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Director, Market Risk and Default Management
Options Clearing Corporation
Chicago, IL, United States
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Job Details:
Summary
The Director of Market Risk and Default Management will oversee a team of Analysts responsible for monitoring and mitigating the market risk exposures arising from Clearing Member portfolios. In addition, the Director will assist in managing the default of a Clearing Member and be responsible for development, maintenance and testing of OCC’s default management procedures. A Director will provide effective leadership across the team, owning departmental policies and procedures, serving as a resource in problem solving, and guiding department and corporate projects. A Director develops materials for presentation to management, internal/external committees, regulators, and auditors. A Director is expected to work under a high demand for independent judgment.
Primary Duties and Responsibilities:
To perform this job successfully, an individual must be able to perform each primary duty satisfactorily.
Manage day to day functions of the MRDM group by ensuring the following are not only completed, but consistently improved by the group of analysts who:
• Analyze market risk exposures for all products and accounts cleared by OCC, or part of an OCC supported process (i.e. cross-margin). Analysis is performed using proprietary OCC tools/applications. Products include equities, government securities, options, futures options, and futures.
• Monitor potential risks and portfolios with exposure to major events such as Earnings announcements, or key Economic announcements.
• Provide support and analysis as it relates to margin calls, extended trading hours monitoring, and policy/procedure writing.
• Monitor clearing member trading positions price risk, and create trend analysis, margin call analysis, and other requested dashboard reports to senior management.
• Maintain relationships with external liquidation agents, default management committees, auction participants, and other clearinghouses.
• Prepare reports regarding position and financial exposures.
• Analyze portfolios for sensitivity to risk factors and identify hedging strategies.
• Assist in liquidation of portfolios during a Clearing Member default and subsequent reporting.
• Provide administrative support for OCC’s auction program.
• Support clearing member’s inquiries regarding OCC’s default management policies and procedures.
• Assist in documenting new or enhancing existing policies and procedures as needed.
Additionally, will independently drive or assist Department Officers in:
• Execution and reporting of periodic default management exercises.
• Development and maintenance of public disclosure documents.
• Departmental and budget planning.
• Serving as a resource to counterparts and other OCC departments with problem resolution and departmental policy, procedure and process explanation.
• Interacting with internal and external auditors, compliance professionals and regulators during exams, audits and reviews.
• Represent Financial Risk Management on corporate projects, system development and new product launches.
• Reviewing and/compile materials for submission to upper management, committees, regulators and auditors.
• Writing memos for Risk Committee and Board Meetings.
• Provide oversight of default testing process and planning.
• Oversee department System Development Life Cycle (SDLC) and issue management process.
Supervisory Responsibilities:
• Promote collaboration, accountability, and a high performance culture.
• Maintain departmental policies, procedures, and controls.
• Manage up to 10 Risk Analysts.
• Prioritize, assign and review departmental resources.
• Complete staff performance appraisals.
• Promote staff’s personal and career development.
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.
• Proven leadership and supervisory abilities, ability to ensure staff follows through.
• Strong problem solving skills.
• Good presentation skills.
• Ability to work independently in a fast-paced, dynamic environment.
• Must be able to work under deadlines and manage multiple tasks.
• Strong understanding of statistical concepts, options pricing knowledge, understanding of securities markets, derivatives, regulations, and options trading strategies required.
• Knowledge of Covered Clearing Agency rules.
Technical Skills:
• Experience with Microsoft Office desktop tools (Word, Excel, and PowerPoint).
• Experience with Bloomberg API preferred.
Education and/or Experience:
• MBA or similar MS degree preferred, including progress towards an advanced degree in Finance related field.
• Ten or more years of experience in risk management, prior senior or managerial role preferred.
Certificates or Licenses:
• Series 3 or 7 or equivalent education preferred.
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Step 3
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