Executive Director, Credit Risk Management

What You'll Do:

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, Board and superviors.  

Supervises a team of Managers and Associates responsible for identifying, measuring, monitoring, managing and reporting the various forms of credit risks introduced to OCC by counterparties .  Ensure the department’s processes and controls are consistently followed and monitored for enhancement opportunities. 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 will continually assess current systems and capabilities supporting CRM processes and recommend to Management any enhancements necessary to be at the leading edge of credit risk management. This individual will lead  or serve as the main stakeholder in projects related to those enhancementsto 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.  This role serves as a subject matter expert related to external inquiries of OCC from clearing members, banks and auditors (independent and regulatory).  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/orparticipate on internal Working Groups, Interact with the Management Committee, the Risk Committee of the Board of Directors, Chief Risk Officer and regulators as needed.  Works 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 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, awareness of material news and event disclosures, collaborative interaction with counterparties to identify root cause of issues or concerns, and escalation of counterparties requiring enhanced surveillance to department management

• Oversee, monitor and manage staffing engaged in evaluating assessments of clearing members’ and other counterpartys’ financial condition, 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 the providing critical review and feedback on the output of CRM’s periodic exams of existing clearing members and other counterparties, escalating identified credit concerns to Management as needed.

• 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  to Management when clearing members or other counterparties may require enhanced credit surveillance and/or additional risk mitigation.

• Foster and maintain strategic relationships with senior staff of FRM, other departments and external stakeholders, demonstrating a high degree of executive prescence.

• Oversee annual reviews of credit risk methodologies and practices, leading the evaluation of potential enhancements, identifying and escalating to Management any related budget needs.  

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

• Familiarity with financial mathematics including derivatives pricing models, statistics and probability theory, and other financial math concepts

• Familiarity with econometrics and data analysis techniques including time series analysis, GARCH, fat-tailed distributions, and other related techniques

• Identify and prioritize risk management needs and lead development of new credit risk management systems and overall capabilities

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

• Lead interactions with regulators, exchanges and other external parties on all formal exams of CRM or ongoing requests f