Lead Associate Principal, Quantitative Risk Management - Software Engineering

The Options Clearing Corporation (OCC); Chicago (IL); Hybrid; USD 123,000 - 220,000; Full time

Job summary

A leading company in financial services is seeking a Lead Associate Principal in Quantitative Risk Management, responsible for developing risk models and collaborating with various teams. The role includes responsibilities in model testing, quality assurance, and enhancement of quantitative tools, offering a dynamic work environment and generous benefits.

Benefits

Hybrid work environment

Tuition Reimbursement

Student Loan Repayment Assistance

Technology Stipend

Generous PTO and Parental leave

401k Employer Match

Competitive health benefits

Qualifications

• 6+ years of experience in quantitative finance or model implementation.
• Strong understanding of financial mathematics and econometrics.
• Proficiency in technical documentation, able to communicate complex ideas.

Responsibilities

• Develop and maintain quantitative models for risk management and stress testing.
• Conduct quality assurance testing for model implementation.
• Collaborate with stakeholders to enhance existing quantitative models.

Skills

Quantitative Analysis

Problem-solving

Communication

Education

Master’s degree in a quantitative field

Tools

Python

SQL

Job description

Lead Associate Principal, Quantitative Risk Management - Software Engineering

Join to apply for the Lead Associate Principal, Quantitative Risk Management - Software Engineering role at The Options Clearing Corporation (OCC)

Lead Associate Principal, Quantitative Risk Management - Software Engineering

4 days ago Be among the first 25 applicants

Join to apply for the Lead Associate Principal, Quantitative Risk Management - Software Engineering role at The Options Clearing Corporation (OCC)

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.

Who We Are

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

Summary

• This role is responsible for one or more functions within Quantitative Risk Management (QRM) who develops and maintains risk models for margin, clearing fund and stress testing with the focus on developing and maintaining risk model software in production, and environments and infrastructure used in model implementation and testing.
• This role will collaborate with other quantitative analysts, business users, data & technology staff, and model validation colleagues to implement new models and enhance existing models.
  
  

Primary Duties and Responsibilities:

To perform this job successfully, an individual must be able to perform each primary duty satisfactorily.

• Support the development of quantitative models for pricing, risk management, and stress testing of financial products and derivatives.
• Review model documentation including whitepapers and implementation notes.
• Design, implement, and maintain model prototypes and model testing tools using best industry practices and innovations.
• Review and conduct comprehensive quality assurance testing on the implementation of models and algorithms for both QRM Library and prototypes focusing on requirement verification, coding, and testing quality, which involves the constructions of test cases, automation of model unit testing and creations of reference models if needed.
• Present test plans and test results to, and obtain feedback from peers, model validators, and model developers.
• Participate in code reviews for QRM Library, model prototypes, and Model Development Tool.
• Contribute to the model release testing including margin impact analysis and baseline support and troubleshooting during model library integration with production applications.
• Contribute to the development and testing of Model Development Tool including databases, ETLs, services, orchestration, and CI/CD pipelines.
• Support large-scale model backtesting using historical data, including system configuration, execution and analysis of results.
• Provide integration support to the application consuming QRM libraries.
• Support the launch of new products.
• Provide quantitative analysis and support to risk managers on pricing, margin, and risk calculations.
• Provide production support for numerical libraries and risk management systems as assigned per the QRM’s support schedule.
  
  

Supervisory Responsibilities:

None

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] Strong quantitative skills, ability to demonstrate deep understanding in the following technical areas:
• Financial mathematics (derivatives pricing models, stochastic calculus, statistics and probability theory, advanced linear algebra)
• Econometrics, data analysis (e.g., time series analysis, GARCH, fat-tailed distributions, copula, etc.) and machine learning techniques
• Numerical methods and optimization; Monte Carlo simulation and finite difference techniques
• Risk management methods (value-at-risk, expected shortfall, stress testing, backtesting, scenario analysis)
• [Required] Good understanding of markets and financial derivatives in equities, interest rates, and commodity products.
• [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] Proficiency in technical and scientific documentation (e.g., white papers, user guides, etc.).
• [Required] Good interpersonal, verbal and written communication skills. Able to explain highly technical information to different audiences with varying levels of technical expertise.
• [Required] Business-oriented, responsible, and a good team player.
• [Desired] Ability to challenge model methodologies, model assumptions, and validation approach.
• [Desired] Experience in building distributed data systems.
• [Desired] Experience in Agile/SCRUM framework.
  
  

Technical Skills:

• [Required] Proficiency in Python for prototyping and test automation.
• [Required] Experience with numerical libraries and/or scientific computing.
• [Required] Experience with automated quality assurance frameworks (e.g., Junit, TestNG, Pytest, etc.) for model testing.
• [Required] Experience in relational database technology and SQL query language.
• [Required] Experience in office technology such as PowerPoint, Word, and Excel.
• [Desired] Experience with other programming and scripting languages like Java, C++, R, and shell.
• [Desired] Effective application of data structure, design patterns, expertise in object-oriented design.
• [Desired] Experience with code repository, build and deployment tools (e.g., Git, GitHub, Jenkins).
• [Desired] Experience with development and testing of web services and API.
• [Desired] Proficiency in non-relational DB and other Big Data, cloud-based experience.
  
  

Education and/or Experience:

• Master’s degree or equivalent is required in a quantitative field such as computer science, mathematics, physics, finance/financial engineering.
• 6+ years of experience in quantitative areas in finance and/or development experience in model implementation and testing.
  
  

Certificates or Licenses:

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

$123,500.00 - $219,100.00

Incentive Range

8% to 15%

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

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Full-time

Job function

• Job function

  Other

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