Associate Principal, Model Validation
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 Associate Principal, Model Validation will have major responsibility in the validation and assessment of the performance of quantitative models at OCC. The role will include significant interaction with the Quantitative Risk Management and technology departments.
Primary Duties and Responsibilities:
To perform this job successfully, an individual must be able to perform each primary duty satisfactorily.
• Review and validate quantitative risk model documentation
• Verify accuracy and reliability of the software implementation of the model
• Develop and implement complex independent tests to validate the model implementation
• Develop and implement independent models to benchmark OCC production models
• Assess the models by ensuring that the data used is valid
• Document testing activities
• Document validation activities
• Communicate with Quantitative Risk Management and other departments about issues and concerns
• Provide expert knowledge on recommendations throughout validation processes
• Create logical and innovative solutions to complex problems
• Complete all validation assessments to meet strict business timelines
• Other duties as assigned
The requirements listed are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the primary functions.
• Excellent verbal and written communication skills
• Ability to collaborate effectively within the department and across other departments
• Ability to work independently
• Complex problem-solving skills
• Strong detail orientation, analytical, and assessment skills
• Ability to manage time effectively to meet project deadlines
• Strong multi-tasking skills
• Two or more years software development experience in C++, Java, or C#
• Solid object-oriented programming skills
• MS SQL Server database, or similar
• Experience in Matlab or R/Splus desirable
• Experience with mathematical documentation, using LaTex or Word desirable
• Experience numerical methods and optimization desirable
Education and/or Experience:
• Advanced degree in mathematical finance, econometrics, mathematics, physics, chemistry or similar
discipline or science with quantitative focus
• 5+ years of related experience
• Quantitative finance at the level of “Measuring Market Risk” by Kevin Dowd, or similar
• Exposure to options valuation theory and options markets preferred
Certificates or Licenses:
When you find a position you're interested in, click the 'Apply' button. Please complete the application and attach your resume.
You will receive an email notification to confirm that we've received your application.
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
- Chicago - 125 S Franklin
- Full Time Regular
- Posted: Aug. 29, 2022
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.