Senior Associate, Credit 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
As a member of OCC’s Credit Risk Management team you will help safeguard OCC from counterparties who exhibit elevated credit or operational risk or lack appropriate risk management programs. Senior Associates are responsible for identifying, measuring, monitoring, managing, and reporting various risks and exposures introduced to OCC by clearing members, banks, and other critical counterparties.
Primary Duties and Responsibilities:
To perform this job successfully, an individual must be able to perform each primary duty satisfactorily.
Senior Associates understand the risks present within the clearing industry and/or the participating financial entities, including broker-dealers, futures commission merchants, commercial banks, pension funds, and financial market utilities. They build and manage overall risk profiles of counterparties through several direct and ancillary processes, including:
- Monitor ongoing creditworthiness of counterparties and their compliance with OCC rules and other regulatory requirements, material news and event disclosures, interact with counterparties to identify root cause of issues or concerns, and escalate issues requiring enhanced surveillance to department management and internal working groups so appropriate actions can be taken
- Independently analyze financial statements to identify levels and trends in key metrics and ratios
- Perform and document assessments on clearing member’s risk management policies, procedures, processes, staff, and systems to understand how the member is mitigating its risk to OCC
- Manage the applications of new counterparties and document results for presentation to senior management and Board Risk Committee for approval
- Collaborate with other Financial Risk Management teams and counterparty-facing departments to assess all risks posed by counterparties
- Ensure counterparty inquiries are addressed regarding OCC risk policies and procedures as well as time-sensitive questions regarding margin requirements and position movements
- Support system, data, and risk methodology development, review data and risk methodologies during annual reviews, and identify underlying methodology assumptions with a comprehensive set of special cases
- Develop and conduct advanced data analytics and reporting to identify and analyze causal links and meaningful relationships (e.g., correlations, distributions, percentiles) across large and/or multi-sourced data sets, determine best methods and visuals to communicate analytical insights, and deliver compelling and easy to understand narratives of those insights to support executive decision making
- Develop, maintain, and adhere to written policies and procedures
- Participate in procedure-related control testing activities
- Support regulatory reporting obligations
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.
- 2-4 years of counterparty credit risk or relevant brokerage industry experience
- Demonstrated analytical and problem-solving skills and the ability to work in a collaborative environment
- Ability to read and understand financial statements, brokerage statements, and accounting records
- Basic knowledge of regulatory rules and regulations related to the SEC/CFTC
- Proficient in Microsoft Office, including Excel experience using lookups and pivot tables to perform data analysis, and comfortable developing PowerPoint presentations
- Excellent organization skills – must be detail oriented
- Strong verbal and written communication skills
- Comfortable working in a customer service-oriented environment and addressing questions from both OCC colleagues and OCC counterparties, engaging users to understand issues and identify root causes, escalating incidents to appropriate teams, and collaborating with others to ensure timely resolution and user satisfaction
- Ability to work well under pressure with multiple priorities and time-sensitive deadlines
- Knowledge of the brokerage industry, including the financial, market, liquidity and operational risks of broker-dealers, futures commission merchants, commercial banks, pension funds, and financial market utilities
- Proficient understanding of securities markets, derivatives, and option trading strategies
- Coding experience with SQL and other data analytics tools (e.g., Tableau, Python, R, VBA macros)
- Programming experience to help build and maintain the team’s self-automated processes
- Experience using Thomson Reuters, S&P Global Market Intelligence, and other securities industry data provider software, and the technical ability to connect these tools to Excel
- Ability to perform counterparty credit analysis including a basic understanding of the CAMEL(S) rating methodology and other rating systems
- Master’s degree or progress towards a Master’s degree (preferably in Risk Management, Accounting, (Computational/Quantitative) Finance, or Economics)
Education and/or Experience:
- Bachelor’s degree (preferably in Risk Management, Accounting, (Computational/Quantitative) Finance, or Economics) or equivalent work experience
Certificates or Licenses:
- Desire to earn, or progress towards, a CFA or FRM certification
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: Oct. 31, 2023
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.