Quantitative Risk Manager

Cedar Cares, Inc; Chicago (IL); On-site; USD 159,000 - 206,000; Full time

Benefits offered by this job

Health insurance

401(k) match

Paid time off

Tuition assistance

On‑site gym

Job summary

Cboe Global Markets is seeking a Quantitative Risk Manager in Chicago to design derivatives valuation, portfolio margin models, and comprehensive risk analytics. You will partner with the Risk Management team to validate models, monitor performance, and ensure regulatory compliance while driving data-driven decisions.

The role requires 10+ years in financial modeling within Capital Markets, mastery of VaR and stress testing, and strong Python programming capabilities.

Qualifications

• 10+ years of financial modeling experience in Capital Markets.
• 5+ years in a senior role with model development, validation and governance.
• Strong understanding of VaR, stress testing, and portfolio risk management.
• Deep knowledge of pricing and analysis of derivative instruments.
• Advanced statistics/econometrics including Monte Carlo, Time Series, Stochastic Calculus, Linear Algebra, Optimization and Probability.
• Programming experience with Python; deploying risk models.
• Master’s degree in Physics, Mathematics, Econometrics or related field.
• Experience with securities finance, asset pricing/modeling, and risk analytics.

Responsibilities

• Independently create derivatives valuation and portfolio margin models for complex portfolios and margin requirements.
• Develop governance structures, model risk procedures, and respond to regulators or auditors.
• Identify data sources and design data ingestion pipelines and storage schemas.
• Write technical specifications for developers and oversee deployment of risk models and QA tests.
• Collaborate with Risk Management to monitor models, calibrate risk, and present dashboards to stakeholders.

Skills

Python

Modeling

VaR

Time-series analysis

Monte Carlo simulation

Regressions

Stochastic calculus

Econometrics

Portfolio risk management

Education

Master’s degree in Physics, Mathematics, Econometrics or related quantitative field

Job description

Job Description: Building trusted markets — powered by our people At Cboe Global Markets, we inspire our people to solve complex challenges together because what we do matters. We provide the financial infrastructure that powers the global economy. As a leading provider of market infrastructure and tradable products, Cboe delivers cutting‑edge trading, clearing and investment solutions to market participants around the world. We’re building meaningful ways to support professional and personal development while strengthening the trust we’ve earned as a global market leader. Our teams are empowered to share ideas, actively pursue them and bring on a challenge. As champions of internal mobility and access to opportunity, we encourage our people to “go for it” and equip our managers with the training to coach their teams to the next level. We strive to provide employees a safe space to network, share ideas and create opportunities. To support strong partnership and team connection, this role follows a four day in office work model.

Location Overview Cboe HQ is located in the historic Old Post Office district, it’s a landmark that blends classic architecture with modern amenities. The building features expansive spaces with high ceilings and large windows, offering an abundance of natural light and panoramic views of the city skyline and the Chicago River. With its prime location in the heart of downtown, the OPO Building provides easy access to major transportation hubs, including Union Station and multiple CTA lines, making it convenient for commuters. The building is home to a variety of amenities, including restaurants, a fitness center, and collaborative workspaces, creating a vibrant and dynamic work environment in one of Chicago's most iconic areas.

Role Description Cboe Clear U.S. operates a CFTC‑registered Derivatives Clearing Organization offering digital assets futures and is pending registration as an SEC Covered Clearing Agency to clear novel Binary KPI Options. We are looking for a Quantitative Risk Manager to join our growing Risk Management team. This position will report directly to the Chief Risk Officer.

Models and Risk Framework Design

Independently create derivatives valuation and portfolio margin models that will be used by the Clearinghouse for valuation of complex portfolios of exchange‑traded futures and options under different market conditions; and for calculating Clearing Member margin requirements. The process of creating such models and analytics will include writing whitepapers indicating industry references, use of data and assumptions, model details and back‑testing results. There is an expectation that you will be required to provide insights into model functionality, capabilities, and limitations to senior management, Risk Management Committee, auditors and regulators. Create frameworks for portfolios stress testing and analysis to capture various types of risk to the Clearinghouse and translate the findings into recommendations for financial resources planning. Create frameworks and processes for designing default management auctions as well as performing analysis of slippage incurred in the event of liquidation of Clearing Member portfolios under default scenarios taking into account volume, market depth/spread, market conditions and different hedging options. Research to support new instruments listing on participating exchanges for Clearing. Stay abreast of developments in the field of financial risk modeling particularly related to Clearinghouses.

Governance

Create a structure of model governance, version control and change management including change approval structure. Help develop Policies and Procedures for Model Risk Management as well as meet with or respond to requests from regulators or auditors for information. Understand regulatory requirements in relation to monitoring and calibration of risk models and help design and implement appropriate monitoring tools. Be able to defend assumptions of models to regulatory agencies as a part of audits and new model proposals. Design and implement suitable and effective ongoing monitoring plans including performance metrics, thresholds, and escalation plans. Design reports and dashboards to be distributed to key stakeholders. Own the task of having the margin model, model system, and broader financial risk management framework validated by an independent third party. Follow up on recommendations and gaps identified by any such validation.

Implementation

Identify sources of data that will drive various risk models and reports and design pipeline for data ingestion and schema for data storage. Write technical specifications for developers to implement quantitative models and other risk calculations. Work with developers on deployment of risk models and tools taking into account contingency and business continuity planning. Help write automated QA tests as well as processes for manual code and model output review and approval.

Experience 10+ years of working experience in the financial modeling field as a key contributor using simulation, regression, and time‑series modeling techniques in Capital Markets (such as Clearing, Banking or Trading and Investment). 5+ years of experience in a senior role with experience with model development, validation and governance. Previous experience working with regulators or external or internal auditors is a plus. Deep understanding of VaR, stress testing, and portfolio risk management. Strong knowledge of methods used in pricing and analysis of derivative instruments Exceptional statistics and/or econometrics skills Mathematical analytical skills such as Monte Carlo Simulation, Time Series Analysis, Stochastic Calculus, Linear Algebra, Optimization and Probability. Practical systems experience and strong programming skills. Ability to design and implement models in Python. Master’s degree in Physics, Mathematics, Econometrics or a related quantitative field. Demonstrated knowledge of securities finance, asset pricing/modeling, and risk analytics.

Benefits and Perks of working for Cboe Global Markets

We value the total wellbeing of our people – including health, financial, personal and social wellness. We believe standard benefits like health insurance and fair pay are a given at any organization. Still, you should know we offer:

• Fair and competitive salary and incentive compensation packages with an upside for overachievement
• Generous paid time off, including vacation, personal days, sick days and annual community service days
• Health, dental and vision benefits, including access to telemedicine and mental health services
• 2:1 401(k) match, up to 8% match immediately upon hire
• Discounted Employee Stock Purchase Plan
• Tax Savings Accounts for health, dependent and transportation
• Employee referral bonus program
• Volunteer opportunities to help you give back to your communities
• Some of our associates’ favorite benefits and perks include:
  • Complimentary lunch, snacks and coffee in any Cboe office
  • Paid Tuition assistance and education opportunities
  • Generous charitable giving company match
  • Paid parental leave and fertility benefits
  • On‑site gyms and discounts to other fitness centers
  • Paid Time Off

More About Cboe Global Markets

We’re reimagining the future of the workplace by focusing on what matters most, our people. Our journey is an inclusive one. We’re investing deeply in leadership programs and career development initiatives that ensure everyone has an equal chance to succeed.

We work with purpose, solving problems with ingenuity, collaboration, and a lot of passion. We’re an engaged and excited team connecting markets across borders and embracing growth in all its forms to achieve incredible outcomes. Learn more about life at Cboe on our website and LinkedIn.

Equal Employment Opportunity

We're proud to be an equal opportunity employer do not discriminate against any employee or applicant for employment based on any legally protected characteristic, including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, genetic information, or veteran status. We are committed to fostering a workplace where all individuals are valued and respected.

This position is not eligible for visa sponsorship. Candidates must be legally authorized to work in the United States without the need for employer sponsorship now or in the future.

For more information, please click the following links: Equal Employment Opportunity is The Law (in English) Equal Employment Opportunity is The Law (in Spanish) Equal Employment Opportunity is The Law (Supplement) E-Verify Participation Poster (English & Spanish) Right to Work Poster (English) Right to Work Poster (Spanish)

Salary Ranges (applicable for US locations only)

At Cboe, we are committed to providing a competitive, transparent, and market‑informed total rewards program. The anticipated base salary range for this role is $158,950-$205,700, with actual compensation determined by job‑related factors such as skills, relevant experience, education, internal alignment, and location. This role may also be eligible for annual incentive compensation and, where applicable, participation in Cboe's long‑term equity programs. Additional information about Cboe's total rewards program, including benefits and other compensation components, can be found here: Total Rewards at CBOE. Cboe is always looking for intelligent, innovative and hard‑working individuals. Our success is based on our talented team of industry and technology professionals, which we believe is the strongest in the industry, and we pride ourselves on hiring the best and brightest. Cboe Global Markets is an Equal Opportunity Employer.