Associate Principal, Core Credit

Job Title

This position is not eligible for visa sponsorship.

This role will be primarily responsible for safeguarding OCC by ensuring that OCC only admits and transacts with clearing members and other counterparties that are financially and operationally sound, and meet the expectations of OCC's management, and Board.

Monitors assigned OCC Clearing Members and bank relationships through identifying, measuring, monitoring, managing, and reporting the various forms of credit risks introduced to OCC by these counterparties. Conduct yourself within the department's processes and controls and demonstrate understanding of OCC's Framework for Risk Management and work with senior management in Financial Risk Management to ensure OCC is at the forefront of credit risk management capabilities. This person should continually assess current systems and capabilities supporting CRM processes and recommend to Credit Risk Managers / Directors any enhancements necessary to be at the leading edge of credit risk management. This individual will may lead projects related to those enhancements to ensure successful implementation and conclusion.

Awareness of overall financial industry trends, regulatory developments, OCC rules, and overall credit risk management best practices is necessary to lead OCC in the development of credit risk management frameworks, tools, and solutions that both protect OCC and its Clearing Members from credit losses. This role may serve as a subject matter expert related to external inquiries of OCC from clearing members, banks and auditors (independent and regulatory). This person ensures they are communicating relevant credit risk information to various senior OCC staff, conducting ad-hoc projects, and presenting analysis to senior OCC staff.

Present and participate with internal working groups, direct communications to the Chief Financial Risk Officer, interact with the Management Committee, and regulators, as needed. Works under a high demand for independent judgment.

Primary duties and responsibilities :

• Independently monitor, analyze, and evaluate the ongoing creditworthiness of counterparties and their compliance with OCC rules and other regulatory requirements, including analysis of financial statements to identify levels and trends in key metrics and ratios, material news, escalating counterparties requiring enhanced surveillance to department management.
• Collaborate with counterparties to identify root cause of issues or concerns.
• Independently evaluate clearing members' and other counterparty's risk management and operational policies, procedures, processes, staff, and systems to understand how the member is monitoring and mitigating its risk to OCC.
• Accountable for analysis and evaluation, creating output of CRM's periodic exams of existing clearing members and other counterparties and escalating identified credit concerns to Management as needed.
• May participate in requests for new or business expansions for clearing members and other relationships, including recommendations for protective covenants, where necessary.
• Foster and maintain strategic relationships with senior staff of Financial Risk Management, other internal and external stakeholders, demonstrating a high degree of professional presence.
• Effectively challenge and identify enhancements to business processes, risk management systems and methodologies as part of the course of daily business and through the annual review process to create best practices, escalating to Management necessary improvements.
• Work closely with senior leaders on projects and cross-department collaboration.
• Participate in interactions with regulators, exchanges and other external parties, as needed, on formal exams of CRM or ongoing requests for information.
• Drive business results by continuously demonstrating a strong bias for action through ownership and accountability.
• Participate in OCC culture, value, and competency initiatives, including a focus on achieving strong engagement results.
• Participate in remediation efforts related to regulatory or internal audit findings and observations. Ensure remediation addresses root cause, improves OCC's residual risk, and is completed in a timely manner.

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About Us :

The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com.

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