The Options Clearing Corporation (OCC)
Director, Credit Onboarding
The Options Clearing Corporation (OCC), Chicago, Illinois, United States, 60290
Overview
Director, Credit Onboarding at The Options Clearing Corporation (OCC). What You'll Do
This role will be primarily responsible for safeguarding OCC by ensuring that Credit Risk Management (CRM) only recommends new clearing member applicants and other counterparties that are financially and operationally sound and meet the expectations of OCC’s management, Board and supervisors. The role supervises a team responsible for the analysis of all new clearing member applicants and other counterparties, including identifying material financial and operational risks. The role ensures processes and controls are followed and monitored for enhancements, aligns with OCC’s Framework for Risk Management, and works with senior management in Financial Risk Management to maintain leading credit risk management capabilities. The role continually assesses current systems supporting CRM onboarding and recommends enhancements, leading or serving as the main stakeholder in related projects to ensure successful implementation. The role requires awareness of financial industry trends, regulatory developments, OCC rules, and credit risk management best practices to develop frameworks, tools, and solutions that protect OCC and benefit the industry. The role ensures staff communicates relevant credit risk information to senior OCC staff, reviews control sufficiency, and coordinates with other areas as necessary. The role may lead or participate in internal Working Groups, interact with the Management Committee and regulators as needed, and work under a high demand for independent judgement. Primary Duties and Responsibilities: Oversee, monitor and manage staffing engaged in evaluating the initial creditworthiness of counterparties applying to become OCC clearing members or expanding existing memberships. Ensure all applicants meet the minimum financial and operational requirements specified in OCC rules and procedures. Interact collaboratively with applicants and existing members seeking to expand membership to obtain disclosures necessary for a credit recommendation and keep applicants informed of status. Provide expert credit input and effective challenge on requests for new or expanded clearing member and other counterparty relationships, including recommendations for protective covenants where necessary. Identify and escalate to Management when an applicant does not meet OCC’s minimum financial or operational requirements. Foster and maintain strategic relationships with senior staff of FRM, other departments, and external stakeholders involved in onboarding, demonstrating executive presence. Keep external applicants and OCC stakeholders regularly informed on the status of new applications or expansions. Lead critical meetings with the management of new applicants to communicate OCC credit decisions and/or protective covenants. Identify and prioritize risk management needs and lead development of new credit risk management systems and capabilities to enhance the onboarding process. Work closely with senior leaders on cross-department projects. Lead or serve as a key SME in interactions with regulators, exchanges, and other external parties related to onboarding. Formulate risk management policies consistent with best practices. Participate in departmental and budget planning. Drive business results with a strong bias for action through ownership and accountability. Promote culture, values, and competencies, including addressing employee engagement gaps. Oversee remediation efforts related to regulatory or internal audit findings and observations with root-cause remediation and timely closure. Supervisory Responsibilities
Establish both tactical and long-term goals for the onboarding team in coordination with Management. Ensure departmental tasks are prioritized, assigned, and reviewed regularly. Complete staff performance reviews and succession planning in accordance with OCC policies. Promote staff development, including identifying training needs and internal mentoring as needed. Qualifications
Requirements are representative of the knowledge, skill, and/or ability required. Reasonable accommodation may be made to enable individuals with disabilities to perform the primary functions. This position is not eligible for visa sponsorship. [Required] Ability to critically assess counterparty credit analysis, including deep understanding of the CAMEL(S) framework and rating methodology. [Required] Ability to lead a team that can work under deadlines and manage multiple priorities. [Required] Strong oral and written communication and presentation skills with both business and quantitative departments. [Required] Extensive knowledge of the financial services industry, including risks of broker-dealers, futures commission merchants, banks, pension funds, and financial market utilities. [Required] Ability to read and understand financial statements, brokerage statements, and accounting records. [Required] Extensive knowledge of SEC/CFTC regulatory rules and regulations related to credit risk management. [Required] Strong understanding of securities markets, derivatives, and option trading strategies. [Required] Strong understanding of collaborating with IT teams in requirements development and user testing. [Required] Team player able to work with Executive Management. [Required] Proven leadership and supervisory abilities. [Required] Analytical and problem-solving skills in a fast-paced, collaborative environment. [Preferred] Knowledge of assets such as equities, interest rates, volatility, commodities, and foreign currencies. Technical Skills: [Required] Strong knowledge of spreadsheets; MS Excel proficiency. Education & Training: [Required] Analytical and problem-solving skills. [Required] Experience leading a team of experienced individuals and analysts. [Required] 10+ years of experience in Risk Management. [Required] Experience in financial services or regulated capital markets infrastructure. [Preferred] MBA or MS degree in Finance, Economics or equivalent. [Preferred] Experience with an exchange, regulator, or clearing house. [Preferred] Depth and breadth of experience in a highly regulated industry and understanding of governing rules/regulations. Certificates or Licenses: [Preferred] CFA or FRM certification. About Us
The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. OCC operates under SEC, CFTC, and Federal Reserve oversight with more than 100 clearing members and services to 19 exchanges and trading platforms. More information at www.theocc.com. Benefits
Hybrid work environment, up to 2 days per week of remote work Tuition reimbursement and student loan repayment assistance Technology stipend for remote connectivity Generous PTO and parental leave 401k employer match and comprehensive health benefits Compensation details: See salary and incentive ranges below. All employees may be eligible for a discretionary bonus. See OCC careers page for more information. Salary Range $181,400.00 - $243,000.00 Incentive Range 23% to 30% Notes : This position is eligible for an annual discretionary incentive; target range listed above. Final offer based on skills, experience, and performance. Steps to Apply Click Apply and complete the application, attaching your resume. You will receive an email confirmation once your application is received. If called for an interview, OCC will contact you to schedule. Equal Opportunity OCC is an Equal Opportunity Employer.
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Director, Credit Onboarding at The Options Clearing Corporation (OCC). What You'll Do
This role will be primarily responsible for safeguarding OCC by ensuring that Credit Risk Management (CRM) only recommends new clearing member applicants and other counterparties that are financially and operationally sound and meet the expectations of OCC’s management, Board and supervisors. The role supervises a team responsible for the analysis of all new clearing member applicants and other counterparties, including identifying material financial and operational risks. The role ensures processes and controls are followed and monitored for enhancements, aligns with OCC’s Framework for Risk Management, and works with senior management in Financial Risk Management to maintain leading credit risk management capabilities. The role continually assesses current systems supporting CRM onboarding and recommends enhancements, leading or serving as the main stakeholder in related projects to ensure successful implementation. The role requires awareness of financial industry trends, regulatory developments, OCC rules, and credit risk management best practices to develop frameworks, tools, and solutions that protect OCC and benefit the industry. The role ensures staff communicates relevant credit risk information to senior OCC staff, reviews control sufficiency, and coordinates with other areas as necessary. The role may lead or participate in internal Working Groups, interact with the Management Committee and regulators as needed, and work under a high demand for independent judgement. Primary Duties and Responsibilities: Oversee, monitor and manage staffing engaged in evaluating the initial creditworthiness of counterparties applying to become OCC clearing members or expanding existing memberships. Ensure all applicants meet the minimum financial and operational requirements specified in OCC rules and procedures. Interact collaboratively with applicants and existing members seeking to expand membership to obtain disclosures necessary for a credit recommendation and keep applicants informed of status. Provide expert credit input and effective challenge on requests for new or expanded clearing member and other counterparty relationships, including recommendations for protective covenants where necessary. Identify and escalate to Management when an applicant does not meet OCC’s minimum financial or operational requirements. Foster and maintain strategic relationships with senior staff of FRM, other departments, and external stakeholders involved in onboarding, demonstrating executive presence. Keep external applicants and OCC stakeholders regularly informed on the status of new applications or expansions. Lead critical meetings with the management of new applicants to communicate OCC credit decisions and/or protective covenants. Identify and prioritize risk management needs and lead development of new credit risk management systems and capabilities to enhance the onboarding process. Work closely with senior leaders on cross-department projects. Lead or serve as a key SME in interactions with regulators, exchanges, and other external parties related to onboarding. Formulate risk management policies consistent with best practices. Participate in departmental and budget planning. Drive business results with a strong bias for action through ownership and accountability. Promote culture, values, and competencies, including addressing employee engagement gaps. Oversee remediation efforts related to regulatory or internal audit findings and observations with root-cause remediation and timely closure. Supervisory Responsibilities
Establish both tactical and long-term goals for the onboarding team in coordination with Management. Ensure departmental tasks are prioritized, assigned, and reviewed regularly. Complete staff performance reviews and succession planning in accordance with OCC policies. Promote staff development, including identifying training needs and internal mentoring as needed. Qualifications
Requirements are representative of the knowledge, skill, and/or ability required. Reasonable accommodation may be made to enable individuals with disabilities to perform the primary functions. This position is not eligible for visa sponsorship. [Required] Ability to critically assess counterparty credit analysis, including deep understanding of the CAMEL(S) framework and rating methodology. [Required] Ability to lead a team that can work under deadlines and manage multiple priorities. [Required] Strong oral and written communication and presentation skills with both business and quantitative departments. [Required] Extensive knowledge of the financial services industry, including risks of broker-dealers, futures commission merchants, banks, pension funds, and financial market utilities. [Required] Ability to read and understand financial statements, brokerage statements, and accounting records. [Required] Extensive knowledge of SEC/CFTC regulatory rules and regulations related to credit risk management. [Required] Strong understanding of securities markets, derivatives, and option trading strategies. [Required] Strong understanding of collaborating with IT teams in requirements development and user testing. [Required] Team player able to work with Executive Management. [Required] Proven leadership and supervisory abilities. [Required] Analytical and problem-solving skills in a fast-paced, collaborative environment. [Preferred] Knowledge of assets such as equities, interest rates, volatility, commodities, and foreign currencies. Technical Skills: [Required] Strong knowledge of spreadsheets; MS Excel proficiency. Education & Training: [Required] Analytical and problem-solving skills. [Required] Experience leading a team of experienced individuals and analysts. [Required] 10+ years of experience in Risk Management. [Required] Experience in financial services or regulated capital markets infrastructure. [Preferred] MBA or MS degree in Finance, Economics or equivalent. [Preferred] Experience with an exchange, regulator, or clearing house. [Preferred] Depth and breadth of experience in a highly regulated industry and understanding of governing rules/regulations. Certificates or Licenses: [Preferred] CFA or FRM certification. About Us
The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. OCC operates under SEC, CFTC, and Federal Reserve oversight with more than 100 clearing members and services to 19 exchanges and trading platforms. More information at www.theocc.com. Benefits
Hybrid work environment, up to 2 days per week of remote work Tuition reimbursement and student loan repayment assistance Technology stipend for remote connectivity Generous PTO and parental leave 401k employer match and comprehensive health benefits Compensation details: See salary and incentive ranges below. All employees may be eligible for a discretionary bonus. See OCC careers page for more information. Salary Range $181,400.00 - $243,000.00 Incentive Range 23% to 30% Notes : This position is eligible for an annual discretionary incentive; target range listed above. Final offer based on skills, experience, and performance. Steps to Apply Click Apply and complete the application, attaching your resume. You will receive an email confirmation once your application is received. If called for an interview, OCC will contact you to schedule. Equal Opportunity OCC is an Equal Opportunity Employer.
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