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Senior Associate, Quantitative Risk Management

Who We Are

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.

What We Offer

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 3 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

Competitive health benefits including medical, dental and vision

What You'll Do

The QRM Senior Associate supports the development and maintenance of risk models for margin, clearing fund and stress testing: model analytics and performance monitoring; model prototyping and testing; and model implementation. The QRM Associate collaborates with other quantitative analysts, business users, data & technology staff, and model validation colleagues to implement new models and enhance existing models.

Essential Duties and Responsibilities:

To perform this job successfully, an individual must be able to perform each assigned essential duty satisfactorily:

  • Support the development of models for pricing, risk quantification and stress testing of financial products and derivatives.

  • Review documentations (whitepapers) for the models, model prototypes and model implementation.

  • Support model performance testing, including portfolio backtesting using historical data.

  • Review implementation of models and algorithms focusing on requirement verification, coding, and testing quality.

  • Participate in model code reviews, model release testing (including margin impact analysis and baseline support and troubleshooting during model library integration with production applications) and production support.

  • Support the launch of new products.

  • Provide quantitative analysis and support to risk managers on pricing, margin, and risk calculations.

  • Communicate model analysis to professionals across OCC and collaborate with cross-functional departments.

Supervisory Responsibilities:

  • N/A

Qualifications:

The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions:

  • Basic quantitative skills, ability to demonstrate good understanding in the following technical areas:

  • Financial mathematics (derivatives pricing models, stochastic calculus, statistics and probability theory, advanced linear algebra)

  • Econometrics, data analysis (e.g., time series analysis, GARCH, fat-tailed distributions, copula, etc.) and machine learning techniques

  • Numerical methods and optimization; Monte Carlo simulation and finite difference techniques

  • Risk management methods (value-at-risk, expected shortfall, stress testing, backtesting, scenario analysis)

  • Financial products knowledge: good understanding of markets and financial derivatives in equities, interest rate, and commodity products.

  • Basic programing skills: Python, Matlab, SQL.

  • Problem-solving skills: Be able to identify a problem's possible source, conduct study and provide reasoning in estimating severity and impact.

  • Ability to challenge model methodologies, model assumptions, and validation approach.

  • Experience in technical and scientific documentation (e.g., white papers, user guides, etc.).

  • Business-oriented and responsible.

  • Good team player.

Technical Skills:

  • Experience in database technology and query languages (such as SQL).

  • Experience in a scripting language such as Python, R or MATLAB is required.

  • Experience with numerical libraries and/or scientific computing is required.

  • Experience with code repository, build and deployment tools (e.g., Git, GitHub, Jenkins).

  • Experience with software design: effective application of design patterns, experience in object-oriented design.

  • Experience in office technology such as PowerPoint, Confluence, Word, and Excel.

Education and/or Experience:

  • Master’s degree or equivalent is required in a quantitative field such as computer science, mathematics, physics, finance/financial engineering. Advanced degree preferred.

  • Zero to five years of experience in quantitative areas in finance and/or development experience in model implementation and testing.

Certificates or Licenses:

  • FRM, CFA, etc., are desirable, but not required.

Step 1
When you find a position you're interested in, click the 'Apply' button. Please complete the application and attach your resume.  

Step 2
You will receive an email notification to confirm that we've received your application.

Step 3
If you are called in for an interview, a representative from OCC will contact you to set up a date, time, and location. 

For more information about OCC, please click here.

OCC is an Equal Opportunity Employer

Apply About OCC
  • REQ-2286
  • Chicago - 125 S Franklin
  • Full Time Regular
  • Posted: Nov. 8, 2021

How to Apply

Step 1 - When you find a position you're interested in, click the 'Apply' button. Please complete the application and attach your resume.

Step 2 - You will receive an email notification to confirm that we've received your application.

Step 3 - If you are called in for an interview, a representative from OCC will contact you to set up a date, time, and location.

OCC is an Equal Opportunity Employer

Numerous studies have shown that people from groups that are traditionally under-represented in financial services apply to jobs only if they believe they meet 100% of the requirements. We want to break down this mindset to further diversify our workforce.

We encourage you to review our open positions and apply if you think your experience may be a match, even if you do not meet all of the qualifications. Your perspective may be an element we need to continue building innovative solutions to support the markets and market participants we serve.

OCC is a globally recognized entity that clears a multitude of diverse and sophisticated products. We want to reflect this in the diversity of our workforce.

This web site discusses exchange-traded options issued by The Options Clearing Corporation. No statement in this web site is to be construed as an endorsement, recommendation or solicitation to purchase or sell a security, or to provide investment advice. Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of the disclosure document, Characteristics and Risks of Standardized Options. Individuals should not enter into option transactions until they have read and understood this document. To obtain copies, contact your broker, any exchange on which options are traded, or The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606 ([email protected]).