Principal, Internal Audit, Financial Risk and Modeling

Summary

This role will provide subject matter expertise and strong execution skills to the Internal Audit, Financial Risk and Modeling Audit Team, executing multiple concurrent projects such as model risk assessments, model validation monitoring, and detailed model testing supporting internal audits and validations.

The Principal will:

• Support the implementation of strategic plans and advise on the Internal Audit procedures and guidelines.
• Assess and opine on OCC's implementation and maintenance of its financial risk management framework, confirming alignment with organizational objectives and regulatory requirements.
• Coordinate the risk assessment activities with the Quantitative Risk Management (first-line) and Model Risk Management (second-line) teams.
• Develop and execute assessments related to OCC's Prefunded Resources (e.g., margin requirements, clearing fund contributions, stress testing of resource sufficiency, and liquidity risk monitoring).
  • Provide technical expertise and guidance to the IA team in executing their responsibilities.
  • Confirm proper scope and resource allocation to deliver on schedule.
  • Leverage advanced mathematical and statistical modeling and analysis techniques to assess model design and performance (e.g., model methodologies, assumptions, parameter calibration, input data quality, and model outputs).
  • Maintain the Internal Audit quality standards across all deliverables and collaborate with stakeholders to ensure that financial and operational risks are effectively identified, assessed, and managed.

Responsibilities

Responsibilities will be aligned, but not limited, to four pillars:

Department Oversight

• 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.

Leadership

• 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.

Delivery

• 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.

Quality

• 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.

Supervisory Responsibilities

• None

Qualifications

• 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.

Technical Skills

• [Required] Proficiency in Microsoft Office applications.
• [Required] Strong proficiency using Archer or other audit or Governance Risk and Compliance (GRC) software.
• [Preferred] Seasoned expertise on understanding and managing financial risks related to financial derivatives portfolios, particularly options on equities.
• [Preferred] Experience in evaluating the pricing of complex derivatives and performing advanced statistical analysis on underlying risk factors.
• [Preferred] Experience with reviewing and auditing risk management models for derivatives using methodologies such as Historical VaR, Monte Carlo simulation, TIMS and SPAN.
• [Preferred] Proficiency in quantitative or statistical tools (e.g., Python, R, MATLAB, SAS) to support model audit and testing procedures.
• [Preferred] Familiarity with model risk management practices including validation, backtesting, and performance monitoring.

Education and/or Experience

• 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.
• [Preferred] Industry-specific experience in relevant field (e.g., Financial Services, Technology, or related sectors)
• [Required] Experience in financial risk model analysis or assessments and stress testing methodology.
• [Preferred] Master's degree in finance, economics or a quantitative field possessing strong quantitative, analytical, and problem-solving skills.
• [Preferred] Experience with assessments or audits of Financial Risk Management or Models.

Certificates or Licenses

• 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.

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 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