Options Clearing Corporation
Associate Principal, Core Credit
Options Clearing Corporation, Chicago, Illinois, United States, 60290
Job Title
This position is not eligible for visa sponsorship. This role will be primarily responsible for safeguarding OCC by ensuring that OCC only admits and transacts with clearing members and other counterparties that are financially and operationally sound, and meet the expectations of OCC's management, and Board. Monitors assigned OCC Clearing Members and bank relationships through identifying, measuring, monitoring, managing, and reporting the various forms of credit risks introduced to OCC by these counterparties. Conduct yourself within the department's processes and controls and demonstrate understanding of OCC's Framework for Risk Management and work with senior management in Financial Risk Management to ensure OCC is at the forefront of credit risk management capabilities. This person should continually assess current systems and capabilities supporting CRM processes and recommend to Credit Risk Managers/Directors any enhancements necessary to be at the leading edge of credit risk management. This individual will may lead projects related to those enhancements to ensure successful implementation and conclusion. Awareness of overall financial industry trends, regulatory developments, OCC rules, and overall credit risk management best practices is necessary to lead OCC in the development of credit risk management frameworks, tools, and solutions that both protect OCC and its Clearing Members from credit losses. This role may serve as a subject matter expert related to external inquiries of OCC from clearing members, banks and auditors (independent and regulatory). This person ensures they are communicating relevant credit risk information to various senior OCC staff, conducting ad-hoc projects, and presenting analysis to senior OCC staff. Present and participate with internal working groups, direct communications to the Chief Financial Risk Officer, interact with the Management Committee, and regulators, as needed. Works under a high demand for independent judgment. Primary duties and responsibilities: Independently monitor, analyze, and evaluate the ongoing creditworthiness of counterparties and their compliance with OCC rules and other regulatory requirements, including analysis of financial statements to identify levels and trends in key metrics and ratios, material news, escalating counterparties requiring enhanced surveillance to department management. Collaborate with counterparties to identify root cause of issues or concerns. Independently evaluate clearing members' and other counterparty's risk management and operational policies, procedures, processes, staff, and systems to understand how the member is monitoring and mitigating its risk to OCC. Accountable for analysis and evaluation, creating output of CRM's periodic exams of existing clearing members and other counterparties and escalating identified credit concerns to Management as needed. May participate in requests for new or business expansions for clearing members and other relationships, including recommendations for protective covenants, where necessary. Foster and maintain strategic relationships with senior staff of Financial Risk Management, other internal and external stakeholders, demonstrating a high degree of professional presence. Effectively challenge and identify enhancements to business processes, risk management systems and methodologies as part of the course of daily business and through the annual review process to create best practices, escalating to Management necessary improvements. Work closely with senior leaders on projects and cross-department collaboration. Participate in interactions with regulators, exchanges and other external parties, as needed, on formal exams of CRM or ongoing requests for information. Drive business results by continuously demonstrating a strong bias for action through ownership and accountability. Participate in OCC culture, value, and competency initiatives, including a focus on achieving strong engagement results. Participate in remediation efforts related to regulatory or internal audit findings and observations. Ensure remediation addresses root cause, improves OCC's residual risk, and is completed in a timely manner. Supervisory responsibilities: Mentor and train junior staff in Credit Risk practices, processes, and procedures. Qualifications: [Required] Ability to critically assess counterparties, including a deep understanding of the CAMEL(S) rating methodology and other industry accepted credit rating methodologies. [Required] Ability to read and understand financial statements, brokerage statements, and accounting records. [Required] Strong knowledge of SEC/CFTC regulatory rules and regulations related to credit risk management. [Required] Strong knowledge of the financial services industry, including the financial, market, liquidity and operational risks of broker-dealers, futures commission merchants, commercial banks, pension funds, and financial market utilities. [Required] Strong understanding of securities markets, derivatives, and option trading strategies. [Preferred] Strong knowledge in asset classes like equities, interest rates, volatility, commodities, and foreign currencies. [Required] Familiarity with statistical concepts including VaR, Expected Shortfall, Student-T and Normal Distributions. [Required] Participate in OCC efforts for inclusion of new products in OCC's clearing system, including model or methodology development, membership standards and regulatory approvals. [Required] Strong understanding of business collaboration with IT teams in requirements development and user-testing. [Required] Must be able to work in a team environment, be responsive to Executive Management. [Required] Must possess strong oral and written communication and presentation skills with both business and quantitative departments. [Required] Proven leadership abilities. [Required] Demonstrated analytical and problem-solving skills and the ability to work in a fast-paced collaborative environment. [Required] Must be able to work under deadlines and manage multiple tasks. [Preferred] Knowledge and experience with the processes to onboard and monitor securities lending counterparty. Technical skills: [Required] Broad knowledge in mathematical finance, financial econometrics, derivative instruments, numerical methods, mathematical programming, risk management, with specialist expertise in several of these areas. [Required] Strong knowledge of spreadsheets, MS Excel preferred. [Required] Strong skills for presentations to senior management. [Required] Strong knowledge in the creation of presentations, MS PowerPoint preferred. [Required] Intermediate knowledge of databases, SQL, Python, and data visualization (Tableau or Power BI). Education & training: [Required] MBA or MS degree in Accounting, Finance, Economics or equivalent discipline. [Required] Analytical and problem-solving skills. [Required] Experience collaborating on a team of experienced individuals and analysts. [Required] 6+ years of experience in Risk Management. [Required] Experience in financial services/regulated capital markets infrastructure. [Preferred] Experience with a broker-dealer, FCM, exchange, regulator, or clearing house. [Preferred] Depth and breadth of experience in a highly regulated industry, like financial services, and an understanding of rules/regulations that govern them. Certificates or licenses: [Preferred] CFA or FRM certification. About Us: The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com. Benefits: A highly collaborative and supportive environment developed to encourage work-life balance and employee wellness. Some of these components include: A hybrid work environment, up to 2 days per week of remote work Tuition Reimbursement to support your continued education Student Loan Repayment Assistance Technology Stipend allowing you to use the device of your choice to connect to our network while working remotely Generous PTO and Parental leave 401k Employer Match Competitive health benefits including medical, dental and vision Compensation: The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education. In addition, we believe in the importance of pay equity and consider internal equity of our current team
This position is not eligible for visa sponsorship. This role will be primarily responsible for safeguarding OCC by ensuring that OCC only admits and transacts with clearing members and other counterparties that are financially and operationally sound, and meet the expectations of OCC's management, and Board. Monitors assigned OCC Clearing Members and bank relationships through identifying, measuring, monitoring, managing, and reporting the various forms of credit risks introduced to OCC by these counterparties. Conduct yourself within the department's processes and controls and demonstrate understanding of OCC's Framework for Risk Management and work with senior management in Financial Risk Management to ensure OCC is at the forefront of credit risk management capabilities. This person should continually assess current systems and capabilities supporting CRM processes and recommend to Credit Risk Managers/Directors any enhancements necessary to be at the leading edge of credit risk management. This individual will may lead projects related to those enhancements to ensure successful implementation and conclusion. Awareness of overall financial industry trends, regulatory developments, OCC rules, and overall credit risk management best practices is necessary to lead OCC in the development of credit risk management frameworks, tools, and solutions that both protect OCC and its Clearing Members from credit losses. This role may serve as a subject matter expert related to external inquiries of OCC from clearing members, banks and auditors (independent and regulatory). This person ensures they are communicating relevant credit risk information to various senior OCC staff, conducting ad-hoc projects, and presenting analysis to senior OCC staff. Present and participate with internal working groups, direct communications to the Chief Financial Risk Officer, interact with the Management Committee, and regulators, as needed. Works under a high demand for independent judgment. Primary duties and responsibilities: Independently monitor, analyze, and evaluate the ongoing creditworthiness of counterparties and their compliance with OCC rules and other regulatory requirements, including analysis of financial statements to identify levels and trends in key metrics and ratios, material news, escalating counterparties requiring enhanced surveillance to department management. Collaborate with counterparties to identify root cause of issues or concerns. Independently evaluate clearing members' and other counterparty's risk management and operational policies, procedures, processes, staff, and systems to understand how the member is monitoring and mitigating its risk to OCC. Accountable for analysis and evaluation, creating output of CRM's periodic exams of existing clearing members and other counterparties and escalating identified credit concerns to Management as needed. May participate in requests for new or business expansions for clearing members and other relationships, including recommendations for protective covenants, where necessary. Foster and maintain strategic relationships with senior staff of Financial Risk Management, other internal and external stakeholders, demonstrating a high degree of professional presence. Effectively challenge and identify enhancements to business processes, risk management systems and methodologies as part of the course of daily business and through the annual review process to create best practices, escalating to Management necessary improvements. Work closely with senior leaders on projects and cross-department collaboration. Participate in interactions with regulators, exchanges and other external parties, as needed, on formal exams of CRM or ongoing requests for information. Drive business results by continuously demonstrating a strong bias for action through ownership and accountability. Participate in OCC culture, value, and competency initiatives, including a focus on achieving strong engagement results. Participate in remediation efforts related to regulatory or internal audit findings and observations. Ensure remediation addresses root cause, improves OCC's residual risk, and is completed in a timely manner. Supervisory responsibilities: Mentor and train junior staff in Credit Risk practices, processes, and procedures. Qualifications: [Required] Ability to critically assess counterparties, including a deep understanding of the CAMEL(S) rating methodology and other industry accepted credit rating methodologies. [Required] Ability to read and understand financial statements, brokerage statements, and accounting records. [Required] Strong knowledge of SEC/CFTC regulatory rules and regulations related to credit risk management. [Required] Strong knowledge of the financial services industry, including the financial, market, liquidity and operational risks of broker-dealers, futures commission merchants, commercial banks, pension funds, and financial market utilities. [Required] Strong understanding of securities markets, derivatives, and option trading strategies. [Preferred] Strong knowledge in asset classes like equities, interest rates, volatility, commodities, and foreign currencies. [Required] Familiarity with statistical concepts including VaR, Expected Shortfall, Student-T and Normal Distributions. [Required] Participate in OCC efforts for inclusion of new products in OCC's clearing system, including model or methodology development, membership standards and regulatory approvals. [Required] Strong understanding of business collaboration with IT teams in requirements development and user-testing. [Required] Must be able to work in a team environment, be responsive to Executive Management. [Required] Must possess strong oral and written communication and presentation skills with both business and quantitative departments. [Required] Proven leadership abilities. [Required] Demonstrated analytical and problem-solving skills and the ability to work in a fast-paced collaborative environment. [Required] Must be able to work under deadlines and manage multiple tasks. [Preferred] Knowledge and experience with the processes to onboard and monitor securities lending counterparty. Technical skills: [Required] Broad knowledge in mathematical finance, financial econometrics, derivative instruments, numerical methods, mathematical programming, risk management, with specialist expertise in several of these areas. [Required] Strong knowledge of spreadsheets, MS Excel preferred. [Required] Strong skills for presentations to senior management. [Required] Strong knowledge in the creation of presentations, MS PowerPoint preferred. [Required] Intermediate knowledge of databases, SQL, Python, and data visualization (Tableau or Power BI). Education & training: [Required] MBA or MS degree in Accounting, Finance, Economics or equivalent discipline. [Required] Analytical and problem-solving skills. [Required] Experience collaborating on a team of experienced individuals and analysts. [Required] 6+ years of experience in Risk Management. [Required] Experience in financial services/regulated capital markets infrastructure. [Preferred] Experience with a broker-dealer, FCM, exchange, regulator, or clearing house. [Preferred] Depth and breadth of experience in a highly regulated industry, like financial services, and an understanding of rules/regulations that govern them. Certificates or licenses: [Preferred] CFA or FRM certification. About Us: The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com. Benefits: A highly collaborative and supportive environment developed to encourage work-life balance and employee wellness. Some of these components include: A hybrid work environment, up to 2 days per week of remote work Tuition Reimbursement to support your continued education Student Loan Repayment Assistance Technology Stipend allowing you to use the device of your choice to connect to our network while working remotely Generous PTO and Parental leave 401k Employer Match Competitive health benefits including medical, dental and vision Compensation: The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education. In addition, we believe in the importance of pay equity and consider internal equity of our current team