Model Risk Management & Validation Associate
CME Group, Chicago, IL, United States
Associate In Model Risk Management & Validation
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. 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. We are looking for a detail-oriented analyst with a strong quantitative foundation and the ability to provide "effective challenge" to complex financial risk models. 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: 35 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. 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.
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. 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. We are looking for a detail-oriented analyst with a strong quantitative foundation and the ability to provide "effective challenge" to complex financial risk models. 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: 35 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. 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.