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The Options Clearing Corporation (OCC) · 7 hours ago

Associate Principal, Internal Audit, Financial Risk and Modeling

Chicago, IL

Full-time

Hybrid

Senior Level, Lead/Staff

$110K/yr - $196K/yr

5+ years exp

The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization, dedicated to promoting stability and market integrity. This role is responsible for executing audits and validations related to Financial Risk, with a focus on quantitative analysis and systems implementation, while collaborating with Internal Audit leadership to enhance risk assessment processes.

FinanceFinancial ServicesProperty Management

H1B Sponsor Likely

Responsibilities

Lead or execute quantitative reviews/audits/validations (conceptual soundness, documentation, data, methodology, development code, testing, and implementation for accuracy) of models or financial risk tools used for credit risk, market risk, liquidity risk and stress testing

Support financial risk management audits and validations as required

Effectively communicate complex technical quantitative analysis (based on data and models), principles, methods, and approach to relevant stakeholders

Perform audit activities including risk assessments, audit planning, audit testing, control evaluation, and complete work paper documentation in accordance with Internal Audit requirements (e.g. IIA GIA)

Communicate identified findings and enhancements to audit management and key stakeholders

Draft audit reports clearly communicate overall conclusions, key risks, findings and their root cause, and impact on OCC’s overall risk exposure

Perform continuous monitoring of model risk identifying patterns and trends to understand their impact on OCC’s overall risk level and controls

Effectively challenge risk management (first and second lines of defense) to adopt appropriate policies, procedures, and effective controls designed to mitigate financial risk

Support the development or enhancement of audit procedures and templates for auditing financial risk management

Support in developing and implementing data analytics and automated testing

Ensure audit quality, accuracy of results, and delivery in a timely manner

Proactively identify regulatory, operational, and/or strategic risks to the organization and present them to IA leadership

Develop and maintain a thorough understanding of the operating environment of the assigned areas, including key business products, data infrastructure and lineage, roles and responsibilities of various groups relevant to model risk, and regulatory environment

Coach and develop junior audit staff in financial risk management practices as part of their on-going development

Perform other duties as assigned

Maintaining an understanding of policies, procedures, standards, and supporting technologies, and educating staff accordingly, to effectively identify potential risks and alternatives to mitigate risk exposure leveraging leading practices

Ability to understand and apply professional principles and standards (e.g., AICPA, IIA GIA, COSO) and the relevancy to risk management and impact on policies and procedures. In addition, leveraging these principles and standards to test and evaluate corporate risk management processes and controls

Keeping current on best practices and emerging risks within the financial services industry and making recommendations for improvements, as necessary

Establish and maintain healthy relationships with key stakeholders across the 3 lines of defense and assist management in understanding, implementing and maintaining internal control principles

Contribute to change initiatives through active participation in working groups and adoption of practices in day-to-day responsibilities

Qualification

Mathematical modelingStatistical analysisRisk managementData analysisPythonC++JavaAudit standardsCommunication skillsProblem solvingTeamworkLeadership

Required

Ability to communicate clearly and effectively, both orally and in writing, including the ability to handle potentially sensitive situations and discussions

Strong problem solving and analytical capabilities

Demonstrated ability to gather information, analyze, evaluate facts, prepare reports, and verbally present the information in a concise manner

Ability to work independently or as part of a team, prioritizing multiple audit assignments to simultaneously complete each in a timely fashion

Minimum 5 years of experience in model risk management methodology

Experience working in a complex, fast paced environment

Experience using the principles, practices, and techniques involved in conducting audits in accordance with the requirements set forth in the Global International Audit Standards (IIA GIA)

Experience in evaluating complex derivatives and performing advanced statistical analysis on underlying risk factors

Experience with reviewing credit/counterparty risk and stress testing models for derivative instruments (e.g., Historical VaR, Monte Carlo, TIMS and SPAN)

Experience in data analysis and programming languages such as Python, C++, and Java

Preferred

Consulting and/or accounting firm experience

Experience in Internal Audit, Model Risk Management, Financial Services/Securities Industry and working with regulatory organizations such as: Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), Federal Reserve

master's degree in mathematics or Statistics, Financial Engineering, Economics, or other field possessing strong quantitative, analytical, and problem-solving skills. Alternatively, a Ph. D degree majored in quantitative field and over 1 year of work experience

Experience in executing model risk audits

Certification such as Professional Risk Managers' International Association – Professional Risk Manager (PRMIA-PRM), Financial Risk Manager (FRM), Certificate in Quantitative Finance (CQF), Chartered Financial Analyst (CFA), Certified Financial Services Auditor (CFSA), Certified Internal Auditor (CIA), Certified Public Accountant (CPA), or equivalent

Benefits

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

Company

The Options Clearing Corporation (OCC)

Glassdoor3.3

The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization.

Founded in 1973

Chicago, Illinois, USA

1001-5000 employees

https://www.theocc.com/

H1B Sponsorship

The Options Clearing Corporation (OCC) has a track record of offering H1B sponsorships. Please note that this does not guarantee sponsorship for this specific role. Below presents additional info for your reference. (Data Powered by US Department of Labor)

Distribution of Different Job Fields Receiving Sponsorship

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Trends of Total Sponsorships

2025 (94)

2024 (96)

2023 (72)

2022 (60)

2021 (37)

2020 (56)