Model Risk Management & Validation Associate
CME Group, Chicago, Illinois, United States, 60290
Overview
What You’ll Do As an Associate in Model Risk Management & Validation, you will perform a critical second-line function, ensuring the quantitative frameworks that underpin CME Clearing remain sound, transparent, and compliant with CFTC and SEC standards. Responsibilities
Execute Model Validations: Manage the day-to-day validation process for new risk models and annual reviews of existing risk models, focusing on conceptual soundness and "fit-for-purpose" assessments. This includes drafting questions for model users and developers and conducting independent testing. Perform Independent Testing: Conduct rigorous testing and model replication to verify the accuracy of risk models’ calculations, including margining (e.g., Value-at-Risk) and stress testing methodologies. Manage Remediation Tracking: Maintain the model inventory and track agreed-upon remediation actions to completion, providing regular status updates to senior management. Author Technical Documentation: Draft detailed validation reports that clearly outline model descriptions, independent testing results, and identified findings for both technical and non-technical stakeholders. Collaborate Across Lines: Act as a primary point of contact for model developers (1st line) and external third-party validators to address inquiries regarding model risk management procedures. Refine Risk Policy: Support the Senior Director in drafting and enhancing model risk management policies, procedures, and ongoing monitoring standards. What You’ll Bring
Education: Master’s degree or equivalent in a quantitative field (Finance, Mathematics, Economics, or Statistics). Professional certifications such as CFA or FRM are highly preferred. Experience: 3–5 years of experience in quantitative risk management within a financial institution or management consultancy. Quantitative Skills: Solid understanding of risk management methods, including VaR, scenario analysis, and derivatives and securities markets. Technical Proficiency: Ability to read and understand programming languages such as Python, C++, C#, or Java. You must be able to develop database queries and scripts for independent data analysis. Communication: Strong technical writing skills with the ability to document complex risk models clearly. Analytical Mindset: Proven problem-solving and troubleshooting skills within a highly collaborative, team-oriented environment. On-Site Commitment: This role is based in our Chicago office and requires a 5-day on-site presence. What You’ll Get
A supportive environment fostering career progression, continuous learning, and an inclusive culture. Broad exposure to CME's diverse products, asset classes, and cross-functional teams. A competitive salary and comprehensive benefits package. Learn more about our career opportunities here. CME Group is committed to offering a competitive total rewards package for our employees that recognizes their contributions to the business and reflects our long-term investment in their future. The pay range for this role is $100,700-$167,800. Actual salary offered will be dependent on a wide array of factors including but not limited to: relevant experience, skills, education and comparison to internal employees (where relevant). Our compensation program also includes an annual target bonus opportunity for all employees, as well as the opportunity to become an owner in the company through our broad-based equity program. Through our benefits program, we strive to offer flexibility, value and choice. From comprehensive health coverage, to a retirement package that includes both a 401(k) and an active pension plan, to highly competitive education reimbursement provisions, paid time off and a mental health benefit, CME Group offers a holistic benefits package for our team and their dependents. CME Group: Where Futures are Made CME Group is the world’s leading derivatives marketplace. But who we are goes deeper than that. Here, you can impact markets worldwide. Transform industries. And build a career by shaping tomorrow. We invest in your success and you own it – all while working alongside a team of leading experts who inspire you in ways big and small. Problem solvers, difference makers, trailblazers. Those are our people. And we’re looking for more. At CME Group, we embrace our employees' unique experiences and skills to ensure that everyone’s perspectives are acknowledged and valued. As an equal-opportunity employer, we consider all potential employees without regard to any protected characteristic. Important Notice:
Recruitment fraud is on the rise, with scammers using misleading promises of job offers and interviews to solicit money and personal information from job seekers. CME Group adheres to established procedures designed to maintain trust, confidence and security throughout our recruitment process. Learn more here.
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What You’ll Do As an Associate in Model Risk Management & Validation, you will perform a critical second-line function, ensuring the quantitative frameworks that underpin CME Clearing remain sound, transparent, and compliant with CFTC and SEC standards. Responsibilities
Execute Model Validations: Manage the day-to-day validation process for new risk models and annual reviews of existing risk models, focusing on conceptual soundness and "fit-for-purpose" assessments. This includes drafting questions for model users and developers and conducting independent testing. Perform Independent Testing: Conduct rigorous testing and model replication to verify the accuracy of risk models’ calculations, including margining (e.g., Value-at-Risk) and stress testing methodologies. Manage Remediation Tracking: Maintain the model inventory and track agreed-upon remediation actions to completion, providing regular status updates to senior management. Author Technical Documentation: Draft detailed validation reports that clearly outline model descriptions, independent testing results, and identified findings for both technical and non-technical stakeholders. Collaborate Across Lines: Act as a primary point of contact for model developers (1st line) and external third-party validators to address inquiries regarding model risk management procedures. Refine Risk Policy: Support the Senior Director in drafting and enhancing model risk management policies, procedures, and ongoing monitoring standards. What You’ll Bring
Education: Master’s degree or equivalent in a quantitative field (Finance, Mathematics, Economics, or Statistics). Professional certifications such as CFA or FRM are highly preferred. Experience: 3–5 years of experience in quantitative risk management within a financial institution or management consultancy. Quantitative Skills: Solid understanding of risk management methods, including VaR, scenario analysis, and derivatives and securities markets. Technical Proficiency: Ability to read and understand programming languages such as Python, C++, C#, or Java. You must be able to develop database queries and scripts for independent data analysis. Communication: Strong technical writing skills with the ability to document complex risk models clearly. Analytical Mindset: Proven problem-solving and troubleshooting skills within a highly collaborative, team-oriented environment. On-Site Commitment: This role is based in our Chicago office and requires a 5-day on-site presence. What You’ll Get
A supportive environment fostering career progression, continuous learning, and an inclusive culture. Broad exposure to CME's diverse products, asset classes, and cross-functional teams. A competitive salary and comprehensive benefits package. Learn more about our career opportunities here. CME Group is committed to offering a competitive total rewards package for our employees that recognizes their contributions to the business and reflects our long-term investment in their future. The pay range for this role is $100,700-$167,800. Actual salary offered will be dependent on a wide array of factors including but not limited to: relevant experience, skills, education and comparison to internal employees (where relevant). Our compensation program also includes an annual target bonus opportunity for all employees, as well as the opportunity to become an owner in the company through our broad-based equity program. Through our benefits program, we strive to offer flexibility, value and choice. From comprehensive health coverage, to a retirement package that includes both a 401(k) and an active pension plan, to highly competitive education reimbursement provisions, paid time off and a mental health benefit, CME Group offers a holistic benefits package for our team and their dependents. CME Group: Where Futures are Made CME Group is the world’s leading derivatives marketplace. But who we are goes deeper than that. Here, you can impact markets worldwide. Transform industries. And build a career by shaping tomorrow. We invest in your success and you own it – all while working alongside a team of leading experts who inspire you in ways big and small. Problem solvers, difference makers, trailblazers. Those are our people. And we’re looking for more. At CME Group, we embrace our employees' unique experiences and skills to ensure that everyone’s perspectives are acknowledged and valued. As an equal-opportunity employer, we consider all potential employees without regard to any protected characteristic. Important Notice:
Recruitment fraud is on the rise, with scammers using misleading promises of job offers and interviews to solicit money and personal information from job seekers. CME Group adheres to established procedures designed to maintain trust, confidence and security throughout our recruitment process. Learn more here.
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