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What You'll Do: This role is responsible for leading project development, implementation, testing and maintenance of models used for Financial Risk management, with a particular focus in the area of credit risk models to support the Credit Risk team. The range of responsibilities include research and development of significant model features, leading prototype development and testing, designing tools for model performance monitoring, managing or providing technical leadership for model prototypes, implementing and supporting integration of model code library into OCC risk systems. This role will work closely with risk managers in Financial Risk Management and partners in other areas, including Information Technology, Model Validation, Compliance, as well as third-party vendors. Primary Duties and Responsibilities: To perform this job successfully, an individual must be able to perform each primary duty satisfactorily.
To lead, support and review development and implementation of models for credit risk of financial institutions. Work closely with Credit Risk team to better leverage quantittavive tools and approaches. Provide analysis of new products and support their implementation at OCC Research and present model alternatives based on the academic literature, industry best practices, data analysis and model prototyping Produce high quality whitepapers and technical documentation following QRM's procedures and templates Develop standards, procedures and tools for model performance monitoring and communicate results to peers and leadership Lead and direct implementation of the model development tools in QRM supporting model analysis and backtesting Partner with IT and other departments delivering QRM analytics to production Provide production support, participate in troubleshooting and analysis of model, system and data issues Lead remediation of Model Validation or regulatory findings Prepare and present materials supporting management and regulatory inquiries Provide intellectual leadership promoting innovation and learning
Supervisory Responsibilities:
Qualifications: 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.
[Required] Credit rating models for financial institutions (probabilities of default, utilizing quantitative and qualitative data, statistically-based) [Required] Financial mathematics (derivatives pricing models, stochastic calculus, statistics and probability theory, advanced linear algebra) [Required] Data analysis (e.g., time series analysis, GARCH, fat-tailed distributions, copula, etc.) and machine learning techniques [Required] Risk management methods (value-at-risk, expected shortfall, stress testing, backtesting, scenario analysis) [Required] Advanced proficiency in using a programming language (e.g., Java, C++, Python, R, MATLAB, etc.) in a collaborative software development setting. Model development and prototyping requires advanced development skills in Python and data mining [Required] Strong problem-solving skills: be able to accurately identify a problem's source, severity, and impact to determine possible solutions and needed resources [Required] Ability to challenge model methodologies, model assumptions, and validation approach [Required] Seasoned level in technical and scientific documentation (e.g., whitepapers, user guides, etc.) [Preferred] Financial products knowledge: seasoned level in understanding of markets and financial derivatives in credit, equities, interest rate, and commodity products [Preferred] Seasoned level in programing skills [Preferred] Numerical methods and optimization; Monte Carlo simulation and finite difference techniques
Technical Skills:
[Required] Developing, testing and using credit rating models. [Required] For model development and prototyping role: expert in a scripting language such as Python, R or MATLAB [Required] Seasoned level in office technology such as PowerPoint, Confluence, Word, and Excel [Preferred] Experience with numerical libraries and/or scientific computing including numerical optimizers (e.g. NAG, MATLAB) [Preferred] Expert in database technology, query languages (such as SQL), and efficient storage and serialization protocols
Education and/or Experience:
[Required] Master's degree or equivalent in a quantitative field such as computer science, mathematics, physics, finance/financial engineering [Preferred] PhD degree in one of the above fields [Required] 5+ years of experience of quantitative research and/or model implementation related to credit risk [Required] 2+ years of experience in leading project(s)
Certificates or Licenses:
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. 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 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
- Competitive health benefits including medical, dental and vision
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 178,000.00 - 284,100.00 USD Annual
Incentive Range 23% to 30%
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 andattach 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
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The Options Clearing Corporation
parental leave, tuition reimbursement, 401(k), remote work
Jan 19, 2025