Associate Principal, Internal Audit, Financial Risk and Modeling

Summary

This role will be responsible for executing audits and validations related to Financial Risk, focused on quantitative analysis and systems implementation. Key responsibilities include reviewing advanced statistical and mathematical models, supervising multiple independent assessments (audits or validations) of risk models, risk applications and other risk items, collaborating with Internal Audit (IA) leadership to execute and improve the IA Risk Assessment (focused on financial risk elements), and addressing other objectives as required. The position requires advanced knowledge of mathematical and statistical modeling, expertise in risk management practices, and supervisory and strategic capabilities required to review models, including replicating certain components of risk models.

Primary Duties and Responsibilities

Responsibilities will be aligned to three pillars:

Delivery

• 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.

Quality

• 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.

Leadership

• 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.

Supervisory Duties

• N/A

Qualifications

• 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.

Experience

• 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).
• [Preferred] Consulting and/or accounting firm experience.

• [Preferred] 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.

Technical Skills

• ​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.

Education and/or Experience

• [Required] Minimum 5 years of experience in model risk management methodology.
• [Preferred] 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.
• [Preferred] Experience in executing model risk audits.

Certificates or Licenses

• [Preferred] 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.

About Us

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.

Benefits

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 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

Visit https://www.theocc.com/careers/thriving-together for more information.

Compensation

• The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education.
• In addition, we believe in the importance of pay equity and consider internal equity of our current team members as part of any final offer.
• We typically do not hire at the maximum of the range in order to allow for future and continued salary growth. We also offer a substantial benefits package as noted on www.theocc.com/careers
• All employees may be eligible for a discretionary bonus. Discretionary bonuses are based on various factors, including, but not limited to, company and individual performance and are not guaranteed.

Salary Range

Incentive Range

This position is eligible for an annual discretionary incentive compensation award, for which the target range is listed above (see Incentive Range). The amount of such award, if any, will be based on various factors, including without limitation, both individual and company performance.

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