Options Clearing Corporation - Chicago, IL
posted 4 months ago
The Associate Principal in Quantitative Risk Management (QRM) is a pivotal role responsible for developing and maintaining risk models that are essential for the organization's operations. This position involves a variety of functions including model analytics, performance monitoring, prototyping, testing, and implementation of risk models. The Associate Principal will work closely with quantitative analysts, business users, data and technology staff, and model risk management colleagues to implement new models and enhance existing ones. This collaborative environment is designed to ensure that the models meet the rigorous standards required for effective risk management in financial products and derivatives. In this role, the Associate Principal will perform model performance testing, which includes portfolio back-testing using historical data. They will be tasked with developing models for pricing, margin risk, and stress testing of financial products and derivatives. Additionally, the Associate Principal will write and review documentation such as whitepapers for the models, prototypes, and their implementation. A critical part of the job will involve reviewing the implementation of models and algorithms, focusing on requirement verification, coding, and testing quality. The Associate Principal will also provide quantitative analysis and support to risk managers on pricing, margin, and risk calculations, ensuring effective communication of model analysis across the organization. The role requires the design, implementation, and maintenance of model prototypes, model libraries, and model testing tools, adhering to best industry practices and innovations. The Associate Principal will participate in model code reviews, model release testing, and production support, ensuring that new models are integrated smoothly into the model library and that existing models are enhanced as necessary. This position does not have supervisory responsibilities, allowing the Associate Principal to focus on technical expertise and collaboration with various teams within the organization.