Principal, Internal Audit, Financial Risk and Modeling

The Options Clearing • Dallas, TX

119d • $178,000 - $284,100 • Hybrid

About The Position

This role will provide subject matter expertise and strong execution skills to the Internal Audit, Financial Risk and Modeling Audit Team, executing multiple concurrent projects such as model risk assessments, model validation monitoring, and detailed model testing supporting internal audits and validations. The Principal will support the implementation of strategic plans and advise on the Internal Audit procedures and guidelines. Assess and opine on OCC's implementation and maintenance of its financial risk management framework, confirming alignment with organizational objectives and regulatory requirements. Coordinate the risk assessment activities with the Quantitative Risk Management (first-line) and Model Risk Management (second-line) teams. Develop and execute assessments related to OCC's Prefunded Resources (e.g., margin requirements, clearing fund contributions, stress testing of resource sufficiency, and liquidity risk monitoring). Provide technical expertise and guidance to the IA team in executing their responsibilities. Confirm proper scope and resource allocation to deliver on schedule. Leverage advanced mathematical and statistical modeling and analysis techniques to assess model design and performance (e.g., model methodologies, assumptions, parameter calibration, input data quality, and model outputs). Maintain the Internal Audit quality standards across all deliverables and collaborate with stakeholders to ensure that financial and operational risks are effectively identified, assessed, and managed.

Requirements

• Strong verbal and written communication skills with the ability to effectively convey complex information to various stakeholders.
• Proven analytical and critical thinking abilities to address business challenges.
• Ability to develop and present comprehensive reports and recommendations based on data analysis.
• Demonstrated capability to manage multiple projects while meeting deadlines.
• Ability to manage the assessment of quantitative models approaches and tools.
• Ability to work independently or as part of a team, prioritizing multiple audit assignments to simultaneously complete each in a timely fashion.
• Proficiency in Microsoft Office applications.
• Strong proficiency using Archer or other audit or Governance Risk and Compliance (GRC) software.
• Experience in financial risk model analysis or assessments and stress testing methodology.

Nice To Haves

• 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 and auditing risk management models for derivatives using methodologies such as Historical VaR, Monte Carlo simulation, TIMS and SPAN.
• Proficiency in quantitative or statistical tools (e.g., Python, R, MATLAB, SAS) to support model audit and testing procedures.
• Familiarity with model risk management practices including validation, backtesting, and performance monitoring.
• Industry-specific experience in relevant field (e.g., Financial Services, Technology, or related sectors).
• Master's degree in finance, economics or a quantitative field possessing strong quantitative, analytical, and problem-solving skills.
• Experience with assessments or audits of Financial Risk Management or Models.

Responsibilities

• Support and maintain IA infrastructure (Policies, Procedures, Standards, Guidance, Audit Universe, Risk Assessments, Co-Sourcing Management, Service Quality, Regulatory Management and Stakeholder Management) in alignment with Regulators, IIA Standards and OCC's designation requirements.
• Contribute to the development of annual budget recommendations supporting the risk-based audit plan.
• Coordinate with the Operations team and Co-Source relationship to manage staffing needs for plan execution.
• Support the design and implementation of strategic initiatives related to audit programs/processes, technology, or other initiatives related to assurance and consultative services for Financial and Model Risk.
• Plan, execute, and report on risk-based and special request audit assignments.
• Identify regulatory, operational, and/or strategic risks to the organization and develop recommendations for improvements.
• Build and maintain effective relationships with business groups and management.
• Contribute to the development of risk assessment and comprehensive audit plan.
• Manage multiple audits and validations simultaneously.
• Execute audit projects in accordance with the annual audit plan.
• Confirm audit quality, accuracy of results, and timely delivery.
• Apply professional principles and standards (e.g., AICPA, IIA GIA, COSO, SR 11-7) in risk management activities and control evaluations.
• Maintain knowledge of policies, procedures, standards, and supporting technologies in risk identification and mitigation.
• Stay informed of industry practices, model methodologies, and emerging risks within financial services and propose improvement recommendations.
• Participate in department-wide activities such as peer reviews of audit deliverables.

Benefits

• 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.
• 401k Employer Match.
• Competitive health benefits including medical, dental and vision.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Industry: Securities, Commodity Contracts, and Other Financial Investments and Related Activities
• Education Level: Master's degree
• Number of Employees: 1,001-5,000 employees