OCC
We clear and settle trades for the options industry.
Chicago, IL
Hybrid

Associate Principal, Model Validation

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About Us

OCC, founded in 1973, is the world's largest equity derivatives clearing organization. OCC is dedicated to promoting stability and financial integrity in the marketplaces that it serves by focusing on sound risk management principles. We serve 16 options exchanges, 2 futures exchanges and 1 stock loan alternative trading system. OCC has over 100 clearing members, including several of the largest U.S. broker-dealers.

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 3 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

What You'll Do:

The Senior Financial Engineer will have major responsibility in the validation and assessment of the performance of quantitative models at OCC. The role will include significant interaction with the Quantitative Risk Management and technology departments.

• Review and validate quantitative risk model documentation

• Verify accuracy and reliability of the software implementation of the model

• Develop and implement complex independent tests to validate the model implementation

• Develop model risk analysis tools, such as back testing tools, to support ongoing model validation

• Develop and implement repeatable back testing suites for both new and existing models

• Develop and implement independent models to benchmark OCC production models

• Assess the models by ensuring that the data used is valid

• Document testing activities

• Document validation activities

• Communicate with Quantitative Risk Management and other departments about issues and concerns

• Provide expert knowledge on recommendations throughout validation processes

• Create logical and innovative solutions to complex problems

• Complete all validation assessments to meet strict business timelines

• Other duties as assigned

Supervisory Responsibilities: N/A

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.

• Excellent verbal and written communication skills

• Ability to collaborate effectively within the department and across other departments

• Ability to work independently

• Complex problem solving skills

• Strong detail orientation, analytical, and assessment skills

• Ability to manage time effectively to meet project deadlines

• Strong multi-tasking skills

Technical Skills: 

• 2 or more years software development experience in C++, Java, C#, solid object-oriented programming skills, MS SQL Server database, or similar

• Experience in Matlab and R/Splus desirable

Education and/or Experience:

• 5+ years of related experience

• Advanced degree in mathematical finance, econometrics, mathematics, physics or similar discipline with quantitative focus

• Quantitative finance at the level of “Measuring Market Risk” by Kevin Dowd, or similar

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What are OCC Perks + Benefits

OCC Benefits Overview

Educational Assistance and Student Debt Forgiveness, 12-week paid parental leave, BYOD program with technology stipend up to $2,000 every three years, $35 per month pay to offset costs of mobile data plans. Open offices, online health coaching.

Culture
Volunteer in local community
Each year, OCC employees select a locally-based charitable organization for each of our three offices (Chicago, Dallas and Washington, D.C.). We offer multiple opportunities to get involved.
Partners with nonprofits
OCC Partners with local organizations in Dallas, Chicago and DC to raise funds and support their missions. Employees select the charity and are eligible for up to 8 hours of paid time to volunteer.
Open door policy
OKR operational model
Team based strategic planning
Open office floor plan
Flexible work schedule
OCC provides employees with a flexible work schedule that includes Flexible start and end times.
Remote work program
2 days per week work from home program
Diversity
Dedicated diversity and inclusion staff
Mandated unconscious bias training
Diversity employee resource groups
Health Insurance & Wellness Benefits
Flexible Spending Account (FSA)
Disability insurance
Dental insurance
Vision insurance
Health insurance
HSA or FSA accounts available for those enrolled in medical plans.
Life insurance
Wellness programs
Includes back-up child or elder care along with other wellness programs.
Mental health benefits
Financial & Retirement
401(K)
401(K) matching
OCC provides employees with a 401(k) matching plan managed by Fidelity. We match 50% of contributions up to 12% of an employee's annual gross pay.
Performance bonus
Charitable contribution matching
Child Care & Parental Leave Benefits
Generous parental leave
12-week paid parental leave
Vacation & Time Off Benefits
Generous PTO
OCC employees receive between 22 and 32 days per year of paid time off based on years of service.
Paid volunteer time
Sabbatical
Eligible employees get 30 days of paid sabbatical after their first 10 years of working at the company.
Paid holidays
Paid sick days
Office Perks
Commuter benefits
OCC Offers pre-tax commuter benefits for employees in Chicago and Washington, D.C.
Company-sponsored happy hours
Relocation assistance
OCC offers relocation assistance which varies based on the position level and location.
Home-office stipend for remote employees
Professional Development Benefits
Job training & conferences
OCC offers employees professional development opportunities including onsite training courses and the ability to attend job related certification courses, conferences and seminars.
Tuition reimbursement
Our tuition reimbursement plan offers an annual max of $10000.
Lunch and learns
OCC hosts leadership lunches on a regular basis so you can learn about your colleagues and their unique backgrounds.
Promote from within
Online course subscriptions available
Customized development tracks
Paid industry certifications
Employees are strongly encouraged to stay current in relevant technologies and supports certification programs.

Additional Perks + Benefits

We were recently recognized as one of LinkedIn's Top Company in Financial Services! Take a look at our blog post here: https://www.theocc.com/newsroom/press-releases/2022/06-23-linkedin-list…

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