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The Options Clearing Corporation (OCC) · 2 days ago

Principal, Internal Audit, Financial Risk and Modeling

Chicago, IL

Full-time

Hybrid

Lead/Staff

$178K/yr - $284K/yr

8+ years exp

The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization, dedicated to promoting stability and market integrity. This role requires providing subject matter expertise to the Internal Audit, Financial Risk and Modeling Audit Team, executing multiple projects related to model risk assessments and internal audits.

FinanceFinancial ServicesProperty Management

No H1B

Responsibilities

Support and maintain IA infrastructure (Policies, Procedures, Standards, Guidance, Audit Universe, Risk Assessments, Co-Sourcing Management, Service Quality, Regulatory Management and Stakeholder Management) in alignment with Regulators, IIA Standards and OCC's designation requirements

Contribute to the development of annual budget recommendations supporting the risk-based audit plan

Coordinate with the Operations team and Co-Source relationship to manage staffing needs for plan execution

Support the design and implementation of strategic initiatives related to audit programs/processes, technology, or other initiatives related to assurance and consultative services for Financial and Model Risk

Plan, execute, and report on risk-based and special request audit assignments

Identify regulatory, operational, and/or strategic risks to the organization and develop recommendations for improvements

Build and maintain effective relationships with business groups and management

Contribute to the development of risk assessment and comprehensive audit plan

Manage multiple audits and validations simultaneously

Execute audit projects in accordance with the annual audit plan

Confirm audit quality, accuracy of results, and timely delivery

Apply professional principles and standards (e.g., AICPA, IIA GIA, COSO, SR 11-7) in risk management activities and control evaluations

Maintain knowledge of policies, procedures, standards, and supporting technologies in risk identification and mitigation

Stay informed of industry practices, model methodologies, and emerging risks within financial services and propose improvement recommendations

Participate in department-wide activities such as peer reviews of audit deliverables

Qualification

Financial risk model analysisStatistical analysisGovernance RiskCompliance softwareQuantitative modelingMicrosoft Office proficiencyAdvanced statistical toolsFinancial derivatives expertiseAnalytical thinkingReport presentationCommunication skillsProject managementTeam collaborationProblem-solving skills

Required

Strong verbal and written communication skills with the ability to effectively convey complex information to various stakeholders

Proven analytical and critical thinking abilities to address business challenges

Ability to develop and present comprehensive reports and recommendations based on data analysis

Demonstrated capability to manage multiple projects while meeting deadlines

Ability to manage the assessment of quantitative models approaches and tools

Ability to work independently or as part of a team, prioritizing multiple audit assignments to simultaneously complete each in a timely fashion

Proficiency in Microsoft Office applications

Strong proficiency using Archer or other audit or Governance Risk and Compliance (GRC) software

Minimum of 8 years working in a dynamic business environment

Proven track record of implementing and overseeing operational processes and procedures

Experience in developing and maintaining professional relationships with internal and external stakeholders

Experience in financial risk model analysis or assessments and stress testing methodology

Certification such as 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

Preferred

Seasoned expertise on understanding and managing financial risks related to financial derivatives portfolios, particularly options on equities

Experience in evaluating the pricing of complex derivatives and performing advanced statistical analysis on underlying risk factors

Experience with reviewing and auditing risk management models for derivatives using methodologies such as Historical VaR, Monte Carlo simulation, TIMS and SPAN

Proficiency in quantitative or statistical tools (e.g., Python, R, MATLAB, SAS) to support model audit and testing procedures

Familiarity with model risk management practices including validation, backtesting, and performance monitoring

Industry-specific experience in relevant field (e.g., Financial Services, Technology, or related sectors)

Master's degree in finance, economics or a quantitative field possessing strong quantitative, analytical, and problem-solving skills

Experience with assessments or audits of Financial Risk Management or Models