About Phi Partners

Phi Partners is a global boutique Capital Markets IT consultancy with nearly two decades of experience providing expert services, technology, and advisory to leading financial institutions, including investment banks and hedge funds. We specialise in Front Office, Risk, and Data Analytics technologies applied to capital markets, helping clients leverage technology to enhance their operations, trading, pricing, and risk capabilities.

As the European market leader in capital markets technology services, Phi Partners has built strong partnerships with leading software vendors and delivers complex projects for top-tier financial institutions worldwide. Operating from our world-class Centre of Excellence in Bucharest, we provide end-to-end solutions - from strategy development to technology implementation and ongoing support - ensuring tailored solutions that meet each client’s unique needs.

About the Programme

Phi Partners is supporting a leading global investment bank on a major transformation programme within its Credit Risk Change function. The client provides a wide range of financial services across Global Markets and Investment Banking, managing assets of nearly $600bn and operating across equities and fixed income markets. Within Risk Management, the Credit Risk Change function supports the global book of work across PRISM, CLEM, and FlexAgg, occasionally interfacing with Market Risk (Monju). The group manages change for the Credit Risk Infrastructure and Methodology teams, partnering with Risk IT and Quant teams to deliver regulatory and strategic initiatives.

The programme focuses on enhancing Credit Risk platforms and data flows across multiple systems - including PRISM, CLEM, FlexAgg, and Unified Data Warehouse (UDW) - to improve risk aggregation, exposure calculation, and reporting capabilities. To deliver this, Phi Partners is establishing a specialist Credit Risk Business Analyst Pod, based in Bucharest, working closely with the client’s Risk Technology teams. The pod comprises a Senior Business Analyst (Pod Lead) and Business Analysts responsible for requirements analysis, documentation, and coordination of Credit Risk infrastructure changes. The team collaborates directly with front-office risk stakeholders and quantitative teams to ensure clarity and consistency across deliverables. We act as the exclusive partner for multiple capital markets technology projects for the client, supporting its transformation and operational excellence.

Role & Responsibilities

The consultant Business Analyst will work within the Credit Risk Change programme, bridging the gap between business, quantitative, and IT stakeholders. Responsibilities include:

• Requirements gathering, analysis, and documentation for Credit Risk infrastructure changes (PRISM, CLEM, FlexAgg, UDW).

• Producing clear and structured business and functional specifications (BRDs, FSDs).

• Supporting testing, validation, and specification of UDW enhancements.

• Contributing to the improvement of data pipelines and user interfaces for FlexAgg and related reporting tools.

• Coordinating with Risk IT, Quants, and Credit Methodology teams to ensure alignment on deliverables.

• Supporting methodology implementation and capital calculation processes (EEPE, EPE, PFE, RWA).

• Providing analytical insight to identify gaps, reconcile data, and enhance process efficiency.

Key Skills

Must have skills:

• Ability to translate quantitative and technical concepts into clear, concise documentation.

• Experience producing high-quality Business Analysis Documents (BRDs, FSDs).

• Credit Risk Management or Market Risk Management, preferably within an investment bank or large financial institution.

• Experience with Counterparty Credit Risk measures (EPE, EEPE, PFE, RWA).

• Understanding of data lineage, reporting flows, and risk data architectures.

• Excellent communication and stakeholder management skills.

• Strong analytical mindset with attention to detail.

• Self-starter capable of managing priorities in a fast-paced environment.

• Collaborative team player comfortable working in cross-functional setups.

Nice to have skills:

• Basic SQL for querying UDW and data validation.

• Python scripting for pragmatic data analysis and reconciliation tasks.

• Understanding of Monte Carlo simulation methods, IMM, and capital frameworks.

• Familiarity with risk infrastructure.

Next Steps

This role represents an excellent opportunity to join a global financial transformation programme at the intersection of Risk, Technology, and Quantitative Analysis. You will work alongside experienced consultants and industry specialists, gaining exposure to complex Credit Risk systems and methodologies.

If this sounds like a great opportunity for you, please submit your application on LinkedIn or send your CV to [email protected].

Client Terminology

PRISM: Strategic Credit Risk platform.

CLEM: Counterparty limit and exposure management.

FlexAgg: Flexible aggregation and reporting platform.

UDW: Unified Data Warehouse for risk and reference data.

EEPE / EPE / PFE: Credit Exposure measures used in Counterparty Credit Risk

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