CME Group · 13 hours ago
Model Risk Management & Validation Associate
Chicago - 20 S. Wacker
Full-time
Onsite
Mid Level
$101K/yr - $168K/yr
3+ years expCME Group is the world’s leading derivatives marketplace, and they are seeking an Associate in Model Risk Management & Validation to ensure the quantitative frameworks for CME Clearing are sound and compliant. The role involves executing model validations, conducting independent testing, managing remediation tracking, and collaborating with model developers and validators.
FinanceFinancial ServicesMarketplaceStock Exchanges
Responsibilities
Execute Model Validations: Manage the day-to-day validation process for new risk models and annual reviews of existing risk models, focusing on conceptual soundness and "fit-for-purpose" assessments. This includes drafting questions for model users and developers and conducting independent testing
Perform Independent Testing: Conduct rigorous testing and model replication to verify the accuracy of risk models’ calculations, including margining (e.g., Value-at-Risk) and stress testing methodologies
Manage Remediation Tracking: Maintain the model inventory and track agreed-upon remediation actions to completion, providing regular status updates to senior management
Author Technical Documentation: Draft detailed validation reports that clearly outline model descriptions, independent testing results, and identified findings for both technical and non-technical stakeholders
Collaborate Across Lines: Act as a primary point of contact for model developers (1st line) and external third-party validators to address inquiries regarding model risk management procedures
Refine Risk Policy: Support the Senior Director in drafting and enhancing model risk management policies, procedures, and ongoing monitoring standards
Qualification
Required
Master's degree or equivalent in a quantitative field (Finance, Mathematics, Economics, or Statistics)
3–5 years of experience in quantitative risk management within a financial institution or management consultancy
Solid understanding of risk management methods, including VaR, scenario analysis, and derivatives and securities markets
Ability to read and understand programming languages such as Python, C++, C#, or Java
Ability to develop database queries and scripts for independent data analysis
Strong technical writing skills with the ability to document complex risk models clearly
Proven problem-solving and troubleshooting skills within a highly collaborative, team-oriented environment
This role is based in our Chicago office and requires a 5-day on-site presence
Preferred
Professional certifications such as CFA or FRM are highly preferred
Benefits
Comprehensive health coverage
A retirement package that includes both a 401(k) and an active pension plan
Highly competitive education reimbursement provisions
Paid time off
A mental health benefit
Company
CME Group
CME Group is a diverse derivatives marketplace that manages risk and capture opportunities.
1001-5000 employees
H1B Sponsorship
CME Group 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
Represents job field similar to this job
Trends of Total Sponsorships
2025 (2)
2024 (1)
2023 (1)
2022 (3)
2021 (2)
2020 (9)
Funding
Current Stage
Public CompanyTotal Funding
$1BKey Investors
Google
2021-11-04Post Ipo Equity· $1B
2002-12-06IPO
Leadership Team
Lynne Fitzpatrick
President and CFO
Julie Holzrichter
Chief Operating Officer
Recent News
2026-01-25
2026-01-22
2026-01-22
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