Director, Credit Onboarding

What You'll Do:

This role will be primarily responsible for safeguarding OCC by ensuring that Credit Risk Management (CRM) only recommends new clearing member applicants and other counterparties that are financially and operationally sound and meet the expectations of OCC’s management, Board and superviors. 

Supervises a team of employees  responsible for the analysis of all new clearing member applicants and other counterparties, which includes the identification of  material  financial and operational risks presented by such applicants. 

Ensure the team’s processes and controls are consistently followed and monitored for enhancement opportunities. Ensuring alignment with 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 will continually assess current systems and capabilities supporting the CRM onboarding processes and recommend to Management any enhancements necessary. This individual will lead or serve as the main stakeholder in 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 from credit losses and provides the industry with greatest benefit. Ensure staff is communicating relevant credit risk information to various senior OCC staff, reviewing the sufficiency of controls, and ensuring coordination with other areas of the organization as necessary.

Lead and/or participate on internal Working Groups, interact with the Management Committee, the Risk Committee of the Board of Directors, Chief Risk Officer and regulators as needed. Work under a high demand for independent judgement.

Primary Duties and Responsibilities:

To perform this job successfully, an individual must be able to perform each primary duty satisfactorily.

• Oversee, monitor and manage staffing engaged in evaluating the initial creditworthiness of counterparties applying to become OCC clearing members or who wish to expand their existing  relationship with OCC. 

• As part of this initial evaluation, ensure all applicants meet the minimum financial and operational requirements specified in OCC rules and procedures.

• Collaborative interaction with applicants and existing members seeking to expand their membership, to ensure CRM receives all disclosures necessary to form a credit recommendation and to keep applicants informed of the status of their application or business expansion.

• Provide expert credit input and effective challenge on all requests for new or expanded clearing member and other counterparty relationships, including recommednations for protective covenants, where necessary.

• Responsible for identifying and escalating  timely to Management when an applicant is determined to not meet OCC’s minimum fianncial or operational requirements. 

• Foster and maintain strategic relationships with senior staff of FRM, other departments and external stakeholders involved in the new applicant onboarding process, demonstrating a high degree of executive presence.

• Ensure that external applicants and key OCC staekholders are kept apprised regularly on the status of all new applications or expansions.

• Lead all critical meetings with the management of new applicants to communicate OCC credit decisions and/or protective covenants.

• Identify and prioritize risk management needs and lead development of new credit risk management systems and overall capabilities to continually enhance the onboarding process.

• Work closely with senior leaders on projects and cross-department collaboration.

• Lead, or serve as key SME on interactions with regulators, exchanges and other external parties related to the new applicant onboarding process.

• Formulate risk management policies consistent with risk management best practices.

• Participate in departmental and budget planning.

• Drive business results by continuously demonstrating a strong bias for action through ownership and accountability.

• Promote all culture, value, and competency initiatives, including a focus on achieving  strong employee engagement results and leading efforts to address any significant gaps.

• Oversee 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.

Supervisory Responsibilities:

• Establish both tactical and long-term goals for the onboarding team in coordination with Management.

• Ensure departmental tasks are prioritized, assigned, and reviewed on a regular basis.

• Complete staff performance reviews and succession planning in accordance with OCC policies.

• Promote staff’s personal and career development, including the identification of training needs of staff and identification of internal mentors as needed.

Qualifications:

The requirements listed are representative of the knowledge, skill, and/or ability required. Reasonable accommodation may be made to enable individuals with disabilities to perform the primary functions.

• [Required] Ability to critically assess  counterparty credit analysis including a deep understanding of the CAMEL(S) analytical framework and rating methodology

• [Required] Ability to lead a team that is able to work under deadlines and manage multiple priotities

• [Required] Must possess strong oral and written communication and presentation skills with both business and quantitative departments

• [Required] Extensive knowledge of the financial services industry, including the financial, market, liquidity and operational risks of broker-dealers, futures commission merchants, commercial banks, pension funds, and financial market utilities

• [Required] Ability to read and understand financial statements, brokerage statements, and accounting records

• [Required] Extensive knowledge of SEC/CFTC regulatory rules and regulations related to credit risk management.

• [Required] Strong understanding of securities markets, derivatives, and option trading strategies

• [Required] Strong understanding of business collaboration with IT teams in requirements development and user-testing

• [Required] Must be able to work in a team environment, be responsive to Executive Management

• [Required] Proven leadership and supervisory abilities

• [Required] Demonstrated analytical and problem-solving skills and the ability to work in fast paced collaborative environment

• [Preferred] Strong knowledge in asset classes like equities, interest rates, volatility, commodities, and foreign currencies

Technical Skills:

• [Required] Strong knowledge of spreadsheets, MS Excel preferred

Education & Training

• [Required] Analytical and problem solving skills

• [Required] Experience leading a team of experienced individuals and analysts

• [Required  10+ years of experience in Risk Management

• [Required] Experience in financial services/ regulated capital markets infrastructure

• [Preferred] MBA or MS degree in Finance, Economics or equivalent discipline

• [Preferred] Experience with an exchange, regulator or clearing house

• [Preferred] Depth and breadth of experience in a highly regulated industry, like financial services, and an understanding of rules/regulations that govern them.

Certificates or Licenses:

• [Preferred] CFA or FRM certification

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.

Benefits

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

Visit https://www.theocc.com/careers/thriving-together for more information.

Compensation

• The salary range listed for any given position is exclusive of fringe benefits and potential bonuses. If hired at OCC, your final base salary compensation will be determined by factors such as skills, experience and/or education.
• In addition, we believe in the importance of pay equity and consider internal equity of our current team members as part of any final offer.
• We typically do not hire at the maximum of the range in order to allow for future and continued salary growth. We also offer a substantial benefits package as noted on www.theocc.com/careers
• All employees may be eligible for a discretionary bonus. Discretionary bonuses are based on various factors, including, but not limited to, company and individual performance and are not guaranteed.

Salary Range

Incentive Range

This position is eligible for an annual discretionary incentive compensation award, for which the target range is listed above (see Incentive Range). The amount of such award, if any, will be based on various factors, including without limitation, both individual and company performance.

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