Financial Risk Manager at Alpaca

About Alpaca

Alpaca is a US-headquartered global leader in agent-first brokerage infrastructure for stocks, ETFs, options, crypto, fixed income, 24/5 trading, and more. Through its subsidiaries, Alpaca is a licensed financial services company serving hundreds of financial institutions across 40 countries with institutional-grade APIs, including broker-dealers, investment advisors, wealth managers, hedge funds, and crypto exchanges, totaling over 10 million brokerage accounts.

The global team is a diverse group of experienced engineers, traders, and brokerage professionals working to achieve the mission of opening financial services to everyone on the planet. Alpaca is deeply committed to open-source contributions and fostering a vibrant community, continuously enhancing its award winning, developer friendly API and the robust infrastructure behind it.

Alpaca is proudly backed by $400 million in funding from top-tier global investors including Portage Ventures, Spark Capital, Tribe Capital, Social Leverage, Horizons Ventures, Opera Tech Ventures, SBI Group, Derayah Financial, Unbound, Peak XV, Elefund, and Y Combinator.

Our Team

Alpaca is a dynamic team of 400+ globally distributed members who thrive working from their favorite places around the world, with teammates spanning the USA, Canada, Japan, Hungary, Nigeria, Brazil, the UK, and beyond. Alpaca is searching for passionate individuals eager to contribute to its rapid growth. If you align with the core values, Stay Curious, Have Empathy, and Be Accountable, and are ready to make a significant impact, Alpaca encourages you to apply.

Your Role

Alpaca is growing its Treasury function as it scales its product suite, global footprint, and self-clearing operations. Alpaca is looking for a Financial Risk Manager to support the development and day to day execution of Alpaca's liquidity risk monitoring and stress testing program. This is a hands on, analytical role for someone who wants broad exposure across Treasury, Finance, Operations, and Risk. You will work closely with the Head of Treasury and partner cross functionally to help maintain sound liquidity governance and produce rigorous analysis under both business as usual and stressed conditions.

This role is responsible for building out Alpaca's liquidity risk infrastructure from the ground up. You will establish daily liquidity reporting, streamline data pipelines, implement intraday monitoring and stress testing capabilities, develop longer term and Monte Carlo based stress testing frameworks, and build the alerting and controls needed to support Treasury decision making as Alpaca launches new products and expands into new markets. While the title reflects managerial scope over liquidity risk and stress testing workstreams, this is primarily an individual contributor role with opportunity to grow into broader leadership as the function matures.

What You'll Do

Key Priorities

This role will be responsible for building out the following core capabilities:

• Daily liquidity reporting and streamlined data pipelines
• Intraday liquidity monitoring
• Intraday stress testing
• Longer term stress testing
• Monte Carlo simulations for stress testing
• Alerting frameworks and other necessary controls

Daily Liquidity Reporting and Data Pipelines

• Build and own daily liquidity reporting, ensuring timely, accurate views of firm liquidity positions across products and legal entities
• Design and streamline data pipelines connecting Treasury, Finance, Operations, and clearing/settlement systems to reduce manual effort and improve data quality
• Help maintain broker-dealer liquidity reporting related to SEC Rule 15c3-1 (Net Capital), SEC Rule 15c3-3 (Customer Reserve), and related FINRA/SEC requirements
• Partner with Engineering and Data teams to automate reporting workflows using SQL, Python, and BI platforms

Intraday Monitoring

• Build and maintain real time and intraday liquidity monitoring capabilities to track cash positions, settlement flows, margin movements, and funding needs throughout the day
• Establish intraday liquidity metrics, limits, and early warning indicators (EWIs); investigate breaches and prepare escalation materials for Treasury leadership
• Support same day funding and treasury operations decisions with timely liquidity analysis during market hours

Intraday Stress Testing

• Develop and implement intraday stress testing capabilities to assess the impact of sudden market moves, margin calls, settlement disruptions, and customer activity spikes on firm liquidity
• Run and refine intraday stress scenarios in coordination with Treasury Operations and Risk teams
• Ensure intraday stress results are actionable for real time decision making

Longer Term Stress Testing

• Build out the firm's longer term stress testing program, including scenario design, assumption documentation, model runs, and results reporting
• Develop and update stress scenarios, including market wide and tail risk events, to assess impacts on net capital, customer reserve, firm liquidity, and settlement flows across multiple time horizons
• Participate in integrated stress exercises with Market Risk, Credit Risk, and Operational Risk teams and help synthesize results for Treasury and Risk stakeholders
• Review and challenge assumptions used in stress models; flag areas requiring further review or remediation

Monte Carlo Simulations

• Build and maintain Monte Carlo simulation models to complement deterministic stress testing and better capture the distribution of potential liquidity outcomes under adverse conditions
• Calibrate simulation inputs, validate model outputs, and incorporate results into Treasury liquidity planning and risk limit setting

Alerting and Controls

• Design and implement alerting frameworks to notify Treasury leadership of limit breaches, deteriorating liquidity metrics, and stress test threshold breaches
• Build out the controls infrastructure necessary to support liquidity risk governance, including escalation protocols, documentation standards, and audit trails
• Prepare analysis and documentation for regulatory examinations, internal audits, and management reporting; coordinate with the Risk team as needed

Cross Functional Support

• Provide liquidity risk input in the New Product Approval (NPA) process, identifying potential funding and liquidity considerations for new asset classes, leveraged products, and international expansion
• Partner with Engineering, Product, and Operations to help stress test margin engines, settlement workflows, and treasury systems
• Contribute to ERM deliverables such as the Risk Register and Key Risk Indicators (KRIs) in coordination with the CRO and Risk team
• Help document policies, procedures, and methodologies as the Treasury function scales
• Stay current on regulatory developments, industry stress events, and emerging liquidity risks in fintech and digital asset markets

Who You Are (Must-Haves)

• 2 to 4 years experience in liquidity risk, treasury, financial risk, middle office, or balance sheet analytics within a broker-dealer, bank, or fintech environment
• Solid understanding of broker-dealer liquidity and capital requirements, including SEC Rules 15c3-1 and 15c3-3
• Hands on experience building or supporting liquidity reporting, data pipelines, and stress testing programs
• Experience with intraday liquidity monitoring, stress testing, or real time risk reporting
• Familiarity with Monte Carlo simulation techniques or probabilistic risk modeling
• Familiarity with Treasury operations, cash management, and funding workflows in a regulated environment
• Working knowledge of risk governance concepts and how Treasury and Risk functions interact in a broker-dealer setting
• Proficiency in SQL and Python (or similar) for data analysis, pipeline development, reporting automation, and working with large datasets
• Strong attention to detail and ability to produce clear, well structured analysis for senior stakeholders
• Comfortable working cross functionally in a fast paced, remote first startup environment

Who You Might Be (Nice-to-Haves)

• Experience at a self-clearing broker-dealer or carrying/clearing firm
• Experience building alerting, monitoring, or controls frameworks from scratch
• Exposure to SPAN, TIMS, or margin methodologies and their liquidity implications
• Familiarity with crypto/digital asset liquidity risk or 24/5 trading environments
• Experience supporting SEC/FINRA examinations or internal audit requests
• Knowledge of international regulatory frameworks across Alpaca's global subsidiaries
• FRM, CFA, or similar certification (or in progress)
• Prior experience in a high growth fintech where processes and frameworks are still being built

How We Take Care of You

• Competitive Salary and Stock Options
• Health Benefits
• New Hire Home Office Setup: One time USD $500
• Monthly Stipend: USD $150 per month via a Brex Card

Alpaca is proud to be an equal opportunity workplace dedicated to pursuing and hiring a diverse workforce.