and enhancing a diverse, inclusive recruitment and work environment.
Practical information
Deadline for application
17 Dec 2025 22:59 h
Job identification
325
Posting date
19 Nov 2025 08:18 h