Executive Director, Internal Audit, Financial Risk & Modeling

What You'll Do:
This role will provide supervisory and strategic oversight to the Financial Risk & Modeling team within internal audit department, collaborate with the other teams within Internal Audit, supervise multiple ongoing independent assessments of OCC's financial risk management activities, and other objectives as needed. These assessments may include risk models used to quantify OCC's margin and comprehensive stress testing, clearing fund, and liquidity risk. The role is responsible for aiding in the development of annual audit plan, establishment of guidance and standards, training & coaching of your direct reports, developing their skills, and supporting their career development. In addition to the supervisory and strategic oversight, this role will provide guidance to the team when executing audits. Specifically, providing insights into scope, approach, and how to meet or exceed the quality standards within each audit and that regulatory, operational, and strategic risks are sufficiently mitigated by Management. This role will have significant collaboration with risk managers and staff in Financial Risk Management, Model Validation, Model Governance, Legal, Compliance and Technology and will interact periodically with regulators
Primary Duties and Responsibilities:
To perform this job successfully, an individual must be able to perform each primary duty satisfactorily.
Responsibilities will be aligned, but not limited, to five pillars:
Department Oversight

• Provide leadership and accountability for two (2) full-time staff and co-sourced Subject Matter Experts as needed.
• Support the design, execution, and maintenance of Internal Audit infrastructure related to Financial Risk Management (Procedures, Guidance, Risk Assessments, Regulatory Management and Stakeholder Management) to meet the requirements of Regulators, IIA Standards and OCC's designation as a SIFMU/ Central Clearing Party (CCP).

Delivery

• Support the development of the risk assessment and comprehensive audit plan on an annual basis.
• Propose, design and execute Audits related to OCC's Financial Risk Management (e.g., pricing models for derivatives, quantitative margin risk models and methodologies for comprehensive stress testing, risk monitoring practices).
• Design and execute validations related to OCC's Financial Risk Management processes, reasonably concluding if the implemented remediation efforts effectively addressed the unmitigated risk.
• Critically review the underlying theory, assumptions, limitations, implementation and performance of the components of the financial risk management methodology and models
• Owning the audit quality, accuracy of results, and delivery in a timely manner.
• Developing and maintaining effective relationships with business groups and leadership (e.g., Model Validation, Model Governance, Compliance).
• Support preparing materials to report progress and results to the Audit Committee; present to the Audit Committee as needed.

Quality

• Maintaining an understanding of policies, procedures, standards, and supporting technologies, and educating staff accordingly, to effectively identify potential risks and alternatives to mitigate risk exposure leveraging leading practices.
• Keeping current on leading practices and emerging risks within the financial risk management and model development and making recommendations for improvements as necessary.
• Support responding to Regulatory requests as needed, both in writing and in person interviews relating to the OCC's models and risk analytics.

Leadership

• Communicate complex technical material at appropriate technical or non-technical levels so that it may be understood by a wide range of constituents.
• Proactively identifying regulatory, financial, and model risks to the organization and deliver recommendations for improvements to senior leadership.

Team Development

• Effectively lead staff, providing direction, clearly defined performance expectations, coaching and feedback, and recognition/motivation.
• Providing oversight and coaching to the broader Internal Audit team, both internal and/or co-sourced resources, supporting their understanding of OCC's Financial Risk Management and models.

Supervisory Responsibilities:

• Manage a team of two direct reports, and effectively participate in IA's matrix reporting environment by managing and coordinating with other Internal Audit team members as needed.

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.

• Ability to communicate clearly and effectively, both orally and in writing, including the ability to handle potentially sensitive situations and discussions.
• Demonstrated ability to gather, analyze, evaluate facts, and prepare and present concise oral and written reports.
• Strong problem-solving skills
• Ability to work independently prioritizing multiple assignments to simultaneously complete each in a timely fashion and executing projects following a matrix reporting environment (coordinating work with team members that do not directly report to this position).

Technical Skills:

• Seasoned expertise on understanding and managing financial risks related to financial derivatives portfolios, particularly options on equities.
• Experience in evaluating the pricing of complex derivatives and performing advanced statistical analysis on underlying risk factors.
• Experience with reviewing Risk Management models for derivative instruments (e.g., Historical VaR, Monte Carlo, TIMS and SPAN).

Education and/or Experience:

• Progressively responsible roles with experience working in a complex, fast paced environment with expertise in asset classes like equities, interest rates and commodities.
• Understanding of the role of Internal Audit and the "Three Lines of Defense Model".
• Advanced financial derivatives Risk Management experience, including: Measuring and monitoring financial risk exposures related to complex derivatives portfolios, identifying and quantifying risks related to performance of models for derivative instruments (e.g., Historical VaR, Monte Carlo, TIMS and SPAN), understanding of SEC regulations pertaining to Financial Risk Management (e.g. credit and liquidity stress testing requirements).
• [Preferred] In-depth knowledge of statistical methods and data mining techniques
• [Preferred] Experience in Financial Services/Security Industry and working with regulatory organizations such as: Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), Federal Reserve.
• [Preferred] a certification such as Financial Risk Manager (FRM), Chartered Financial Analyst (CFA), Certified Financial Services Auditor (CFSA), or equivalent.

Certificates or Licenses:

• [Required] Masters degree in finance, economics or a quantitative field possessing strong quantitative, analytical and problem-solving skills.
• [Required] 15+ years of experience in financial risk model analysis or assessments and stress testing methodology.
• [Required] 4+ years of experience in leading/mentoring staff.
• [Preferred] Experience with assessments or audits of Financial Risk Management or Models.

Who We Are
The Options Clearing Corporation (OCC) is the largest equity derivatives organization in the world. We provide central counterparty clearing and settlement services for equity options, futures, options on futures, and securities lending transactions. We serve approximately 115 clearing members and 16 exchanges including CBOE, Nasdaq, and NYSE.
What We Offer
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

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